Odu’a Investment Company, a conglomerate of businesses owned by five state governments of old Western state, including Oyo, Ogun, Ondo, Osun and Ekiti, have resolved to grow annual earnings generated through the company by 500 percent through a five-year strategic plan.
The decision to robustly grow its investment and revenue was borne out of current economic realities in the country, prompting urgent diversification of the region’s economy through backward integration that will focus more on agriculture, creation of wealth and employment opportunities for jobless residents of South West states.
Speaking at the board and management’s meeting of the company held on Tuesday at Cocoa House, Ibadan, Oyo State capital, five governors of Oyo, Ogun, Ondo, Osun and Ekiti states declared that a five-year economic strategy had been approved by Odu’a Investment Company to grow its revenue from N4 billion to N20 billion, representing 500% increase.
While speaking on behalf of his counterparts at the end of the meeting, Governor Olusegun Mimiko of Ondo State also disclosed that five governors and governments of the South West states had approved in principle that Lagos State should be admitted as a member of the group, saying Lagos State would be admitted for improved investment
and revenue growth.
“The new target is to position Odu’a Investment Company Limited as the engine room of economic growth and development of the South West. We have approved a five-year strategic plan to grow the revenue of the company from N4 billion to N20 billion by 2019.
“We have agreed in principle also to admit Lagos State into the Odu’a Group. Because of this renewed interest in Odu’a as the engine room of economic growth of this region we have also resolved that we will now meet the board and management of the company every quarter.”
Also speaking at a meeting which has Governors Ibikunle Amosun, Rauf Aregbesola of Ogun and Osun states, respectively, as well as deputy governors of Oyo and Ekiti states in attendance, Isaac Akintade, chairman of the company, revealed that a gross dividend of N167 million was paid to all owner states, having been approved last year.
Akintade said that as part of efforts to reposition it for growth, profitability and sustainability the board proposed the payment of a gross dividend of N167 million at the last annual general meeting, which was approved and paid to all the owner states.
“The feat came after six years without dividend payment and we are here affirming our commitment to continue to pay dividend on a yearly basis as we have charted a course for the Odu’a Group.
“At the AGM, we requested for the input and approval of shareholders on our ambitious five-year strategic plan to grow from N4.5 billion to N20 billion, which is the outcome of a board and management strategic retreat,” Akintade concluded.
Comments are closed.