Odu’a Investment Promises Improved Return for Shareholders, Declares N428m Dividend
Chigozie Amadi
The board and mangement of Odu’a Investment Company Limited, have said they will continue to work hard to ensure mouth-watering returns for shareholders.
They made the pledge at the group’s 42nd Annual General Meeting (AGM) held in Lagos yesterday.
At the meeting, its shareholders approved N428 million dividend pay out for 2023 financial year results, among other resolutions.
The Group Chairman of Odu’a Investment, Bimbo Ashiru while announcing the modest 7 per cent growth in operating revenue from N3.68 billion in 2022 to N3.95 billion in 2023 reiterated that despite the economic headwinds of 2023, it was another year of good performance by the company as it posted a Profit Before Tax of N1.96 billion.
He expressed satisfaction that with improved collaboration and synergy within the Group and leveraging shared services, cross selling, joint marketing and astute business innovation, Odu’a Investment is translating the timeless vision of the founding fathers of the company into reality by the implementation of the Group’s 5-Year Strategic Plan which aims to sweat, create and revive businesses and assets to deliver continuous growth and value to shareholders and stakeholders.
The Group Managing Director/CEO, Mr Adewale Raji, who officially will be retiring on 31st May, 2024, in his report, appreciated all the esteemed shareholders for the opportunity given to him to serve the company for two successive terms lasting 10 years during which the Group with their support enthroned a new corporate governance framework that depoliticized its operations, appointments and management.
Raji said the group in this past ten years witnessed repositioning that was driven by her SRC – 2025 Strategy (i.e. Sweat, Revive & Create) to be a lean non-operating investment holding company focused on 8 sectors of Real Estate, Hospitality, Financial Services, Agriculture, Energy/Power, ICT/Digital, Healthcare/Pharmaceuticals and Logistics/e-Commerce. It is such focus on ‘’Sweating’’ that necessitated the consolidation of the entire Group real estate portfolio under our Wemabod Limited subsidiary leading to the massive redevelopment either through own resources or joint venture partnerships of our real estate portfolio to optimize yield and return.
