Odu’a Investment declares ₦518m dividend, posts 81 per cent revenue growth despite economic headwinds
By Seun Ibiyemi
Odu’a Investment Company Limited (OICL) has declared a dividend payout of ₦518 million to its six shareholder states for the 2024 financial year, marking a 21 per cent increase from the ₦428 million distributed in 2023.
The announcement was made by the Group Chairman, Otunba Bimbo Ashiru, during the company’s 43rd Annual General Meeting (AGM) held at the Lagos Airport Hotel, Ikeja.
The AGM saw the approval of the Audited Financial Statements for the year ended December 31, 2024, as well as the reports of the Board and External Auditors.
Despite a challenging macroeconomic environment marked by soaring inflation, exchange rate volatility, and surging energy costs, Odu’a Investment recorded an 81 per cent increase in operating revenue—from ₦3.95 billion in 2023 to ₦7.15 billion in 2024.
The Group also posted a total comprehensive income of ₦82.26 billion, a remarkable 773 per cent surge compared to ₦9.23 billion in the previous year.
This figure includes ₦80.58 billion in non-cash fair value gains from the revaluation of its equity investment portfolio.
However, excluding fair value gains, profit before tax declined to ₦1.78 billion, reflecting inflationary pressures and ongoing strategic reinvestments across its subsidiaries.
The 2024 financial year also saw significant leadership changes. Mr. Abdulrahman Yinusa assumed the role of Group Managing Director/CEO effective June 1, 2024, following the retirement of Mr. Adewale Raji.
Other key appointments include Mr. Olayemi Ajao as Executive Director of Investments & Business Development, and Otunba Lai Oriowo as a Non-Executive Director.
The Board expressed deep appreciation to outgoing leaders, particularly Dr. Segun Aina, OFR, and Mr. Raji, for their lasting contributions to the Group’s growth.
In pursuit of organizational excellence, OICL rolled out a series of reforms, including a Group-wide culture assessment, a performance-based incentive scheme, and the establishment of a shared services liaison office at Western House, Lagos.
Odu’a continued to execute its “Sweat, Revive, and Create (SRC)” strategy across its five core business pillars, navigating through Nigeria’s volatile macroeconomic landscape.
In 2024, inflation hit 34.8 per cent and interest rates reached multi-year highs, although GDP grew by 3.4 per cent, buoyed by the services sector.
As the Group concludes its 2021–2025 Strategic Plan, it is preparing to launch a new five-year blueprint aimed at unlocking value from its real estate, technology, agribusiness, and energy ventures.
Since 2013, Odu’a has paid out a cumulative ₦3.63 billion in dividends. The company reaffirmed its commitment to delivering sustainable economic and social value to the Southwest region.
“We are proud of the legacy we are building at Odu’a Investment and remain committed to creating sustainable value for our owners, the Governments and people of the Southwest and for future generations,” said Mr. Abdulrahman Yinusa, Group Managing Director/CEO.
