Odu’a Investment Company Ltd on Wednesday held its 35th Annual General Meeting (AGM) and declared N788m profit before tax for the financial year ended in December 31, 2016 representing 32 percent increase from the proceeding year.
The company in 2015 declared N597m profit before tax. With the development, N275m will be made available to the shareholders. The five owner states, namely – Oyo, Ogun, Osun, Ondo and Ekiti- will receive dividends of N50m each representing 41.75 percent increase over what they got in 2015. The company also disclosed an overall revenue increase of five per cent from N3.73b to N3.92b while the Holding Company posted 11 per cent revenue increase to N1.88b from N1.69b in 2015. The company also disclosed that it has “paid cumulative gross dividend of N635.77m to its shareholders between 2014 and 2016”.
Addressing a press conference after the five hours meeting held at its corporate head office, Cocoa House, Dugbe, Ibadan, the Ogun State Secretary to the State Government (SSG) Barrister Taiwo Adeoluwa who chaired the AGM said the owner states were impressed with the reports of the company despite harsh economic condition it operated in the financial year.
He disclosed that the company will soon upgrade the facilities of Ikeja Airport Hotel, Lagos State, Premier Hotel and Lafia Hotel both in Ibadan and the shareholders had approved investment on Agriculture and agro-allied businesses to ensure food security and provide jobs for the teeming youths of the region. The Group Managing Director (GMD) of the company, Mr Adewale Raji disclosed that all is now set to welcome Lagos State into the fold of Odu’a as the consultant working on merger has completed works on the agreement.
He said, “The process of the full admission of Lagos State as the 6th member State of Odu’a was almost completed as the financial legal transaction advisers appointed by both parties have completed the valuation of the assets of Odu’a Group. The reconciliation of the outcome is ongoing now which will culminate in the following month”. Raji also spoke on the renewed drive of the company to grow its portfolio by diversifying and increasing its revenue sources by leveraging its arable farmland across Western Nigeria for integrated agricultural value chain businesses. He said the company was at advanced stage to concretize joint venture partnership with credible investors on some of the land to establish agro-allied businesses that have out grower schemes.
He said “the company will operate on entrepreneurial spirit and ethos, develop and deploy more business models that leverage on the socio-economic comparative advantage and competitiveness of Western Nigeria with the vision to actualize its mandate as the engine room for economic development of the region.
“The Company also commissioned its new real estate development named “ACE ESTATE” on Tuesday.
opment of detached duplexes in Ibadan was executed within 9 months as a result of the dedication and commitment of the Board and Management of the company to ensure Odu’a becomes a contemporary and serious player in the real estate sector”.