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– Dividend payable for Financial Year 2021 raised by 15% – Sets up ‘’The Odu’a Investment Foundation Download

The 40th Annual General Meeting of Odu’a Investment Company Limited (OICL)comes up on Wednesday, June 22, 2022 at the Osun Hall of the Lagos Airport Hotel, Ikeja, Lagos. OICL at the meeting will be presenting the year 2021 Audited Financial Accounts as well as proposing the declaration of dividend to it’s Shareholder States. The meeting will also serve as an opportunity to provide update on progress made towards repositioning the company as a world-class conglomerate as well as being an efficient engine of growth for the South-West region. The six South-West Shareholder States will be represented at the meeting by the Secretary to the State Governments (SSGs) of Oyo, Ondo, Ogun; Osun; Ekiti and Lagos States while the meeting will be chaired by Dr. Segun Aina, OFR, Chairman, Odu’a Investment Company Limited Board.

Odu’a Investment Company Limited Board is set to reposition the entire Group to achieve the Company’s Strategic growth objectives particularly the 5years Strategic Plan code-named SRC 2025 – (Sweat, Revive and Create). To this end, a one-day Board development capacity training session with the theme “The Future-Ready Board” facilitated by the Lagos Chamber of Commerce and Industry was held on 1st of March, 2022 for the Board of Directors of Odu’a Investment Company, the Board of its Subsidiaries’ and Nominee Directors in its Associate Companies Board at the Lagos Airport Hotel, Ikeja, Lagos. The objective of the workshop was to prepare the Directors for the great future envisioned for the Group.  At the workshop different workable ideas that could enhance Board effectiveness and profitability were discussed by the Facilitator and the participants. Significant impacts were also made on key operational and corporate governance guidelines that will assist the Boards to carry out their oversight functions to ensure successful management of the different businesses in the Group and position the Companies for the future. The workshop created a framework for the future-Ready Board and suggestions as well as the way forward were proffered for business entities during the global economic downturn. There was consensus amongst participants on the distinctive support responsibility of the Board in supporting the Management to achieve the defined strategy of the organization. All the participants reiterated their commitment to quantitative and qualitative improvements in the performance of their various Boards as they work together with the Executive Management of the Companies to achieve sustainable growth and profitability. The effective, seamless and collaborative working relationship between the Boards of the Holding Company (Odu’a), the Subsidiaries and Associated Companies would be further enhanced. The support of Odu’a to each of the subsidiaries was emphasized. Participants at the workshop included OICL Group Chairman, Dr Segun Aina, OFR, Odu’a Group Managing Director, Mr Adewale Raji, Other Odu’a Directors, Chairmen and Directors of subsidiaries as well as Odu’a nominee Directors in Associated Companies were present All the participants reiterated their commitment to quantitative and qualitative improvements in the performance of their various Boards as they work together with the Executive Management of the Companies to achieve sustainable growth and profitability. The effective, seamless and collaborative working relationship between the Boards of the Holding Company (Odu’a), the Subsidiaries and Associated Companies would be further enhanced. The support of Odu’a to each of the subsidiaries was emphasized. Participants at the workshop included OICL Group Chairman, Dr Segun Aina, OFR, Odu’a Group Managing Director, Mr Adewale Raji, all Other Odu’a Directors, Chairmen and Directors of subsidiaries as well as Odu’a nominee Directors in Associated Companies.

