Odu’a Investment officials at 43rd AGM in Lagos on Thursday, May 15.
Odua Investment Records Superlative Performance, Declares ₦518M Dividends
At 43rd AGM
… Says Income Hits ₦82.26 bn Despite Tough Economy
THECONSCIENCE NG reports that Odu’a Investment Company Limited (OICL), an investment holding company co-owned by the Governments of the six South West States of Nigeria, has recorded an impressive financial performance and growth despite the challenging economic landscape in the country.
The group announced a dividend payout of ₦518 million to its shareholder states for the 2024 financial year, marking a 21% increase over the ₦428 million declared in 2023 amongst other positive results.
Otunba Dr Bimbo Ashiru, the Group Chairman made the announcements during the Group’s 43rd Annual General Meeting (AGM) held at the Lagos Airport Hotel, Ikeja on May 15, 2025.
MoU Signing ceremony
The AGM also witnessed the consideration and approval of the Audited Financial Statements for the year ended December 31, 2024, alongside the Reports of the Board and External Auditors.
Despite a turbulent macroeconomic environment characterized by record inflation, exchange rate volatility, and high energy costs, Odu’a posted an 81% revenue growth, with operating revenue climbing from ₦3.95 billion in 2023 to ₦7.15 billion in 2024.
The Group also recorded a total comprehensive income of ₦82.26 billion, a staggering 773% increase from ₦9.23 billion in the previous year.
This figure includes ₦80.58 billion in non-cash fair value gains from revaluation of the Group’s equity investment portfolio.
However, Profit Before Tax (excluding fair value gains) declined to ₦1.78 billion, reflecting the impact of inflationary pressures and strategic reinvestments across subsidiaries.
During the year under review, the Group underwent key leadership transitions, notably the appointment of Mr. Abdulrahman Yinusa as Group Managing Director/CEO effective June 1, 2024, following the retirement of Mr. Adewale Raji. Other appointments include Mr. Olayemi Ajao as Executive Director, Investments & Business Development, and Otunba Lai Oriowo as Non-Executive Director.
The Board expressed appreciation to former executives, especially Dr. Segun Aina, OFR and Mr. Adewale Raji, for their outstanding contributions to the Group’s legacy.
The Group also implemented key cultural and performance reforms, including a Group-wide Culture Assessment, the rollout of a performance-based incentive scheme, and the establishment of a shared services liaison office at Western House, Lagos.
2024 was defined by sustained macroeconomic volatility. Inflation peaked at 34.8% in December, while Nigeria recorded a real GDP growth of 3.4%, supported by the services sector. The Central Bank’s tightening cycle pushed interest rates to multi-year highs, pressuring corporate margins.
Nevertheless, Odu’a Investment maintained disciplined execution of its “Sweat, Revive and Create (SRC)” strategy, which guided its resilience across its five strategic business pillars.
The year 2024 also marked the closing phase of the Group’s 2021–2025 Strategic Plan. Odu’a is poised to unveil a new five-year strategy at the end of 2025, building on its achievements and repositioning for the next growth cycle. The Group projects increased income from its real estate portfolio, rising investment returns, and accelerated impact from its technology, agribusiness, and oil ventures.
Since 2013, the Group has returned ₦3.63 billion in cumulative dividends to its six shareholder states. The Board and Management reaffirmed their commitment to building a world-class conglomerate that delivers sustainable economic and social value to the Southwest region. “We are proud of the legacy we are building at Odu’a Investment and remain committed to creating sustainable value for our owners—the Governments and people of the Southwest—and for future generations,” Mr Abdulrahman Yinusa, the Group Managing Director/CEO said.
