Oyo state government and other southwestern states will share N292m as dividends. As the Odu’a Investment Company Limited declared N849 million as profit for the financial year ended December 2018.
The company stated this in a statement issued on Wednesday at the end of the at its 37th annual general meeting, which held at the Cocoa House in Ibadan.
The Chairman, Eng. Olusola Akinwumi while announcing the 22% increase in Profit before Tax from N698 million in 2017 to N849 million in 2018 reiterated that this was as a result of the concerted effort by both board and management to reposition the organization.
He assured shareholders, including Lagos State attending the AGM of the company for the first time of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership.
The Group Managing Director, Mr. Adewale Raji, stated that improvement in its financial results were driven by disciplined operational performance and focused effort to transform its business models to one in which all constituent units are operating and contributing as a proper going concern that is responsible and discharging to the expectations of shareholders and stakeholders alike.
He reiterated further in his report on measures that have been taken to improve the company’s business processes.
The Odu’a CEO spoke on developments within the group which includes renewed emphasis on organic growth of two subsidiary companies, Wemabod Estates Limited and Glanvill Enthoven Insurance Brokers & Pension Consultants Ltd which is already taking shape. He also mentioned the 124- household medium density and mixed luxury Westlink Iconic Villa, Alakia, Ibadan, a Joint Venture Development with Iconic City (UK) Ltd planned for completion within 30 months. The company is also looking into concluding on its “PROJECT REBIRTH” to reposition its hospitality business to bring about their major transformation into world class hotels.
Raji, in his outlook for the future, assured that the group will increase its involvement in agriculture and agribusiness to achieve its growth, profitability and sustainability targets on an inclusive basis with economic and social outcomes.
In attendance were the shareholders represented by the SSGs of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos States.
All resolutions submitted were adopted by the shareholders
ODU’A has substantial investment in real estate, printing and publishing, equipment leasing, food and beverages, industries, construction, agriculture, manufacturing, hotel and catering, financial services and oil & gas and it is entrusted with delivering maximum returns to its stakeholders through qualitative and strategic management towards enhancing the heritage of its founding fathers
