Despite the headwinds, Odu’a Investment Company Limited (OICL) has posted an 81 per cent revenue growth, rising from ₦3.95 billion in 2023 to ₦7.15 billion in 2024 while the company’s total comprehensive income soared by 773 per cent to ₦82.26 billion, driven largely by an ₦80.58 billion gain in the fair value of financial assets.
However, profit before tax, excluding fair value gains, dipped 25 per cent to ₦1.778 billion from ₦2.38 billion in 2023.
The firm also announced a dividend payout of ₦518 million to its shareholder states for the 2024 financial year, marking a 21 per cent increase over the ₦428 million declared in 2023.
Its Group Chairman, Otunba Bimbo Ashiru, disclosed these during its 43rd Annual General Meeting (AGM) held at the Lagos Airport Hotel Limited, Ikeja. The meeting also saw the consideration and approval of the Audited Financial Statements for the year ended December 31, 2024, alongside the reports of the board and external auditors.
According to Ashiru, the performance in the year under review reflects the company’s resilience in navigating a challenging economic landscape in the previous year, characterised by record inflation, exchange rate volatility, and high energy costs
“The year under review was challenging, but we have delivered what I believe is an exceptional performance under the prevailing economic conditions,” Ashiru stated.
He explained that during the year under review, the Group underwent key leadership transitions, notably the appointment of Mr Abdulrahman Yinusa as Group Managing Director/CEO effective June 1, 2024, following the retirement of Mr Adewale Raji. Other appointments include Mr Olayemi Ajao as Executive Director, Investments & Business Development, and Otunba Lai Oriowo as Non-Executive Director.
The board, he added, implemented performance-based incentives and a Group-wide culture assessment to boost collaboration and productivity. A new liaison office was established on the 15th floor of Western House in Lagos to serve both the parent company and its subsidiaries, including SWAgCo and SWIT. OICL also advanced its real estate portfolio, commissioning the Aurora Ikeja project with 54 residential units and enhancing Cocoa House’s car park and reception. In agribusiness, its subsidiary SWAgCo signed N10 billion joint ventures to establish agro-industrial hubs, including a N4.6 billion cocoa plantation project expected to create thousands of jobs.
In his remarks, Group Managing Director/CEO, Abdulrahman Yinusa, reaffirmed the Group’s resolve to create sustainable value. “Our performance for the year ended December 31, 2024, confirms the underlying strength and resilience of our business despite the many uncertainties and challenges in our operating environment,” he said.
Yinusa provided macroeconomic context, noting that global GDP growth slightly dipped to 3.2 per cent in 2024 from 3.3 per cent in 2023, while Nigeria recorded an improved real GDP growth of 3.40 per cent compared to 2.74 per cent in 2023, driven largely by the services sector.
He described how global shocks, including continued conflicts in Ukraine and the Middle East, persistent inflation, and shifting political landscapes impacted global trade and commodity prices. For Nigeria, he said, reforms such as petrol subsidy removal and tax restructuring shaped the business climate.
Yinusa highlighted the company’s operational strides, noting that operating profits more than doubled from N1.58 billion to N3.46 billion, a 119 per cent increase. “In line with our commitment to consistently pay dividends to our providers of capital from our operating profits, the Board is proposing a gross dividend of N517.5 million for the financial year ended December 2024. This brings the total dividends paid over the last 11 years to N3.63 billion,” he stated
Looking ahead, Ashiru expressed optimism for 2025, anticipating growth in dividends and property income, stating: “Our performance demonstrates our conviction that the business is headed in the right direction, and we believe that our strategy will continue to deliver value into the long term,” he said.
Yinusa, in turn, echoed this, emphasising the ongoing Sweat, Revive, and Create (SRC) 2025 strategic plan and the development of a new five-year strategy to capitalise on emerging opportunities.
“We are proud of the legacy we are building at Odu’a Investment and remain committed to creating sustainable value for our owners – the Governments and people of the Southwest and for future generations,” the Group Managing Director/CEO added.
The board expressed appreciation to former executives, especially Dr Segun Aina, and Mr Adewale Raji, for their outstanding contributions to the Group’s legacy, even as stakeholders commended OICL’s balanced approach to profitability and socioeconomic impact. They added its efforts to drive sustainable development in Southwest Nigeria, coupled with its financial achievements, underscore its role as a regional economic powerhouse.
Credit: thenationonlineng.net
