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Odu’a Investment Company Limited Group Managing Director/ CEO, Mr Adewale Raji on Friday, October 6, 2023, received the Management team of the Broadcasting Corporation of Oyo State (BCOS), led by its Chairperson, Chief (Mrs) Dotun Laitan. The BCOS team was on a courtesy visit to the Group Headquarters of OICL. The team was received by the GMD and some of the MANCOM members at the company’s Board room on the 23rd floor of the Cocoa House. Chairperson of BCOS, Chief Mrs Laitan appreciated OICL management on its strategic drive to reposition the group and keep the legacy of our progenitor, the founding fathers alive to date.The aim of the meeting is to see how a symbiotic relationship could be established between OICL and BCOS. The BCOS team looks ahead to a veritable partnership between the two organizations. The OICL GMD/CEO, Mr Adewale Raji appreciated the BCOS Management team visit and congratulated the Chairperson on her new position, and prayed for wisdom to excel. He promised OICL support to the Management of BCOS and promised to see to their request of building a fruitful business relationship that could help grow the two organizations. MANCOM members at the meeting included the Group Chief Financial Officer, Mr. Abdulrahman Yinusa; Company Secretary/Head of Legal, Mrs. Abiola Ajayi; Head of project and evaluation, Mr. Olusoji Sangobiyi, Head of Branding and communication, Mr Victor Ayetoro; and the Commercial Manager, Mr Ade Ajayi. Below are some of the pictures of the event.

Staff of Odu’a Investment Company Limited has been charged to be more committed, and dedicated and be ready for collaboration in the discharge of their duties The Group Managing Director/CEO of Odu’a Investment Company Limited, Mr Adewale Raji gave this charge at the 2023 OICL staff forum held on Tuesday, September 26, 2023, at the Training Centre of the Company on the 22nd floor of Cocoa House, Dugbe, Ibadan. Mr Raji said that “to enhance the performance, profitability and sustainable growth necessary in achieving the expectations of the shareholders, every member of staff must put on their thinking cap on how to contribute to the growth of the business”. He noted that all hands must be on deck working assiduously towards achieving the mandate set by the shareholder states to make “OICL the engine room for economic development of the South West” While reiterating that the mandate from the shareholder states is fundamental, he emphasized the need for staff support to make the company achieve its set goals. “Our survival is dependent on the human resource that we have, and that human resource should continue to enhance her capability to deliver efficiently so that the company can remain a thriving entity” He mentioned.The Group Chief Financial Officer, Mr Yinusa Abdulrahman in his address reechoed on the need to brace up and jack the performance of the group to an enviable level. ” It behoves us all to look for ways to increase our revenues” he noted.He stressed the need for business collaboration among departments and subsidiaries in other to move the company to a greater height citing that no man is an island, hence, the place of teamwork cannot be over-emphasised. The staff forum which was organised by the Human Resources department serves as an avenue for Staff and Management to share ideas on the activities of the company, rub minds together and throw more light on grey areas. At the meeting, members of staff were taken through business performance which includes details of the Company’s financial performance, Human Resources update, ICT awareness tips and business review update.Both Management and Staff of OICL were present at the meeting.

As part of the ongoing  strategic plan to ensure continuous growth and sustainability, Odu’a Investment Company Limited (OICL) has supported one of her subsidiary companies, GLANVILL ENTHOVEN INSURANCE BROKERS & PENSION with a strategy retreat for better performance,  how the company can launch into other sectors that contribute majorly to the GDP and also expand her future expectations on income projections for 2024-2028 (5 years strategic plan)The retreat also captured how the company can actively implement micro-insurance and micro-lending platform using the present industry knowledge of Glanvill Enthoven insurance brokers. The workshop held on Friday, September 22, 2023, at the Olokun Hall, Lagos Airport Hotel, Ikeja have in attendance some members of the Board of Odu’a and Glanvill board which included the Group Managing Director/ CEO, Mr Adewale Raji, OICL oversight director on Glanvill,  Chief Segun Ojo, OICL Group Chief Financial Officer, Mr Yinusa Abdulrahman. Representing Glanvill were the Chairman, Glanvill, Hon Amire Kolade, and Glanvill Managing Director, Mr Supo Falana. Others included HR team from OICL led by Mrs. Odunayo Adeniji, the Transformation & Strategy team led by Mr. Olutimayin Kayode, and Mr. Abiodun Bamiduro of Finance dept, OICL. Glanvill’s Management and staff were also in attendance.The strategy was facilitated by Biodun Adedipe Associates (AAA).

