‘Bimbo Ashiru, Group chairman, Odu’a Investment Company Limited, has disclosed that the conglomerate would continue to expand its strategic partnerships so as position it for greater regional and national impact.
Ashiru, who stated this at the annual meeting of all directors in the Odu’a Group, said that the company would strengthen governance frameworks to drive operational efficiency and reinforce financial discipline to secure sustainable growth.
“As we navigate the complexities of today’s economic landscape, strong governance remains the bedrock of our success. My meeting with subsidiary chairmen on September 8, 2024, underscored our collective drive to reinforce corporate governance and strategic alignment. The role of our Boards in shaping the future of Odu’a Group cannot be overstated therefore the need to bring together all the directors in the Odu’a Group to this annual meeting,” he said.
At the meeting which had Kola Bajomo, Maltida Iyabo Apampa, and Julius Adelusi-Adeluyi, past chairmen, Ashiru noted: “Our shared responsibility is to ensure that our subsidiaries perform optimally and contribute effectively to the growth of Odu’a Investment Company Limited.
“Another major project in our infrastructure development strategy is the Premier Hotel Redevelopment, which is progressing steadily. With 25 months of work already completed, we are on course for a grand reopening in Q2 2026.
“Our collaboration with the DAWN Commission is creating new opportunities for regional economic integration, while our alliance with Iwosan Hospital Investment Limited is paving the way for the establishment of Medical Parks, enhancing healthcare infrastructure in our region.
“Additionally, we are repurposing the Epe Plywood premises into a strategic property investment to maximise asset utilisation. In the energy sector, our BITA exploration initiative is gaining traction, and we are actively working towards securing funding for first oil in 2025.”
The conglomerate owned by six western states-Oyo, Ogun, Osun, Ondo, Ekiti and Lagos, the group chairman revealed has acquired 8,716 acres of land near Premier Hotel from Oyo State Government and renewal of lease of 6.067 hectares BCGA Apata property for another 99years retrospect to 2013 as part of land banking initiative.
“Therefore, these efforts align with our broader objective of diversifying and strengthening Odu’a Group’s investment portfolio,” he said.
Disclosing that this year marks a significant milestone for Cocoa House at 60,he said that “celebrations and stakeholder engagements are already in planning, and we look forward to showcasing this historic landmark’s continued relevance in our business portfolio.
“Additionally, the successful commissioning of the Cocoa House Enhancement project on October 30, 2024, stands as a testament to our commitment to preserving and enhancing our heritage assets.
“Additionally, our portfolio rebalancing efforts, including strategic real estate disposals, are geared towards enhancing liquidity and financial sustainability.”
According to him, the company’s financial health remains a top priority that “we have recorded significant and consistent revenue growth, improved profitability, and exercised greater cost management across the group.
Abdulrahman Yinusa, Group Managing Director/CEO said that Odua has undertaken several transformative projects aimed at sustainable economic growth.
He listed them to include the successful completion of the Cocoa House Car Park and Ground Floor Enhancement Project, ensuring a modern and customer-friendly environment.
“Major expansions in our hospitality portfolio, including the ongoing redevelopment of Premier Hotel, Ibadan, and the ambitious Lagos Airport Hotel transformation into a multi-use commercial hub.
“Diversified investments in agriculture, real estate, healthcare, and energy, aligning with our strategy to enhance our asset base and generate long-term value.
“The year 2024 was one of outstanding performance for OICL. We recorded a remarkable Increase in revenue and growth in profit. Our commitment to corporate excellence is reflected in our consistent dividend payments to shareholders over the past decade, reinforcing our financial strength and stability,” he said.
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