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OICL on Thursday, July 29, 2021, hosted a business interactive webinar session with eminent business thought leaders focusing on emerging business opportunities within the Odu’a Group and the drive for partnership and business alliances.  The session was designed to provide an update on the exciting and intensive transformation of OICL and its subsidiary to the business community within Nigeria and beyond on the potential and prospect of this great conglomerate that would be 45 years come October 1st, 2021. Well-thoughts ideas that could enrich the transformation journey were harvested from creams of distinguished personality, including shareholder representatives, business and professional leaders of thoughts, and some opinion leaders who were present at the virtual session. The Chairman of the Group, Dr Segun Aina, OFR on Business Survey spoke on “A New Dawn for Business with OICL while KPMG, a global consulting firm delivered a paper titled “Transformation Journey and the imperatives for the future” and Mr Adewale Raji, Group Managing Director/CEO  gave the welcome address and vote of thanks.  The webinar is available on YouTube, simply click the play button below to see how it went

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As part of the Odu’a Investment Company Limited (OICL) board focus to engage with business thought leaders in its strategic direction and aspiration drive to sweat, revive and create value for its shareholders, the Group Chairman, Dr Segun Aina, OFR, recently led a delegation of some members of the Board of OICL on a business visit to two prominent Yoruba leaders of thought and Royal fathers.  The visit to the two traditional rulers, the Oba of Lagos, His Royal Majesty, Oba Rilwan Babatunde Akiolu,  and the Oniru of Iruland, His Royal Majesty, Oba Abdulwasiu Omogbolahan Lawal was to solicit their support and cooperation in the drive towards achieving OICL strategic goals and  Vision of becoming  “a world class conglomerate”  The OICL delegation included Dr Tola Kasali, Mrs Folusho Olaniyan, Mr Olugbolahan Mark- George, OICL Directors and Mr Yemi Ejidiran, CEO/Managing Director, Wemabod Estates Limited, a subsidiary of OICL. With the new mission “to deliver sustainable returns for all stakeholders; enhancing the legacy for future generations” Dr Aina shared with the Obas information on   Strategic Direction of the Group to embark on integrated projects in priority sectors of the Nigerian economy.  He revealed the Group’s interest in entering new businesses with high potential for growth, profitability and sustainability as well as looking at strategic partnership with technically proven and financially capable partners.  Welcoming the OICL team, the Oba  of Lagos and the Oniru of Iruland  both pledged their continued support for the Conglomerate as well as charged the conglomerate to create trans-generational and sustainable legacies.

Odu’a Investment Company Limited Group Chairman, Dr. Segun Aina, OFR has bagged the Most Distinguished Alumnus Award of the University of Ibadan (UI) Alumni Association Worldwide.The award is in recognition of Dr Aina’s invaluable contribution to the growth of Nigeria’s banking and financial services sector, community development, corporate leadership and human capital development in the country.Dr Aina was represented by the Odua Investment Company Limited Group Managing Director, Mr Adewale Raji, who received the award on his behalf at the 2021 Luncheon and Award event held at Dame Edith Okowa Auditorium of the Alumni complex at University of Ibadan.The event had four award categories: life-time achievement, worthy ambassador, most distinguished alumnus award and alumnus of the year 2020. Some prominent Nigerians were also honoured.The recipient, Dr Aina was elated over the award in a telephone conversation.He said “the award is a challenge to do more. I am indeed proud of my alma matar and the positive impact it made on my life journey. The University of Ibadan is the pre-eminent uinversity in Nigeria in terms of existence and accomplishments.”Dr Aina, Group Chairman Odu’a Investment Company Limited is a global professional banking leader, internationally rated fintech ecosystem enabler and thought leader, transformation expert, chartered arbitrator, respected futurist and a philanthropist.In all 12 awards were given at the occasion, His Excellency, Professor Babagana Zulum, the Executive Governor of Borno State received the University of Ibadan’s Alumnus of the year 2020 award. Governor of Kwara State, His Excellency Abdulrahman Abdulrazak received a posthumous award for his late father.The immediate past President of the University of Ibadan Alumni Association, Dr Kemi Anthony Emina had in his speech said the event was to celebrate excellence.Important personalities that graced the event include the Executive Governor of Osun State, Alhaji Adegboyega Oyetola, former Governor of Borno State, Alhaji Kashim Shetima, former Minister of Health, Prof Isaac Adewole, Senator Mohamed Ali Ndume, Speaker of Borno State House of Assembly, Abdulkarim Lawan and Abubakar Kyari.Others include the acting Vice Chancellor, University of Ibadan, Prof Ademola Babatunde Ekanola, Borno State Commissioner for Agriculture,  Bukar Talba and Special Adviser to Governor on Protocol, Alhaji Ahmed Sanda.

