Odu’a Investment Company Limited has announced the retirement of Adewale Raji as the group managing director/chief executive officer and the appointment of Abdulrahman Yinusa as his successor effective June 1, 2024.
The company, in a statement on Thursday, said Raji’s retirement followed 10 years of dedicated service as GMD of the 47-year-old conglomerate.
“He oversaw the group’s return to a growth and profitability trajectory through strategic restructuring of the operating structure of the group to improve efficiency,” it said.
The statement said during his two-term tenure, the company grew its profit before tax from N378 million in 2013 to a high of N2.2 billion in 2021 and has paid a total of N2.56 billion in dividends so far.
It said Raji also improved the group’s corporate governance framework and culture of accountability and transparency amongst management and staff.
The company described the new GMD/CEO as a thoroughbred finance professional with over three decades of in-depth experience in the financial services industry.
He currently serves as executive director and the group chief financial officer of the company.
The company said: “He will be responsible for implementing the Group Board’s shared vision and plan, as well as ensuring the continued execution of existing strategic projects. Before joining Odu’a Investment, he retired from Diamond Bank (now part of Access Bank) as an executive director and chief financial officer.
“In the course of his over thirty-year career, he has demonstrated unique leadership skills, versatility and excellence, and developed expertise in several areas including asset management, local and international capital raising, mergers and acquisitions, strategy, treasury and business transformation.”
Odu’a Investment also appointed Yemi Ajao as executive director and group chief investment and business development officer, effective January 15, 2024.
“Yemi Ajao has over twenty years of experience in oil and gas operations (engineering), strategy, corporate finance, real estate, venture capital and private equity,” it said.
Commenting on the leadership changes, Bimbo Ashiru, group chairman of the board, Odu’a Investment Company Limited, said: “Today, we announce the retirement of a group managing director who superintended over a pivotal period in Odu’a Investment’s evolution into a world-class conglomerate.
“On behalf of the Board, I would like to express our sincere gratitude to Mr. Adewale Raji for his exceptional leadership, and for steering the ship with such vision, courage and professionalism during his tenure.