In its bid to improve performance and increase profitability, Odu’a Investment Company Limited has mapped out growth plans that would reposition the conglomerate to fulfil the aspirations of the founding fathers and serve the interest of all the stakeholders now and in the future.
The Group, owned by the six South-West states of Lagos, Oyo, Ogun, Osun, Ondo and Ekiti, is poised to operate with purpose and accountability with full engagement and inclusiveness of stakeholders.
The decision to chart a new course was made at the organisation’s two-day brainstorming strategy session facilitated by KPMG Advisory Services for the company’s Board of Directors, chairmen of the board of subsidiaries and chief executive officers of its subsidiary companies and the management team of Odu’a Investment Company at the Lagos Airport Hotel, Ikeja, over the weekend.
It also had in attendance selected special guests who are renowned entrepreneurs, subject matter experts, business leaders, technocrats, and the intellectuals among others.
The retreat articulated the building blocks for achieving the five years ambitious plan based on the strategic pillars of growth and expansion; investment excellence; profitability and efficiency; governance and reporting as well as people, culture and transformation.
Some of the resolutions arrived at the retreat is the decision to focus investment in priority sectors of real estates, energy including oil and gas, hospital, agriculture, logistics and storage, healthcare, ICT/digital and financial services. Innovation mindset will underpin the activities of the entire group.
It agreed to ‘sweat’ the Group’s portfolio of assets to achieve an acceptable return on assets, reducing operating recurring cost significantly, ensure effective governance framework, oversight on the group and subsidiaries and also institute culture transformation initiatives to drive operational excellence.
The group’s vision, mission statement and core values were also revised to fit into the current restructuring and repositioning drive of the company “to be a world-class conglomerate”, and a new mission statement “to deliver sustainable returns for all stakeholders; enhancing the legacy for future generations” were agreed. It adopted new core values of Respect; Integrity; Resilience; Innovation and Collaboration (R.I.R.I.C).
The retreat defined that core to achieving the aims and objectives of retreat outcomes will be active engagement of the Group’s employees to ensure staff understanding and buy-in into the new vision, mission statement and core values to have a highly motivated workforce and enthrone a meritocratic culture to deliver on the organization’s goals and objectives.
Segun Aina, chairman of Odu’a Investment, charged participants on the need to take the company and its subsidiaries to a level that each and everyone would be remembered for- delivering the Odu’a of our dream.
He noted that the retreat has put in place required strategies needed to refocus, recalibrate and accelerate delivery of Odu’a Investment’s desired result, which according to him include “delivering shareholder’s value and social impact which will be based on asset optimization and efficient management of resources”. He added that urgency and priority attention will be given to human capital development, digital transformation and creating joint ventures and alliances through strategic partnerships.
Some quick wins, according to the chairman, included completion of a corporate governance reform in line with global best practice, recruitment of two executive directors and the appointment of two independent non-executive directors, and looking at recruiting top individuals in the management level.