With a population of over 40 million people, the South West Gross Domestic Product (GDP) is estimated to be worth over $80 billion.  This was part of the revelations by the Odua Investments Company Limited at the inauguration of the newly appointed board of directors of South West Agricultural Company Limited (SWAgCo), a subsidiary of Odua Group.  Group Chairman of Odua Investment Company Limited, Dr Segun Aina said the appointment of the six new board members was part of strategy to reposition the entire group to make it the engine room for economic development of the South West.  He said the new directors joined SWAgCo at a time it is implementing its strategy for economic and social impact within the agricultural space in Nigeria.  According to him, “With a population of over 40 million energetic and enterprising population, the South West gross domestic product (GDP) is estimated at about $80 billion.  SWAgCo is an agricultural investment company, fully owned by Odua Investment Company Limited with a strong capital base, established to unlock unrealised agriculture and sub-optimised agribusiness value by transforming underinvested agribusiness opportunities within Nigeria into institutional-grade investment operations.  “The new leadership, who were selected through a competitive process handled by KPMG, brings a wealth of professional experience and expertise at a senior level in Investment, Finance, Agriculture and Performance Solutions to consolidate SWAgCo’s operation and set it on the path of achieving its mission to change the landscape of agriculture and agriculture investment in Nigeria.”  Among the board of directors are: Mr Owolabi Salami, the chairman, he recently retired from the insurance industry; Mr Adeola Adetunji, currently the CEO, Africa for Waxed Mobile and Mvoula Group Limited, Ms Cecilia Akintomide, currently an independent director on the Board of FBN Holdings Plc, Ms Adekemi Ajayi as non-executive director to the SWAgCo board, currently an executive director in Odua Investment, will be representing the Group on the Board.

Odu’a Investment Company is doubling revenue and paying dividends to shareholders after years of low growth characterized by the company not being run as a business, but more as a government parastatal and the administrative limitations that brings. The company, which would this year have existed for 45years, is owned by the south- West states of Oyo, Ogun, Osun, Ondo, Ekiti, and Lagos, which joined in 2018. It was for many years seen as an appendage of state governments, reflecting in its subpar management over the years until recently when it appeared some efforts at establishing corporate governance were being made. The company not only paid for its previous maladministration with loss of potential revenue and profits, but also lost significant stakes it had in some of Nigeria’s biggest companies dating back several decades. For instance, from having more than a 70 percent stake in Wema Bank, Odu’a now has 4percent; and from 100percent ownership of Great Nigeria Insurance (GNI), it now has only 9percent ownership. It also owned 60 percent of Nigerian Wire and Cable; 100 percent ownership of Cocoa Industries limited, and significant shareholding in Guinness, Nigerian Textile Mill, and then West  African Portland Cement( WAPCO), which is LaFarge Africa today. Much of the previous shareholdings have now been substantially watered down just like Wema and GNI. “Regrettably, we cannot really point to what we exchanged ( for the shares), because it was a legacy of how we have undermined those businesses notably through underperforming loans we had recommended” revealed Adewale Raji, the company’s GMD/CEO in an exclusive interview with BusinessDay. According to him, today, there are limited entities where Odu’a Group is a significant shareholder, whereas, this was an integral part of the company’s foundation and the vision of those who established it from its Western Nigeria Development Company (WNDC) origins. “Why have we not grown? Deficiency of governance, one in which we made the mistake of treating the organisation like another government parastatal or entity, a rent- seeking notion”. He said. “Most of these investments have withered away and even where we have holdings, it is minority holdings. That is what we are trying to recreate under a new strategy. Today, we know that when it comes to business, it has to be private sector tenets, best practices and governance that make them grow”. Even when the company could not grow revenue significantly in Raji’s first tenure on account of a board that had diverging objectives, he explains that on account of efficiency of operation, watching costs, blocking leakages and loopholes in