Ogun, Ondo, Others Reiterate Support for Odu’a investment Company
Kayode Tokede
Over an improved 2021 financial year result and accounts, the five governors of South Western States, yesterday reiterated support for Odu’a investment company Limited.
Aside the Lagos state governor, Mr. Babajide Sanwo-Olu who was absent, other state governors; Chairman of the Southwest Governors’ Forum and Governor of Ondo State, Arakunrin Oluwarotimi Akeredolu, SAN; Ogun state governor, Prince Dapo Abiodun; representative of Oyo state governor, Mr. Seyi Makinde, Chief of Staff, Segun Ogunwuyi; Deputy Governor of Ekiti state, Otunba Adebisi Egbeyemi who represented the state governor, Dr Kayode Fayemi at the investment company’s 40th Annual General Meeting (AGM) held in Lagos, commended the management for posting an impressive 2021 performance and dividend payout to shareholders.
However, in accordance with the established principle of rotation of Chairman among shareholder States every four years as enshrined in the shareholders agreement the tenure of Dr Segun Aina, OFR came to an end on the completion of the AGM.
Consequently, the Board and Shareholders have approved that Bimbo Ashiru will take over as the new Chairman.
At the meeting, the shareholders approved the audited financial statement of the company for the financial year ended December 31st, 2021 as well as the payment of cash dividend of N418.4 million to its shareholders which is a 15per cent increase over prior year.
Speaking at the AGM, Akeredolu noted that all the states owners of Odu’s Investment are pleased with the trajectory performance of the company in the last few years.
He commended the management for undertaking fundamental changes as directed by the owner’s states.
He added that, “We want to thank the outgoing chairman, Dr Segun Aina, OFR and with the incoming chairman, Bimbo Ashiru, Odu’s Investment poised to be a world class company.”
In his part, Abidoun noted that the state is deeply committed to the course of which Odu’a investment company was created to achieve.
According to him, “We will continue to give the needed support in order to realize the economy and financial objectives of Odu’ investment company.”
Speaking at the AGM, the outgoing Group Chairman, Odu’a investment company Limited, Aina, stated that profit before tax grew significantly by 149.8per cent from N3.75billion achieved in 2020 to N9.37billion, driven by the increased focus on the different areas of the business and gains in investment properties.
According to him, on the strength of this performance, the company increased its dividend pay-out by 15 per cent to N418.4 million for 2021 Financial Year (2020: N364million),
“This marks the 8th consecutive year that the company is declaring and paying dividends to shareholders,” he said.
He assured shareholders that the Board had put in various best practice governance policies in the year under review that will ensure the company’s investments create sustainable impact in the ensuing years.
He thanked the shareholders for the great privilege and rare honour to have been given the opportunity by shareholders to be the Group Chairman of Odu’a Investment between May 2020 and June 2022 and urged fellow Directors and Management to remain focused on the delivery of the Company’s 5 Years “SRC-2025” (Sweat, Revive and Create 2025) Strategic Thrust.
Commenting on the result, the Group Managing Director/CEO, Mr. Adewale Raji buttressed that PBT for 2021 included revaluation gains of N7.11billion from the company’s investment properties portfolio which was N2.63billion in 2020.
He said, “If this Accounting gains are stripped off, the normalized PBT for 2021 will be N2.26billion and N1.12billion for 2022; representing an appreciable 102per cent growth.
He also reported that the company celebrated 45years since it commenced operations in November 2021 and that as part of the celebrations, the Odu’a Investment Foundation was established to positively influence the next generation of youths with focus on Health, Education and Youth Empowerment