The 45th-anniversary lecture of Odu’a Investment Company Limited (OICL) last Friday at the Lagos Airport Hotel, Ikeja, was quite a colourful event. It was a gathering of some of Nigeria’s best in royalty, politics, commerce and education. The ambience was excellent, the speeches were inspiring, the entertainment was exhilarating and the organization was impeccable. Nothing less would have sufficed: Odu’a Group symbolises the South West, the nation’s trailblazer. Although the Group was formed in 1976 after the creation of Oyo, Ogun and Ondo states from the old Western State, many of the companies that constitute Odu’a Investment Company Limited predate the holding company. A good number of the businesses were set up by the Western Region government under the premiership of Chief Obafemi Awolowo, as a vehicle to expand the economy and create wealth for the people of the region. The government strategically established the secondary industries for four major reasons; to convert agricultural materials to finished products, to create employment opportunities for citizens of the region, to reduce dependence on imported items and to generate revenue for the government to fund its electoral promises. Financial institutions were established to raise funds for businesses and individuals, hotels were set up to promote tourism, and real estate companies were founded to improve life and living. Those companies achieved the essence of their formation by contributing either directly or indirectly to improving a lot of the Western Region and its citizens. Over the years, many other companies have been added to the ones set up by the Western Region government with the Group branching out to various sectors of the economy. But the times are changing while market realities are also shifting. New industries have emerged, the world has become very flat and the flow of investible funds towards Africa has increased. To take advantage of the emerging opportunities, the board and management of Odu’a Investment Company Limited chose to make the current vision of the Group, which is to leap from being a regional player to a world-class conglomerate, the focus of the anniversary lecture. Speaking on the theme From Regional Player to a Global Powerhouse, Mr Dotun Sulaiman, the Guest Speaker, while noting that the Group had not achieved as much as it could have, said he would have preferred OICL being more proactive in taking business decisions that would have created more value for the people. Mr Sulaiman argued that retaining the form of a conglomerate would not, in the long run, bring maximum benefit to the organization and the people. He then suggested that the board should consider turning the conglomerate into a sovereign wealth fund. He added, “Through this mechanism, the six South-West states will set aside an agreed amount every budget cycle to be aggregated and professionally invested for the benefit of future generations.” The owner state governors, who were represented at the event, promised to keep on supporting the conglomerate to ensure that it delivers on its mandate of being an investment vehicle and a growth engine for the South West. In a speech read on his behalf, the Lagos State governor, Mr Babajide Sanwo-Olu, described the theme of the anniversary lecture as very apt and extremely important as all hands must be on deck to scale up and lift the company to a global powerhouse. The governor, represented by his deputy, Dr Obafemi Hamzat, said all the stakeholders had a responsibility to accelerate the process of transforming the legacy and the vision of the founding fathers of the company to make it better. While congratulating the management of Odu’a Investment for keeping the organization alive after 45 years, he stressed the importance of accelerating the objective of setting up the company to meet up with the challenges bedeviling the country. Sanwo-Olu called on the board and management to concentrate on the agriculture value chain, adding that investing in agriculture was critical to the survival of the region. In her goodwill message, Dr Olatokunbo Awolowo Dosumu, daughter of the former Premier of Western Region, Chief Obafemi Awolowo, lauded the board and management of the company for making the company a going concern. She said, “Despite some major challenges over the years, I must salute the resolve of the current governors of the six states which today make up the old Western Region for three reasons. “Firstly, Lagos State chose to re-align with and has been admitted back to the fold. The significance of this move is huge, on several levels. Secondly, you have decided to allow the company to set up appropriate governance structures, so that it can be administered in accordance with global corporate best practices. This, I have found out, is already having a tremendous impact on the prosperity of the company and its shareholders. Thirdly, your choice of a stellar Board of Directors with reputable career track records and demonstrable competence is a wonderful reminder of the Awo ethos. “Consequently, the Board and Management are gradually piloting the company towards rebirth and regeneration such that it is emerging from its challenging years and is expanding its portfolio into hitherto uncharted business sectors. The Company is, indeed, set to move into the future as a global player. Again, Chief Awolowo would be proud. “We should remind ourselves, constantly, that the purpose for which this aspect of his legacy was created still subsists. May the legacy, therefore, continue to endure. “Permit me to end this goodwill message with an excerpt from a piece written by Professor Hezekiah Oluwasanmi in January 1963: ‘…it can be said with absolute confidence…that the work of Chief Awolowo in Western Nigeria will remain a monument to brilliant planning and administrative genius.’” Afenifere leader, Chief Ayo Adebanjo, in his goodwill message, called for the restructuring of the country, pointing out that the practice of federalism before and shortly after independence gave the regions the opportunity to utilize the resources in their domain for the benefit of their people. According to the elder statesman, were it not for the practice

