With a rich history from its inception by Chief Obafemi Awolowo, Odua Investment Company Limited has evolved into a diversified conglomerate with a strong presence in various sectors including real estate, hospitality, insurance, agriculture and oil and gas. under otunba bimbo ashiruUnder the leadership of , the company is focused on consolidating assets, driving growth and making a positive impact in the southwest region and beyond. Odua's approach is based on strong investment strategies, effective risk management and a strong commitment to transparency and accountability. In this interview, Ashiru provides valuable perspectives on the complexities of the company's operations, the challenges and opportunities ahead, and Oodua's role in shaping Nigeria's economic landscape. He also highlighted the company's future plans, philanthropic initiatives through the Odua Foundation and the importance of its recent AA-rating from Augusto & Company. With a deep understanding of the economic dynamics of the region, Ashiru highlighted Oodua's vision for sustainable growth and development, and its potential to bring economic prosperity to Nigeria, ultimately benefiting its stakeholders.
What are the current priorities and goals for Odua Investment Company?
Our current focus is on transforming Oodua's fortunes, consolidating our assets and exploring new investment opportunities. Taking this forward, we are committed to creating jobs and opportunities, which is reflected in our partnerships and investments. Furthermore, I am proud to say that we are a financially strong and liquid company, well-positioned for growth and investment.
How does Odua Investment Company define long-term focus, and what areas does it prioritize?
The definition of long-term focus may vary depending on the priorities of our organization. At Odua Investment Company, our diverse portfolio reflects our evolution over time. As a large group, we operate in various sectors such as real estate, hospitality, insurance, agriculture, ICT and oil & gas with various joint partnerships. Founded by Chief Obafemi Awolowo, Oodua's origins were rooted in real estate and construction, with iconic properties such as Coco House and Western House. This foundation in real estate laid the foundation for our expansion into other sectors including cement manufacturing through Lafarge. However, due to circumstances during the military era and subsequent restructuring, Odua handed over its real estate business to Wemabode, becoming a holding company.
What have been some of the major achievements and milestones of Odua Investment Company over the years?
Over the past five years, we have successfully executed our 2025 strategic plan, achieving our targeted profit targets. Building on this success, we are now transitioning to a new 2025 strategic plan that focuses on consolidating our assets and prioritizing agriculture. This change is reflected in our significant agricultural holdings, 30,000 hectares of land across the South West region, where we are growing crops such as cocoa, maize and cassava. In line with this strategy, we recently signed a deal worth N10 billion with cocoa exporters. Additionally, we are refurbishing and expanding our dormant assets including premier hotels and EPE plywood to drive growth and profitability.
What guiding principles drive Odua's investment decisions, and how do you evaluate potential opportunities?
We believe in best practice, which means we prioritize investments that promise strong returns. As a result, we will not invest where we feel we will not get good returns. To ensure this, we have set criteria that we strictly apply before investing. This disciplined approach has driven our successful investments in companies like Evosun, Aradel and many others.
How does Odua Investment Company approach risk management when evaluating potential investments?
To balance risk and return, we thoroughly evaluate potential investments, evaluating their feasibility and associated risks. This rigorous evaluation process helps us determine whether the potential returns justify the level of risk involved. Based on this assessment, our approach is to strike a balance between risk and reward, diversifying our investments across different risk profiles. Rather than focusing solely on low-risk investments, we intentionally look for a balanced portfolio that includes moderate-risk opportunities with high return potential. By doing so, we effectively manage risk while driving growth and profitability.
How does Odua Investment Company manage its diverse investment portfolio, and what tools or frameworks do you use?
Managing our diverse portfolio of investments requires a structured approach. To achieve this, we oversee our subsidiaries through regular meetings with the Managing Directors, where we review performance and strategy. At these meetings, we also use a balanced scorecard to assess the management and progress of each investment. This framework is important, as it enables us to ensure that all investments are consistent with our overall goals and managed effectively. Given the importance of these investments in the South-West region, we recognize the importance of responsible governance and decision-making. Accordingly, before making any investment, we conduct a thorough assessment and obtain the necessary approvals to ensure that our actions are well-informed and strategic.
What impact has Odua Investment Company had on the economic development of the South-West region and how do you measure its success?