This is to notify the general public that the deadline date for the application of roles for PROJECT OFFICER and PROJECT ASSISTANTS has been extended to the 26th of September, 2023 as published in the Nigerian Tribune of September 18, 2023. Shortlisting and interviewing of candidates comes up within two weeks after the advert has been closed. Kindly share with interested candidates to apply.

This is to notify the general public of an advert inside the Nigerian Tribune of today, September 11, 2023, on Page 5. The advert is seeking for dynamic and dedicated PROJECT OFFICER and PROJECT ASSISTANTS. Shortlisting and interviewing of candidates comes up within two weeks after the advert has been closed. Kindly share with interested candidates to apply.

Shareholding states of Odu’a Investment Company Limited (OICL) at its 41st Annual General Meeting held recently in Lagos, approved the recommended gross dividend of N428 million, a 2.2 percent increase over the N418 million paid for the 2021 financial year. Despite all odds, the 2022 dividend made it a sum of N2.56 billion consistent dividend payment by the Group over the last nine years. The Board of Odu’a Investment Company Limited(OICL) has given assurance that with the renewed business strategies and expansion drive, the company would indeed keep the legacy of the founding fathers alive while on the pathway to becoming a global conglomerate. This was disclosed recently while receiving commendations from shareholding states – Oyo, Ogun, Ondo, Osun, Ekiti, and Lagos, at the 41st Annual General Meeting (AGM) held at the Lagos Airport Hotel, Ikeja. Chairman of OICL, Bimbo Ashiru, while speaking to the Nigerian Tribune on the sideline of the AGM, was confident that with the reforms, among which is the oil license approval, the company will compete globally as it bids to become a world-class conglomerate. With its business transactions and potential investments in energy, power, agriculture, and real estate, among others, OICL is indeed expanding its portfolio into uncharted business sectors that could move the company as a global player in the future. In June 2022, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) handed over the license for the BITA Marginal Field covered by PPL 249 to Bita Exploration & Production Company (BEPL), the Special Purpose Vehicle (SPV) jointly owned by Odu’a Investment Company Limited and Pioneer Global & Resources Limited. Having received its oil and gas exploration and production license with its production subsidiary, BITA Exploration, and Production Limited, OICL aimed to start drilling by the second quarter of 2024, the chairman said, noting that this would be a game changer for the company. Recently, the conglomerate revealed plans to partner with the governments of the six South-West states on power generation and distribution in the region, following President Bola Tinubu’s signing of the Electricity Law, which authorized states, companies, and individuals to generate, transmit and distribute electricity. This indeed reinforces the company’s commitment to be the engine room of the business in the South-West. Ashiru, during the AGM, noted that as part of fulfilling its responsibilities of steering the company towards achieving its potential, the board has remained committed to the execution of our Five-year Strategy, referred to as SRC (Sweat, Revive and Create) 2025. The central thrusts of the strategy include sustainably improving returns by sweating existing assets, reviving moribund businesses within its portfolio or optimizing its assets, and creating new businesses across our priority sectors (Agriculture, Healthcare, Real Estate, Hospitality, Financial Services, Energy, ICT and Transportation and Logistics). “During the year in review, we made significant progress in the area of business development. We developed a significant pipeline of business transactions and potential investments, some of which will translate into viable businesses and partnerships. He noted that in the year 2022, the board worked tirelessly to improve the quality and depth of engagement with the board and management of subsidiaries across the group. “Our emphasis was on setting the foundations for improved shared service arrangements and deriving intra-group synergies. We plan to leverage our shared service programs to drive group-wide culture and standardized business practices. We expect that these efforts will result in increased efficiency and effectiveness of our operations. Our conversations with the subsidiaries have also extended to improving cross-selling of products and services within the Group.” Recalling engagements held in 2022, Ashiru noted that the board intensified engagements with stakeholders, including shareholders, investee companies, developmental finance institutions, and bilateral institutions. “These engagements, some of which were with international institutions and forums such as the Canadian Council (Nigeria-Canada & Investment Business Forum), International Finance Corporation, the