the system, it became possible to record holding company profitability of N849million by the end of 2018. A 124 percent increase from N378million inherited for the end of 2013. At the group level, Profit Before Tax (PBT) at end of 2013 was N495million, which was increased to N1.061billion at the end of 2018, a 114 percent growth. By achieving this level of profitability, the company was able to pay dividend to its shareholders in 2015, and that dividend was being paid for the first time in 7 years. According to Raji, the payment of dividend became an annual ritual and in the first five years, paid a total of N1.2billion as dividend compared to the previous seven years where nothing was paid. This he says made the shareholders have more interest in the company and making it drive the mandate, which is; Odu’a group should be the engine room for the economic development of the Southwest. In so doing, it is essentially to lift the economy of the Southwest and those are the strategies the company is now trying to pursue. The company is looking to the future with optimism, in particular, with a desire to key into areas of interest to the youth population, by exploring digital and Fintech solutions. “Don’t be surprised if we start taking positions at incubation centers,” he said, hesitating to give absolute details of the digital investments the company will be unveiling. Areas of technology and innovation that interest the young generation are such where companies are able to be up with very good and decent returns, according to Raji. “Those areas have become of interest to us and we are going to be pursuing them accordingly”, he said. The company will also be deepening it’s investments in old areas such as healthcare and agriculture, which according to the CEO have contributed to it’s ability to withstand economic shocks; either from the 2016 recession or the COVID-19 induced one of 2020. “Healthcare does not know recession. Healthcare also has a very rare privilege, from a pricing point of view. Nobody would start bargaining with you in a chemist shop on the price to sell paracetamol”, he said. As people are more concerned about being healthy, just like food, they need to get medications in attending to human wellbeing and will remain profitable.  Even with all the disruptions occasioned by COVID-19 and the widespread demobilisations, “we never stopped eating or attending to our health needs”, he reiterated. This is why the company is deepening its presence in agriculture, healthcare and pharmaceuticals. Also, as it was observed during the COVID era, how logistics, distribution and e-commerce became frontal, this has become an area of interest to the company, and will be different from the existing portfolios like real estate and hospitality. Odu’a group has also created a new company called Southwest Agric Company Limited(SWAGGO),and agric investment company with a core responsibility to access and mobilize funds to invest across the value chain; food crops, cash crops, livestock, as well as processing.The company is structured to operate alongside partners and operate any farm on its own so as to avoid “getting stock with management”. The company has kicked off on an expanse of land in Imeko, Ogun State, which was previously used for tomato cultivation but now repurposed for cassava cultivation that is to be processed into industrial starch and high-quality cassava flour. At the end of November 2020, the

Mr Adewale Raji, Group Managing Director, Odu’a Investment Company Limited, in this interview with Sulaimon Olanrewaju and Justice Nwafor, speaks on the plan to enhance and build on the legacies of the company’s founding fathers for the benefit of the governments and people of the South West. Excerpts. How is Odu’a Investment doing? Thank you very much. As we speak this month of November, I’ll say it’s on a very solid foundation. I’ll relate it to an aeroplane that is on the taxi lane about to take off. To take off to realize those expectations of our various stakeholders and, essentially, to realize the mandate of our shareholders. So, I’ll say more than ever before, the organization as it stands today is in a better shape to deliver on this mandate. The mandate is quite clear. Our shareholders have a clearly defined and very simple statement. That statement, though is being re-echoed today, I think that is what it was at the beginning. It is for Odu’a Investment Company Limited to be the engine room of economic development in the Southwest. And if you cast your mind back to the Western Nigeria Development Corporation (WNDC), that was the goal. We found our origin in WNDC. So essentially, it is for us to position ourselves and live up to that mandate in terms of our footprints, and