The board and management of Odu’a Investment Company Limited have assured all stakeholders of the company of their determination to make the conglomerate a going concern for the benefit of the current and future generations.  This is even as Afenifere leader, Chief Ayo Adebanjo, said the practice of federalism before and immediately after Nigeria’s independence made the creation of the businesses that formed the bulk of the Odu’a conglomerate possible.  Dr Segun Aina, OFR, Group Chairman of Odu’a Investment Company, gave the assurance at the 45th-anniversary celebration of the holding company in Lagos on Friday, November 12, 2021.  Speaking at the event with the theme, ‘From Regional Player to Global Powerhouse’, Dr Aina lauded the visionary leadership of the defunct Western Region government led by Chief Obafemi Awolowo that gave birth to many of the companies in the Group.  He said, “As we commend the visionaries, I also acknowledge the services of all former Governors of Owner States, former Chairpersons and Directors, management and staff of the company, its subsidiaries and associated companies from inception to date.”  The chairman added, “despite the challenges encountered over the years, the company has remained resilient thus making it possible to still have the organisation standing at this moment.  “Today we look at our past with learning eyes, to ensure the mistakes of the past are used as learning points while moving the company to higher heights to accomplish its objectives. By reflecting on the past and its achievements and our status today, we believe the future is not as daunting as it seems and our hopes are renewed as we are assured of the support of all stakeholders.”  Explicating the plans of the conglomerate for the future, he said, “Odu’a Investment Company Ltd is being transformed into a lean non-operating investment holding company to enhance transparency, focus on investment management and sustainability, traverse a path of maximum impact, and leverage on the models we have seen succeed in similar institutions across the globe.  “We have redefined our vision to one that captures our ambition appropriately, which is, ‘To be a world-class conglomerate’ and a mission ‘To deliver sustainable returns for all stakeholders; enhancing the legacy for future generations’.”  Dr Aina said as part of efforts to actualize the board’s vision, the Group had created new subsidiaries such as South West Agricultural Company (SWAgCO Ltd), and South West Innovation and Technology (SWIT).  He added, “We also participated in the 2020 Federal Government Marginal Field Bidding process and was successfully awarded a field with one other partner, and an operating company — BITA Exploration & Production Ltd SPV incorporated to drive it.”  Speaking in a similar vein, Group Managing Director/CEO of the company, Mr Adewale Raji, said the 45th anniversary celebration was carefully crafted to not just commemorate how far the company had come since its incorporation but to paint a picture of its future. He said, “We will mention some of the changes we have made over the last few years and encourage all attendees, well-wishers and stakeholders to participate in shaping the future of the organization. We are imbued with a vision to be a World-Class Conglomerate and driven by a collective mission and strategy to enhance this legacy for future generations. We will take this opportunity to present some of our new businesses, including SWAGCO (our agriculture investment vehicle), SWIT (our innovation and technology investment business) and BITA (the marginal oil field that we plan to operate with some other partners). Our journey from here as an organization is one of a million possibilities.”  The Guest Lecturer, Mr Dotun Sulaiman, challenged the leadership of Odu’a Investment to adopt a modern investment strategy to increase the relevance of the conglomerate. Mr Sulaiman said the Group had not been proactive enough in making some investment decisions that would have improved the company’s performance and a lot of the stakeholders.  The lecturer counselled that rather than making huge investments in certain sectors, the company should consider diversifying its investments. He also called on the company’s handlers to consider turning the conglomerate into a sovereign wealth fund. (https://rentalsfloridakeys.com/)   Chief Ayo Adebanjo, while giving a goodwill message at the event, said with the adoption of federalism, the Western Region was able to take the leading position in the country, adding that the region was a trailblazer.  The Afenifere leader added that with the abandonment of federalism, the subnational had become hampered and they could not fully actualise their potential.  