Commonwealth Business Forum, and the African Export-Import Bank, were aimed at positioning us for opportunities locally and internationally. We also engaged our shareholders more closely with the hope of enhancing points of mutual value creation between the states and our businesses.” In its hospitality business, to achieve a world-class, OICL, in December 2022, reached an agreement with a strategic partner to remodel, renovate and upgrade the existing Premier Hotel from an 87-room hotel to a 150-room five-star hotel. The redeveloped hotel will be equipped with world-class conferencing facilities, restaurants, recreational facilities, and ample parking. The project is expected to be delivered in the first quarter of 2025. Looking ahead, Ashiru is optimistic that 2023 would be rewarding. “I believe that the year 2023 will be pivotal for the business. Several transformational initiatives in our operations will be completed or nearing completion, and it will therefore be a year of consolidating on the significant shift that the Board and Management have worked so diligently to achieve over the last three years. The multiplier effects that we expect on our revenue and asset base have begun to appear, and the trajectory of the business can only be upwards.” Speaking on the real estate business of the conglomerate, the General Managing Director of OICL, Adewale Raji, noted Wemabod Limited, the full-fledged real estate business, has made significant progress in line with the board’s strategic thrusts. “In the areas of property and facility management, Odu’a Investment Company Limited’s properties were officially handed over to Wemabod for management, making it one of the largest property management companies in the country by asset under management,” he said. For its Agriculture and Agribusiness, South West Agricultural Company Limited (SWAgCo), working with Odu’a Investment Company Limited, has commenced work on the revitalization of agricultural assets across the South West region, Raji noted. “These efforts include seeking partnerships for the development of Group land assets of about 40,000 hectares, operationalizing land assets, and partnering with third parties players to develop other critical agriculture infrastructure assets in the region. In 2022, its operations cut across the rice, maize, soybean, and cassava value chains,” he added. Speaking on the financial result for the year ended

Odu’a Investment Company Limited has approved the payment of a N428 million dividend to its shareholders, a 2.2 percent increase compared to the N418.4 million paid in the 2021 financial year.  The assets of the company also grew by 3.6 percent from N110.56 billion in 2021, to N114.51 billion in 2022.” The dividend declaration was made at the 41st Annual General Meeting of the company held at the Lagos Airport Hotel, Ikeja on Thursday, July 27, 2023. Odu’a board chairman, Otunba Ashiru who gave the financial performance of the company stated that Odu’a Investment Company Limited’s operating revenue decreased by 8.5% from N4.01 billion in 2021 to N3.67 billion in 2022. Otunba Ashiru also said, “The company posted a profit before tax of N4.08 billion in 2022, 56.5% lower than the N9.37 billion in 2021and that this was driven largely by lower revaluation gains. “Despite the socio-economic challenges we faced as a business, I’m happy to report that the board has recommended a dividend of N428 million for your approval, this is higher than the dividend of N418 million paid in 2021, and indicative of our commitment to delivering sustainable returns, he said. Otunba Ashiru further maintained that in December 2022, Odu’a Investment Company Limited reached an agreement with a strategic partner to remodel, renovate and upgrade the existing Premier Hotel from an 87-room hotel to a 150-room 5-star hotel. He said, “The redeveloped hotel will be equipped with world-class conference facilities, restaurants, recreational facilities, and ample parking. The project is expected to be delivered in the first quarter of 2025. He spoke further on the registration and setting up of the office for the Odu’a Investment Foundation. He assured shareholders that the outlook for 2023 remains positive, we expected some of the critical changes in the monetary and fiscal policy environment that will drive activities in real estate and construction, agriculture, and the power sector amongst others.” “I believed that the year 2023 will be pivotal for the business, several transformational initiatives in our operations will be completed or nearing completion, and it will therefore be a year of consolidating on the significant shift that the board and management have worked so diligently to achieve over the last three years. The multiplier effects that we expect on our revenue and asset base have begun to appear, and the trajectory of the business can only be upwards.” Ahsiru said. In his report, the Group’s Managing Director/CEO, Mr Adewale Raji also noted that the year 2022 started on a positive note globally, as the world appeared to be on the path of recovery in the aftermath of the COVID-19 pandemic. Mr Raji further said, “The recovery from Covid-19 was soon interrupted by the escalation in the conflict between Russia and Ukraine, whilst the effect of the war on Ukraine was particularly devastating, the impact of the war on global energy and commodities markets was also significant. Sanctions imposed on Russia, which is a major oil and gas producer, contributing about 17% to global gas production only seemed to worsen the impact of the war on the global economy.’ “The impact of the war was felt in the commodities market as a significant portion of the global supply of wheat, rye, corn, barley, sun oil, coal, aluminium and nickel is attributable to the two countries.  Central Banks across the globe raised interest rates with the intention of curbing inflation even though economic growth was on a decline. Consumer prices in advanced economies grew by 7.3% in 2022 according to the International Monetary Fund, with prices rising by 8.4% in the Euro Area and 8% in the United States.” Price increases in the United States hit a high of 9.1% in June, and 11.1% in the United Kingdom in October.  Outside of the Euro Zone, the United States, and East Asia, on average price increases hit double digits in most regions. Banks such as Silicon Valley Bank, Credit Suisse, and Signature Bank failed in 2022, in what appeared to be the beginning of another global financial system crisis. Luckily, the fears of contagion were not realised as these bank failures were contained. Crude oil prices rose throughout the first half of 2022, with the OPEC Reference Basket (ORB) Price hitting $120 per barrel by June 2022 from about $78 per barrel at the beginning of the year.” Bearing this operating environment, Odu’a Investment Company recorded a revenue of N3.68 billion in 2022 which was an 8.5% decrease from the 2021 amount of N4.01 billion.  Profit Before Tax was N4.08 billion compared to the 2021 figure of N9.37 billion. This was driven mainly by a reduction in revaluation gains on investment properties from N7.11 billion in 2021 to N2.98 billion in 2022. “These gains do not occur on all our properties all at once and will typically vary from one year to another. If these Accounting gains are removed, the normalised Profit Before Tax for 2022 will be N1.1 billion compared to N2.26 billion for 2021 Based on this modest profitability, the Board of Odu’a Investment Company Limited proposed for the approval of the Shareholders a gross dividend of N428 million.” “This is a 2.2% increase over the N418 million paid for the 2021 Financial Year. Should this recommendation be approved and paid out, it will bring the total dividend paid to shareholders over the last 9 years to the sum of N2.56 billion.” the GMD said

Stakeholders including South West Governors and Leader of ‘Afenifere’, the Yoruba socio-cultural group, Pa Ayo Adebanjo on Thursday 27th July, 2023 applauded the Management of Odu’a Investment Company for sustaining Awolowo’s Legacy with the Establishment of Odu’a Investment Foundation. Odu’a Investment Foundation(OIF) was incorporated at the Corporate Affairs Commission(CAC) in 2021 to serve as an independent social corporate arm of the Company to give back to society and improve the life and livelihood of the citizenry of the Owners’ States and launched on Thursday 27th July 2023 in Lagos. Apart from the official launching of the foundation, the company also inaugurated members of the Advisory Council, which includes Amb. Dr Tokunbo Dosumu Awolowo, (Chairman) Chief Wole Olanipekun (SAN), Dr Victoria Adunola Samson, Dr Segun Olugboyegun, Chief Mrs Onikepo Akande, Mr Aderemi Makanjuola, and Dr Biodun Shobanjo Representatives of the Governors of Lagos, Oyo, Ogun, Osun, Ondo, and Ekiti states, in their separate remarks, commended the Odua Investment company for the initiative. Inaugurating the Advisory council at a well-attended event at the Banquet hall of Lagos Airport Hotel, Odu’a Group Chairman, Otunba Bimbo Ashiru said the members are expected to use their influence and network to actualise the priority focus areas of youth empowerment, Education and Health. “Odu’a Investment Company Limited has committed 1% of its Profit After Tax in addition to external funding sources to finance the Foundation programs. According to Otunba Ashiru, our hope is that this will provide the Foundation with the seed money required to attract additional external funding and resources needed to achieve the necessary impact and reach. “To achieve its objectives, the Foundation will rely heavily on collaborations and partnerships with individuals, businesses, and public and private institutions, including non-governmental organizations, development agencies, multilateral bodies, etc.” We believe that with your support, the Foundation can tap into the vast collective economic and social capital available to the Southwest Region, and direct the resources pooled together into projects and initiatives that will improve the