ODU’A Investment Company Limited (OICL), the foremost investment conglomerate jointly owned by the six South-West states of Nigeria, held its 43rd Annual General Meeting (AGM) today, Thursday, May 15, 2025, at the Lagos Airport Hotel.
The AGM featured the presentation and approval of the company’s Audited Financial Statements for the year ended December 31, 2024, as well as the Reports of the Board and External Auditors.
A major highlight was the announcement of a ₦518 million dividend payout to the six shareholder states, representing a 21% increase from the ₦428 million declared in 2023. This brings OICL’s cumulative dividends to ₦3.63 billion since 2013, affirming the company’s consistent performance and value creation for its stakeholders.
OICL reported an incredible 81% growth in operating revenue, rising from ₦3.95 billion in 2023 to ₦7.15 billion in 2024. Total comprehensive income surged to ₦82.26 billion, up from ₦9.23 billion in 2023, a 773% year-on-year increase, largely driven by ₦80.58 billion in non-cash fair value gains from the revaluation of the Group’s equity investment portfolio.
Another highlight was the signing of three strategic agribusiness partnerships by SWAgCo Limited, OICL’s agribusiness subsidiary, valued at over ₦10 billion. These joint ventures signal Odu’a’s deepening commitment to agricultural transformation and food security across the region.
The signed agreements include:
1. ₦4.6 billion Cocoa Plantation Joint Venture with Starlink Global & Ideal Limited and PETAGULS Cultivars & Seedling Technologies.
2. ₦5.2 billion Integrated Farming Partnership with Foodlocker Limited
3. ₦65 million Maize Production and Smallholder Support Program with the British American Tobacco Nigeria Foundation (BATNF)
Further details on these partnerships will be shared in subsequent communications.
Gracing the AGM were representatives of the shareholder states:
High Chief Teslim Igbalaye, Secretary to the Osun State Government
Mr. Akin Akinnagbe, Permanent Secretary, Political and Economic Department, Governor’s Office (Ondo State), representing the Ondo State SSG, Dr. Adekunle Oyedele, Permanent Secretary, General Administration, Office of the Executive Governor (Oyo State), representing the Oyo State SSG
Mr. Adeleke Adefolaju, mni, Permanent Secretary, Political and Economic Affairs, Governor’s Office (Ekiti State), representing the Ekiti State SSG.
Also in attendance were all Group Directors of OICL, led by Group Chairman Otunba Bimbola Ashiru, the Group Managing Director, Mr. Abdulrahman Yinusa, board members and managing directors of subsidiaries and associate companies, and the OICL management team.