From Legacy to Leverage: Odu’a Investment Delivers N518m Dividend Amid Bold Growth and Strategic Reinvention
In a powerful statement of resilience and long-term vision, Odu’a Investment Company Limited (OICL) has declared a N518 million dividend payout to its shareholder states for the 2024 financial year marking a 21% increase over the previous year and reaffirming its evolution from a legacy conglomerate into a forward-looking economic engine.
The announcement, made during the company’s 43rd Annual General Meeting (AGM) in Lagos, was more than a routine financial disclosure; it was a bold affirmation of strategic transformation under pressure. Against the backdrop of soaring inflation, volatile exchange rates, and elevated energy costs, Odu’a delivered an 81% surge in operating revenue, rising from N3.95 billion in 2023 to N7.15 billion in 2024.
Perhaps most striking, however, was the group’s total comprehensive income of N82.26 billion, a staggering 773% leap, driven largely by fair value gains of N80.58 billion from its revalued equity investment portfolio. This comes despite a dip in Profit Before Tax (excluding those gains), which fell to ₦1.78 billion evidence of inflationary pressures and strategic reinvestments.
A Modern Conglomerate with Regional Roots
Owned by the six states of Southwest Nigeria Oyo, Ogun, Ondo, Ekiti, Osun, and Lagos Odu’a has historically been seen as a symbol of post-independence regional unity and economic ambition. But under current leadership, the company has adopted a far more performance-driven, market-savvy posture.
At the AGM, Group Chairman Bimbo Ashiru emphasized the group’s cultural and performance transformations, including a Group-wide Culture Assessment, performance-based incentive systems, and the creation of a shared services liaison office to unify internal collaboration.
Leadership renewal also took center stage with the appointment of Abdulrahman Yinusa as Group Managing Director/CEO, signaling a new era as the group prepares to conclude its 2021–2025 strategic plan and unveil a fresh five-year vision.
Sowing the Seeds of the Future
Key initiatives point to Odu’a’s ambition to be more than a dividend-paying investment vehicle. Its push into hospitality, agriculture, oil and gas, real estate, and technology suggests a conglomerate intent on building integrated value chains across sectors.
The redevelopment of Premier Hotel in Ibadan, a 154-room flagship property scheduled for reopening in Q2 2026 is expected to position it as Ibadan’s premier MICE (Meetings, Incentives, Conventions & Exhibitions) destination. Likewise, the transformation of Lagos Airport Hotel into a mixed-use hospitality and entertainment hub promises to reshape Ikeja’s commercial landscape.
In agriculture, South West Agricultural Company Limited (SWAgCo) is pivoting toward agro-industrial hubs, an ambitious blueprint for regional food security, job creation, and value chain development, with cassava and grain production already underway in Ogun and Ekiti States.
Meanwhile, BITA Exploration and Production Company has achieved critical regulatory milestones and expects to achieve first oil by next year from the BITA Marginal Field.
Building a Conglomerate for the Next Generation
Looking ahead, the board anticipates strong dividend growth, greater real estate income, and rising returns from its diverse portfolio. These projections underscore a broader objective: to make Odu’a a world-class conglomerate that delivers sustainable economic and social value to the Southwest and beyond.
“We are proud of the legacy we are building,” said Ashiru. “But more importantly, we are designing a future that ensures prosperity for our people, resilience in our systems, and relevance in a rapidly changing global economy.”
As Nigeria contends with macroeconomic uncertainty, Odu’a Investment offers a rare story of regional ambition meeting corporate innovation. Its story is no longer just one of tradition, it is fast becoming one of transformation, strategy, and sustainable impact.
