Owner-States of the Odu’a Investment Company Limited comprising Ogun, Ondo, Ekiti, Osun and Oyo States have lauded the management and staff of the legacy company for growing its revenue base and profit despite harsh business environment occasioned by economic recession.
The owner-States which gave this commendation at the 35thAnnual General Meeting of the company held at its Cocoa House building headquarters, Ibadan during which they shared the sum of N250 million as their dividend, also disclosed that plans were being concluded to incorporate Lagos State into their fold.
Chairman of the meeting and Secretary to the Ogun State Government, Barr. Taiwo Adeoluwa who briefed newsmen on behalf of his colleagues after the over 4-hour meeting revealed that the States went home with N50m each as dividends during the period against the N35m received in the previous year.
‘’In the last one year, our company has recorded tremendous results over the previous year both in terms of revenue and profit before and after tax. In specific terms, the company recorded a 32% increase in profit before tax and it has proposed and we have accepted the payment of N275 million gross as dividends to owners States for the last financial year’’, Adeoluwa said.
He also hinted that as part of efforts to increase the assets and revenue of the company, the Board was finalizing talks with the Lagos State Government with a view to admitting it as a member.
‘’We are happy to report that we have made a lot of progress on the merger talks with Lagos State. We are hopeful that when Lagos joins next year, we should be speaking in mega terms with respect to trading and profit of the conglomerate’’, he added.
Also speaking, the Group Managing Director and Chief Executive Officer of the Company, Mr. Adewale Raji said apart from real estate which has been the mainstay of the company, it planned to diversify into agro-allied businesses to increase revenue source and create employment for the youths.
He thanked the stakeholders for their support and confidence reposed in the Management team and promised not to relent in the efforts to take the company to the next level.
