Lagos joins Odu’a owner states as conglomerate targets N20bn asset base

History was made on Tuesday in Ibadan, Oyo State as Lagos State joined Odu’a Investment Company Limited.
Aside expanding the conglomerate’s membership, the owner states of Ogun, Oyo, Osun, Ondo and Ekiti decided to make it the engine room of economic development of South-West.
A plan to grow the asset base of the 40-year-old company from N4 billion to N20 billion by 2019 was also adopted.
Governors of the five states met at the Odu’a Investment headquarters located in the 50-year-old Cocoa House, Dugbe, Ibadan and expanded the conglomerate’s membership by admitting Lagos State.
The meeting was hosted by the Group Managing Director, Mr Adewale Raji.
Present were Governors Abiola Ajimobi (Oyo) represented by his deputy, Chief Moses Adeyemo; Ibikunle Amosun (Ogun); Olusegun Mimiko (Ondo); Rauf Aregbesola (Osun) and Ayodele Fayose (Ekiti) represented by his deputy, Dr. Kolawole Olusola.
The five Secretaries to State Government were also in attendance with members of the Board of Directors of the firm.
The Directors were Alhaji Tajudeen Ola Bello (Ogun); Otunba Olajumoke Ogunkeyede (‎Osun); Mrs Adepoju Esan (Oyo); Dr. Sikiru Tae Lawal (Ekiti) and Chief Isaac Akintade (Ondo).
Mimiko, who spoke on behalf of his colleagues, said that as owner states, “we took some far-reaching positions. We have taken a decision to reposition Odu’a Investment as the engine room of economic development of the South-West.
“We have just approved a five -year strategic plan to grow the asset base of the company from N4 billion to N20 billion by 2019. This is a five-year strategic plan.
“We have also agreed in principle to admit Lagos State as part of Odu’a Group. Because of this renewed interest in Odu’a Group as the engine room of economic growth in the West, as government, we have decided that we will now meet with Odu’a management quarterly”.
Akintade, who is the Chairman, Board of Directors, noted that the meeting took place after four years it last held at the Governor’s Office, Agodi, Ibadan‎.
He revealed that the Board was making efforts to reposition Odu’a “for growth, profitability and sustainability”, and had proposed payment of a gross dividend of N167 million at its Annual General Meeting, “which was approved and paid to all the owner states”.
“This feat came after six years without dividend payment and we are here affirming our commitment to continue to pay dividend on a yearly basis as we have charted ‎a new course for Odu’a Group”.
Akintade also disclosed that the Board “had requested ‎for the input and approval of Shareholders on our ambitious Group five-Year Strategic Plan (2015-2019) to grow revenue from N4.5 billion to N20 billion which is the outcome of our Board-Management Strategic Retreat”.
Odu’a Investment Company Limited was incorporated in July, 1976 to take over the business interest of the defunct Western State, now Oyo, Ogun, Ondo, Osun and Ekiti states.
The company commenced business on October 1, 1976. Odu’a Investment Company Limited, since inception, has been operating as a conglomerate with over 70 per cent of her business as investment/joint ventures with reputable multinationals.
Odu’a is an Investment Company involved in diverse economic activities which include Property Development and Management, Hospitality, Telecommunications, Printing and Publication, Agriculture, Training and Personnel Development, Capacity Building, among other things.
Apart from investments in limited liability companies, the conglomerate also owns substantial properties in choice locations in the Ikeja Residential/Industrial Estates and Apapa in Lagos State as well as a number of residential and commercial properties in Ibadan including the Aje House.
It also has investments in properties in various parts of the country.
The company is run as an independent private commercial venture by independent Board of Directors comprising seasoned professionals with vast experience in business and human resources management.
The policies formulated by the Board are translated into action by an Executive Management team.