To enhance its performance, profitability and sustainable growth necessary to achieve the expectations of its shareholders and other stakeholders, the newly inaugurated board of Odu’a Investment Company Limited (OICL) led by the chairman, Segun Aina, is set to reposition and restructure the conglomerate and its subsidiaries.
To this end, the Board has drawn up 11-point agenda and quick wins for its first 85 days in office, which would provide the requisite foundation needed for the transformation of the company.
The agenda include the development of a five-year strategic plan – 2020-2025. A Board strategic retreat to be facilitated by KPMG has been scheduled to hold in July 2020. The retreat will determine strategies required to refocus, recalibrate, and accelerate the delivery of desired results.
The Board will also identify new key investment opportunities in agriculture, technology, and commercially viable infrastructure, ensure the creation of a project management office and corporate transformation agenda, improve brand and media profile and have oversight function in rigorous quarterly business reviews.
The Board, in alignment with the drive of the owner state governments to unlock value in the agriculture value chain in the South West, is committed to operationalise the South West Agricultural Corporation Limited (SWAGCO) by end of June 2020.
Likewise, the Board recognises the importance of funding, strategic partnership and alliances in the growth of the business, as such, it will identify and create local and international relationships with funding partners such as IFC, African Development Bank (AfDB), Afrexim Bank, and other leading local and international institutions.
To ensure Best Practice and Corporate Governance in Odu’a Investment, according to Aina, the Board will accelerate the completion of the Corporate Governance Advisory Assignment being carried out by KPMG and would provide all necessary support to ensure it strengthens executive capacity with the recruitment of two Executive Directors in due course.
One of the objectives of the shareholders is to make Odu’a Investment a world-class company with a strong governance framework that could compete with similar organisations in terms of growth, profitability and sustainability.
To achieve this objective among others, the Board commenced action immediately it was inaugurated on May 7, 2020, and have held two board meetings within two weeks to quickly familiarise itself with the operations and current status of the company as well as chart a roadmap for operation.
At a recent virtual meeting held with the management team of Odu’a Investment, chairmen/managing directors of Subsidiary Companies on May 22, 2020, the Board emphasised profitability, professionalism, teamwork and culture change in the management and operations of the group.
It charged them that all hands must be on deck to support the Board towards the achievement of its objectives.
It was agreed that it would no longer be business as usual as mediocrity would not be tolerated while competence and performance would henceforth drive the workforce.
The Board assured that existing businesses would be supported, inactive companies would be resuscitated and new businesses would be embarked upon in line with the strategic plan to be developed.
“A new dawn has started in Odu’a Investment as the new Board made up of eminent personalities are committed to creating shareholders value with social impact, poised to fulfil its mandate as the engine room for the economic development of South Western Nigeria,” the new Board stated.