In her goodwill message, Dr Olatokunbo Awolowo Dosumu, daughter of Chief Obafemi Awolowo, congratulated the company for achieving the milestone. She said the Western Region government led by Chief Awolowo established a number of businesses to raise funds to finance the hugely ambitious programmes of Action Group for the benefit of the citizenry.  She said, “Their motto was, ‘Freedom for all and life more abundant. They knew from the start that they would face monumental challenges of raising adequate finance to fulfil their promises to the electorate. But, by dint of hard work, selfless service, as well as creative problem-solving skills, they succeeded as we can all testify today.”  She expressed gladness that the Board and Management of Odu’a had started piloting the Company towards rebirth and regeneration.  L-R: OICL Directors Mr. Seni Adio, Hon. Commissioner for Commerce and Industry, Osun State, Dr, Bode Olanipekun, Secretary to the State Government, Ondo State, Princess Catherine Oladunni, OICL Group Chairman, Dr Segun Aina, OFR, Guest Speaker, Mr Dotun Sulaiman, OICL GMD/CEO, Mr. Adewale Raji, OICL Director, Otunba Bimbo Ashiru and Independent Director, Mrs. Folusho Olaniyan, OON at the event. She said, “To the Governors, Board of Directors, Management and all stakeholders of Odua Investment Company, I say congratulations once again, as we all celebrate this milestone. May we celebrate many more, and may we continue to add value to this, our common patrimony, in Jesus’ name.”  The event was attended by the cream of Nigeria’s business and political elites. This include; Dr Obafemi Hazmat, Deputy Governor of Lagos State

(Being text of remarks made by Ambassador Dr Olatokunbo Awolowo Dosumu at the 45th-anniversary lecture of Odua Investment Company, on Friday, in Lagos). Your Excellencies, Our Royal Fathers, Chairman and Members of the Board of Odua Investment Company, the Group Managing Director and his Team, the Distinguished Lecturer, Distinguished Guests, Ladies and Gentlemen.  It is, for me, a rare honour and privilege to be given the opportunity to deliver this brief message of goodwill on the happy occasion of the 45th anniversary of the creation of Odua Investment Company.  Chief Obafemi Awolowo, and his party the Action Group, assumed office in the Western Region in 1952 armed with hugely ambitious programmes for the benefit of the citizenry.  Their motto was, ‘Freedom for all and life more abundant.  They knew from the start that they would face monumental challenges of raising adequate finance to fulfil their promises to the electorate.  But, by dint of hard work, selfless service, as well as creative problem-solving skills, they succeeded as we can all testify today.  Indeed, as Chief Awolowo prepared to bow out of the exalted stage as Premier of the Western Region in 1959, he wrote, inter alia: ‘The aim of my Government since 1952 has been to promote the growth of secondary industries in the Region pari passu with agricultural development….  In the economic sphere, the dominant note of my regime was that the government must ensure a never-ceasing expansion in the economy and wealth of the Region, and equitable distribution of each additional unit of wealth.  I had declared at Owo that one of our guiding principles should be the total abolition of want by means of any economic policy which is both expedient and effective….  For the rapid development of our country, we need foreign capital as well as managerial and technical know-how…  Downright state ownership of all the means of production would create for us more problems than we set out to solve.  My attitude to foreign investment in the fields of industry and plantation is that such investment should be made in partnership with indigenous capital supplied by the government or any of its agencies or by Nigerian businessmen….  To this end, not only has the government facilitated the growth of private enterprise in the industrial field by removing all those obstacles that tend to inhibit economic growth and by providing basic services (including the establishment of industrial estates), but it has also entered the field of industrialisation through its agencies, the Western Nigeria Development Corporation and the Finance Corporation…. On its own, the Development Corporation has …invested funds in nine undertakings including the gigantic West African Portland Cement Company Works (which has a capital of £41.5 million) at Ewekoro.  By 1960, it is estimated that the Corporation will have invested more than £3 million in large-scale industrial enterprises alone.’  This, then, is the vision that birthed the seeds which later blossomed into the conglomerate which is today known as Odua Investment Company. Despite some major challenges over the years, I must salute the resolve of the current Governors of the six States which today make up the old Western Region for three reasons.  Firstly, Lagos State chose to re-align with and has been admitted back to the fold. The significance of this move is huge, on several levels. Secondly, you have decided to allow the company to set up appropriate governance structures, so that it can be administered in accordance with global corporate best practices.  This, I have found out, is already having a tremendous impact on the prosperity of the company and its shareholders. Thirdly, your choice of a stellar Board of Directors with reputable career track records and demonstrable competence is a wonderful reminder of the Awo ethos.  