Odu’a Investment Company Limited recorded increase revenue to N3. 92 billion, 5 per cent growth over the N3. 73 billion revenue recorded the previous year. The holding company also posted 11 per cent revenue increase to N1. 88 billion from N1. 69 billion in 2015.
Owned by Oyo, Ogun, Ondo, Ekiti, Osun states and newly admitted Lagos state, the conglomerate declared profit before tax of N788million for 2016.
The amount represents 32 per cent increase from the preceding year, when the company declared profit before tax of N597 million.
Speaking at the 35th Annual General Meeting in Ibadan, Segun Ojo, chairman of the board of Odu’a, said a gross dividend of N275 million will be made to owner states which is an increase of 41.75 per cent over the dividend paid in 2015 financial year. Each owner state will collect N50 million as dividend.
The company however said it paid a cumulative gross dividend of N635. 77 million to its shareholders for the three years 2014 to 2016.
Addressing journalists at the end of meeting at the company’s corporate headquarters in Ibadan, the Secretary to the Ogun State Government, Taiwo Adeoluwa, expressed the satisfaction of the states with the performance of Odu’a Investment Company despite the economic situation in the country.
He tasked the company to do more so as to owner states more dividends in years to come.
The Ogun SSG noted facilities at the Premier and Lafia hotels in Ibadan as well as Ikeja Airport Hotel in Lagos State will soon be upgrade for them to compete favorably.
He disclosed that the shareholders had approved investment in agriculture and agro-allied businesses to enhance food security and provide employment for youths in the South-West.
On his part, the Group Managing Director, Odu’a Investment , Adewale Raji, said there is a renewed drive by the company to grow its portfolio by diversifying and Increasing its revenue sources by leveraging its arable farmland across western Nigeria for integrated Agricultural value chain businesses
The company, he pointed out, is at advanced stage to concretize joint venture partnership with credible investors on some of the land to establish agro-allied businesses u hat have out grower schemes.
He also said the company would reposition its hospitality business and bring them into world class hotels through the group’s project rebirth.
Raji however said that Lagos State would be a full member of the group after the consultant working on its admittance had completed its work.
Akinremi Feyisipo, Ibadan.