in terms of our economic and social impact in the lives of our people, the people of South West. When you say the company is just taxiing after 44 years, isn’t that an unexpected turn in the expectations of the people? What you will agree with me is, just like our dear country, Odu’a too has faced its challenges, and the depth of understanding those challenges varies. Some people see Odu’a as an extension of the government. It is never an extension of government. This is a business. It’s only the ownership that is different. It’s like any other business fighting for the market; that’s what it is. Nobody looks at your origin, your state, your religion when you are competing in the market place. It’s the value proposition on the table. So, what I’m saying, in essence, is, getting the organization to actually focus on that core mandate of doing business that is the essence of this taxiing I mentioned because all this while the thinking was that we were an extension of the government. But we don’t receive any subvention from the government, so why should our thinking be like people working in the government. Government has a responsibility for social delivery. That’s for the government. The primary aim of the government is not for profitability, it is the social well being of people. The primary aim of a business enterprise is solid and sustainable profit that secures the future and meets up with the expectations of its shareholders and stakeholders alike. That is the way a business, irrespective of who owns it, should run. Is this what informed SRC 2025, the new strategy of the organisation? Let me say we are lucky with our shareholders who have a commitment and a conviction that Odu’a Investment and the Group as a whole should run as a dynamic and sustainable business and a lot of gratitude to them for their own courage to make sure that they can put the enabling blocks that will make us realize this in place. That aspiration and that core thing about the enabling block relates to the governance structure. More than ever before, the issue of governance has been addressed by the shareholders in the last one year. And it’s not only that it has been addressed, but the study and the report have also been thoroughly digested along with the board and the shareholders and decisions have been taken, and execution of those decisions has commenced. And when you talk about the strategy itself, you’ll find out that all the very critical segments that are responsible for delivering a very sustainable and very profitable business are all being taken into consideration. They’re being reshaped and that has to do with the shareholders themselves redefining what their roles and responsibilities are, making sure that they constitute a board, a business-facing board, of distinguished people, diverse background, people who have track records in business. Last May, the shareholders constituted a board, comprising experienced people. The shareholders have put square pegs in square holes. The other element relating to the board is to make sure that the relative diversities and the strength that is required in a board is also in place, so you find out that management has been re-enforced. While all along it has just been one single member of management who sits on the board, that is the Group Managing Director, we now have two new executive directors, appointed through a very competitive process and we hired the best in the industry. So, you will find out the management has two additional posts on the board, as chief financial officer and as a chief investment development officer at executive director level, meaning that from a capability point of view, management itself is also resourcing to be capable. The third segment as far as the board is concerned, was to bring in independent directors, to try and balance the board, the element of gender, the element of experience, diversity and what have you. They brought it on board and you have two independent directors also on the board. So, we now have a board of 11 members, but it is now a balanced 11, people that have tons of experience. With the reconstitution of the board, the board called for a retreat where we came up with a strategy which we called SRC. It means ‘Sweat, Revive and Create’ 2025 over the next five years where we anticipate that we should grow this business in terms of revenue by more than 500 per cent of what currently we are doing. And it’s quite clear that if

Revolutionalising South West Nigeria Leveraging Technology: A presentation delivered by Mr. Olugbolahan Mark- George, Group Chief Investment and Business Development Officer, Odu’a Investment Company Limited on Thursday, November 5, 2020 at the Nigeria Fintech Week 2020