Agusto & Co Assign A Rating to Odu’A Investment Company

Agusto & Co has assigned an “A” rating to Odu’a Investment Company Limited (OICL). The rating was based on an assessment of the financial condition of OICL as a standalone entity.

The rating report considered OICL’s diversified portfolio of investments across key sectors of the Nigerian economy, the diverse backgrounds and vast experience of the board, and management team, as well as the efforts that have been made to reposition the business in recent years.

In the last three years, OICL implemented several strategic initiatives cutting across governance structure, asset optimization, and growth in investments and profitability, all of which have positioned the company for accelerated growth. In those years, it successfully implemented the modification of the business models of some of its businesses in line with market trends.

According to Agusto & Co, “the assigned rating reflects the company’s good operating cash flows supported by its diversified income streams and portfolio of subsidiaries and associates, adequate working capital upheld by its lean operating structure and low leverage on account of its strong equity funding buffer.”

Commenting on the rating the Group Chairman, Otunba Bimbo Ashiru said, “we are walking the talk to be a world class conglomerate for the benefits of our owner states, and other stakeholders.”

The Group Managing Director, Mr. Adewale Raji remarked, “this is the result of the consistent hard work of the past few years of the Board, Management and Staff. We are really excited.”