Odua Investment Company has had a significant impact on the economic development of the South-West region. Through our various initiatives, we have created jobs and contributed to economic growth, earning recognition as a reference point for successful investment and development. This impact is even more evident in the success of our projects, such as our agricultural initiatives and investments in various sectors. Building on this success, we have made a significant impact in the south-west region and beyond, earning recognition as a well-managed company. As a result, our model has drawn interest from other regions, with counterparts in the North wanting to learn from our experiences.
Can you tell us about the Odua Foundation’s philanthropic activities and its impact on the region?
Odua Foundation under the leadership of Dr. Mrs. Awolowo Dosunmu has made significant contributions to education and IT development in the area. Through these efforts, we have not only promoted economic growth but also supported human capital development and social progress. Additionally, the dedication of the Foundation team members is truly commendable, as they have consistently demonstrated a strong work ethic and commitment to our mission.
What does Odua's AA-rating from Augusto & Company mean for the company's future growth and investment prospects?
Augusto's assessment process includes a thorough assessment of our corporate governance, financial efficiency, risk management and overall financial health. Based on this rigorous assessment, they have recognized our strong financial prudence and ability to manage resources prudently. Notably, our management team has met all the required parameters, demonstrating our commitment to excellence. Building on this success, we are taking our governance to the next level by involving an international body to provide additional oversight. This strategic move will not only help us maintain international standards but will also further improve our management practices.
How would you attribute the success of Oodua to the support of the South-West Governors and what specific contributions have they made to the growth of the company?
Governors have performed exceptionally well and their support has been instrumental in Oodua's significant success. Building on this strong foundation, we have leveraged our resources and expertise to accelerate growth, particularly through partnerships with Lagos, Osun and Ekiti states. Apart from these efforts, we are also exploring opportunities in mining and other sectors. Additionally, we have established strategic partnerships with academic institutions to support research and development, foster innovation and expertise. Our ability to integrate and collaborate among the Southwest states has been a key factor in our success. The South-West Development Commission is a prime example of this effective collaboration, enabling us to increase our collective impact. Considering their important role, we appreciate their support and ensure we obtain the necessary approvals.
Can you share some insights on how your professional network and experience in the banking sector can contribute to the success of Odua Investment Company, particularly in attracting investment and driving growth in the South-West region?
My relationships with multinational companies have been instrumental in achieving our goals. This network was built during my tenure in the banking sector, and I was able to leverage these connections effectively when I became a Commissioner in Ogun State. In my almost eight-year tenure, I used these relationships to attract investments and I am proud to say that Ogun State became a major industrial hub in Nigeria. This change was evident in the successive visits of two presidents, Goodluck Jonathan and Muhammadu Buhari, to commission industries. In fact, during my tenure, Ogun State attracted a remarkable 75% of foreign direct investment into Nigeria. Based on my success in the private sector, I am happy to have replicated it in the public sector as well, leading to growth and development in the state.
Reflecting on the military era, what specific challenges did Oodua face, and how is the company working to restore and rebuild to promote good governance and accountability in the post-military era?
The military regime's approach to governance was problematic, as they did not understand democratic principles. As a result, this led to mismanagement and abuse of power, with the appointed executive president treating public resources as his own. As a result, many of our assets were misused and the economy suffered significant losses. However, with the advent of democracy, we are working to restore and rebuild the company, promoting more transparent and accountable governance practices that will prevent similar issues in the future.
What role does Odua Investment Company see itself playing in Nigeria’s economic development, and how do your CSR initiatives and investment strategies contribute to making a positive impact, particularly in the South-West region?
Odua Investment Company already plays a vital role in Nigeria's economy, and we intend to continue supporting the country's growth. To achieve this, we aim to make a positive impact through CSR initiatives, investments and strategic engagements that benefit the South West region and Nigeria as a whole. Based on our rich history, Oodua has a unique legacy – the Government of Western Nigeria previously gave a loan of £12 million to the Federal Government. Given this heritage and our position as the only surviving regional investment company in Nigeria, we are well positioned to contribute to the economic growth and development of the country.
How is Oduah ensuring stability and continuity beyond the current leadership, and what steps have been taken to develop future leaders?
One of our key objectives is to establish Odua as a world-class group, and we are making significant progress towards this goal. To ensure we maintain this momentum, we have implemented strong systems and processes that maintain our high standards, allowing future leaders to seamlessly build on our achievements. Furthermore, we have developed an effective succession plan to ensure continuity and continued success, strengthening our position as a leading group.