welfare of our people, he said. Leader of ‘Afenifere’, the Yoruba socio-cultural group, Pa Ayo Adebanjo, who commended the management of the Odu’a group for sustaining Awolowo’s legacy said ‘ I can’t miss anything related to Oduduwa So, I want to thank all you directors of Odu’a Investment Company Limited (OICL) because you are inheritors of a good heritage, God bless you for establishing the Odu’a Investment Foundation (OIF). Chairperson, OIF, Ọlatokunbọ Awolọwọ Dosumu, said: “Beyond the role of the conglomerate in the business of adding value to the economy, as well as its statutory obligation of enhancing the revenue of its various shareholder governments, Odua Investment have now decided to deploy a further percentage of its income to an initiative that offers a wider latitude to impact lives through creative, inventive and effective philanthropy that cannot be accomplished by other means. “By setting up this Foundation, therefore, this Board has intentionally introduced an additional avenue through which the company can further impact the lives of the people positively. In other words, rather than neglect or erase the legacy of our founding fathers, they have elected to maintain and, even, propagate it. I commend them once again for taking this bold step. “I note with great joy that several decades after the investment group was set up, and more than three decades after the transition of the prime legator, Chief Awolowo, the legacy has remained in very safe hands. The journey may not always have been particularly smooth. Still, it is important to note that in spite of all odds, and as a testament to the solid foundation upon which it was built, coupled with the commitment of its board, management and staff over the years, the house of Odu’a Group is still standing tall, sturdy and safe. Also, Chief Wole Olanipekun, in his remark, said he is ready to work with other members of the council to project the ideals and vision of the Odu’a investment foundation. Lagos State Governor, Babajide Sanwo-Olu who the SSG represented, Bimbo Hundeyin, said: The name “Odu’a” is deeply rooted in our culture and history, reminding us of our noble heritage and the virtues of resilience, innovation and love for fellow mankind. As we launch this foundation, which will serve as the corporate social responsibility arm of the company, weinvoke the spirit of Odu’a to guide us on this transformative and empathetic path. It is a well-known fact that the primary goal of any business-oriented organization is profit-making. However, in the pursuit of this legitimate goal, it is expected that organizations must commit part of their resources to cater/to the welfare needs of the community and the people that patronize their business. I am therefore excited that our company, by this initiative, is showing commitment to its corporate social responsibility, focusing on education, health, and youth empowerment. “Indeed, these areas of focus for the Foundation are critical and fundamental to improving the human capital development profile of our region for sustainable growth and development In Lagos State, the activity of this Foundation will complement our efforts, especially in the successful implementation of our T.H.E.M.E.S+ developmental agenda.

The Chairman, Odu’a Group, Bimbo Ashiru, said on Tuesday that plans were underway to partner the governments of the six South-West states on power generation and distribution to improve power generation and distribution in the region. Ashiru also said the group would soon begin oil exploration and production as part of efforts to boost the potential of the group, reposition it and as well sustain the legacies of the founding fathers. The Odu’a boss, who spoke in Ado Ekiti, the Ekiti State capital, during a visit to Governor Biodun Oyebanji, also assured that the board and management were working round the clock to revive the group’s investments and establishments which had been abandoned. He said that the decision to partner with the South-West governments on power followed President Bola Tinubu’s signing of the Electricity Law, which authorised states, companies and individuals to generate, transmit and distribute electricity. This, he said, was to “boost electricity supply to the South-West and by extension enhance the commercial activities in the region”. Ashiru said, “Odu’a won the marginal field OML 95 on Ondo State. That is one of the things we are working on,” adding that the group had entered into a partnership with an oil company for deeper and marginal exploration and production of oil with the aim of boosting fuel supply in the country. “We are here to let you know what we are doing. Our focus is to be the engine room of the business in the Southwest. Ekiti State Governor, Mr Biodun Oyebanji emphasised on collaboration initiatives to boost industrialisation, improve agricultural productivity and attract investments to Ekiti State. These partnerships he said would generate employment and enhance the overall prosperity and well-being of the state.