Consequently, the Board and Management are gradually piloting the Company towards rebirth and regeneration such that it is emerging from its challenging years and is expanding its portfolio into hitherto uncharted business sectors. The Company is, indeed, set to move into the future as a global player.  Again, Chief Awolowo would be proud. We should remind ourselves, constantly, that the purpose for which this aspect of his legacy was created still subsists. May the legacy, therefore, continue to endure.  Permit me to end this goodwill message with an excerpt from a piece written by Professor Hezekiah Oluwasanmi in January 1963: ‘…it can be said with absolute confidence…that the work of Chief Awolowo in Western Nigeria will remain a monument to brilliant planning and administrative genius.’  To the Governors, Board of Directors, Management and all stakeholders of Odua Investment Company, I say congratulations once again, as we all celebrate this milestone. May we celebrate many more, and may we continue to add value to this, our common patrimony, in Jesus’ name. I thank you all for listening

Ogun state government in collaboration with Odu’a Investment Company Limited (OICL) has partnered with the Software Business Solutions Consulting (SBSC) to develop its economic system.  The work includes the delivery of IT outsourcing services and project development services.  Governor Dapo Abiodun made this known at the official launch of SBSC office at Ogun State TechHub, kobape, Abeokuta.    Governor Abiodun while inspecting the Information Technology ( IT) equipment put in place by the company expressed satisfaction, saying they are in no doubt ready for software business solutions in the state.  “With what am seeing on the ground here, I believe it’s not going to be training alone for software engineers, but the state would become a tech solution to other states of the federation.  In his opening remark, the Odu’a Investment Company Limited Group Managing Director/CEO, Mr Adewale Raji commended the joint venture partnership with SBSC nothing that the venture will bring about empowerment of the youths and at the same time create jobs to thousands of them. He promised OICL support to ensure youths are empowered to be digitally productive.  In his welcome address, OICL director representing Ogun State on the board, Otunba Bimbo Ashiru lauded the joint partnership noting that the state has rapidly developed in the IT world and as such is creating an ambient environment for more Private Sectors initiatives that would help develop the state economy.  The Managing Director, Software Business Solutions Consulting, (SBSC) Dr Abdul Balogun appreciated OICL and Dapo Abiodun’s administration for partnering with his company to profer tech solutions for human and economic growth.  Dr Balogun emphasized that SBSC would train software engineers, empower women and create technological solutions to the state government for seamless governance as well as generate employment for the teaming youths.    “We have the vision to train software engineers, Business analysts, UI/UX designers, Front- end and Back- end developers, Quality Assurance Testers through our incubation programme. We will also create employment for over 150 IT engineers and turn Ogun state to global solutions in terms of technology thereby boosting its economic system.” Balogun stressed.

Dr Segun Aina, OFR, Group Chairman, Odu’a Investment Company Limited, Chairman Global Banking Education Standards Board and President, Africa Fintech Network on Thursday, October 21st, 2021 delivered  a presentation on “Deconstructing Banking”  Dr Aina speak to course participants mostly senior regulators, policymakers and banking executives from sub-Sahara Africa who were on 8 weeks Certificate course on Fintech and Regulatory Innovation at the Cambridge Centre for Alternative Finance, University of Cambridge Judge Business School, Cambridge, UK. Dr Aina who delivered a  virtual presentation threw more light on traditional banking services, the banking sector as of today and Digital banking value offerings.  He spoke extensively on areas of the banking sector that Fintech firms and other new players are having the most disruptive impacts.   The Odu’a Chairman also identified the regulatory and policy implications of the digital transformation of the banking services.  He emphasised the emergence of a new set of players of Fintech firms who saw the need to serve the customers better and make the banking system the most convenient for the people in general. Dr Aina said that disruption, transformation, deconstruction or reconstruction has brought about the transformation that is most needed in the banking and financial services world and indicated that in the future banking will still be necessary and relevant but banks may not. The Odu’a Group Chairman mentioned issues of capacity for digital regulations explaining that most regulators in Africa need to embrace change and new technology and be much more proactive and agile in other to move the banking industry and the various African economies to the next levels.  The presentation which has Global appeal but with a focus on sub-saharan Africa have in attendance high profile personalities from all strata of life and every sector of the economy across the world.

Update on the Construction Work at Westlink Iconic Estate at Alakia, Ibadan.Phase 1 of about 60 Households will be ready for occupation within 2021 Calendar year.It is JV between Odu’a Investment Company Ltd & Iconic City UK Ltd which operates locally as Chapter 4 Estates Ltd.