OICL Expands Investments, Boosts Economic Growth in Southwest Nigeria
THECONSCIENCE NG reports that the Group Chairman of Odu’a Investment Company Limited (OICL), Otunba Bimbo Ashiru, has reaffirmed the company’s commitment to driving economic growth in Southwest Nigeria, describing it as a “beacon of economic development” in the region.
Speaking at a media parley held at Cocoa House, Ibadan, Ashiru highlighted OICL’s remarkable transformation, emphasizing its role in fostering corporate excellence, regional development, and investment opportunities.
He noted that the company, established in 1975, has continuously demonstrated resilience and adaptability, ensuring sustainable economic impact.
“OICL has consistently delivered unbroken dividend payments to our shareholder states for 11 consecutive years, alongside significant increases in revenue and profit before tax. This is a testament to our strategic initiatives and leadership dedication,” Ashiru said.
He said OICL’s transformation is anchored on its five-year strategic plan, SRC 2025 (Sweat, Revive, and Create), which aims to optimize existing assets, revamp struggling businesses, and create new ventures in line with Nigeria’s economic direction.
The company has expanded its operations into key sectors, including agribusiness, oil and gas, real estate, hospitality, digital technology, and healthcare. Notably, OICL was recently upgraded to an “A+” credit rating by Agusto & Co., reflecting its strong financial performance and corporate governance standards.
Speaking on development in Education and Technology , Ashiru said through the Odu’a Investment Foundation, the company launched the Digital Education for Innovation and Economic Development (DEFINED) project to promote digital literacy in primary and secondary schools across Southwest Nigeria. The initiative includes the Byte Busters after-school coding club, which has enrolled over 1,000 students and aims to expand across the region’s 137 local government areas.
On Hospitality, he maintained that OICL is remodeling its hotels, including Premier Hotel in Ibadan, Lagos Airport Hotel, and Lafia Hotel. Premier Hotel is undergoing a major redevelopment to double its room capacity and establish it as a top destination for meetings and conferences. Lagos Airport Hotel is also set to be transformed into a multi-use commercial and entertainment hub.
In real estate, Ashiru disclosed that the company has restructured its real estate portfolio, placing property management under Wemabod Limited, now one of Nigeria’s largest property firms. Key projects such as Westlink-Iconic Villa (Ibadan), Westlink Aurora (Ikeja GRA), and Sugarland Lekki are expected to be completed in 2025.
He maintained that OICL is securing funding for the BITA Marginal Oil Field’s development and exploring partnerships in the electricity sector to enhance energy access in Southwest Nigeria.
In collaboration with Iwosan, OICL is supporting the development of a Medical Park to provide world-class healthcare services and reduce medical tourism.
Also The iconic Cocoa House, which marks its 60th anniversary this year, is undergoing modernization under Project Enhance, including renovations to key areas such as the 21st floor, reception, and car park.
Looking ahead, Ashiru emphasized OICL’s commitment to innovation, sustainability, and strategic growth. “The actions we take today will serve as the foundation for a more prosperous and dynamic future for OICL and the entire Southwest region,” he stated.
He also expressed appreciation to the shareholder states, board members, employees, and the media for their continued support in driving the company’s vision.
The Group Managing Director, Mr. Abdulrahman Yinusa, also disclosed that OICL is finalizing its Strategic Plan 2026-2030, which aims to leverage technology for innovation and operational efficiency. Key 2025 projects include mechanized farming of cassava, maize, and soybeans, expanding real estate developments, and launching SWIT’s incubation hubs to support startups and job creation.
He reiterated OICL’s commitment to fostering public-private partnerships and empowering youth through initiatives like the DEFINED project, which promotes digital education and entrepreneurship across the Southwest region.
The board also inspect the ongoing reconstruction of Premier Hotel wherre the site Engineer promised that the structural aspect of the construction will be ready by March.
Contrary to the speculation that OICL has sold the investment, Chief Ashiru said the reconstruction is done with partnership with a firm to make the hotel a world class standard and offer excellent services to the people
We are increasing the rooms from 82 to154 and other facilities that will make it more comfortable will be added
Otunba Segun Ogunwuyi, the Chief of Staff to Governor Seyi Makinde who was also at the site expressed optimism that when completed Premier hotel will be one of the best in hospitality sectors in the region and create windows of opportunities for residents in Oyo state in creation of Jobs among other.
