Agusto & Co. upgrades Odu’a Investment rating to “A+”

Agusto & Co. has upgraded the rating assigned to Odu’a Investment company Ltd. (OICL) from “A” to “A+” in its latest review.

Agusto & Co is a Pan-African credit rating agency and a leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa.

The Group Chairman of OICL, Mr Bimbo Ashiru,  comfrimed this in a statement on Thursday in Lagos.

Ashiru said that the assigned rating was based on assessment of the financial condition of OICL as a standalone entity.

He added that the rating refleced the company’s good operating cash flow, diversified revenue sources and a funding structure currently built on internal funding sources and joint venture partnerships.

According to him, OICL has operations across various sectors of the Nigeria economy and the potential for increase in earnings through its portfolio rebalancing efforts and growth initiatives.

“OICL will not rest on its oars but continue to walk the talk to be a world class conglomerate for the benefits of the owner-states and other stakeholders.

“We are committed to improving the productivity of the businesses we operate while delivering significant social economic impact and sustainable return,”he said.

The Group Managing Director, OICL, Mr Abdulrahman Yinusa, appreciated the commitment and support of the board, management and staff for the firm’s incremental growth and consistent development.

Yinusa said that it was in the right direction towards OICL’s world class conglomerate aspirations.

He said that the Agusto & Co rating upgrade underscored the company’s financial strength and operational excellence, and further sets a new performance benchmark for  it in the industry.

“OICL has witnessed remarkable improvement across financial metrics, corporate governance, risks management, talent attraction and asset optimisation across the real estate.

“Also, in the hospitality, financial services, agriculture and energy sectors,   and will  continue the drive,”he said.