Under Ashiru, OICL wears new look in 4 years
By Mathew Ibiyemi
When Otunba Bimbo Ashiru, a former Commissioner for Commerce and Industry in Ogun State, stepped into his role as Group Chairman of Odu’a Investment Company Limited (OICL) in 2022, he inherited a historical legacy.
Initially owned by five South-West states of Nigeria as at June 2022, the conglomerate was a sleeping giant, historically asset-rich but operationally cash-poor.
Fast forward, four years upon the conclusion of his tenure, and OICL has been fundamentally re-engineered. Through aggressive corporate restructuring, strategic joint ventures, and a commitment to global governance standards, the investment group has truly worn a new look in both words and reality.
The most staggering indicator of the Ashiru-led renaissance lies in the group’s balance sheet. In 2022, OICL’s Profit Before Tax (PBT) sat at a modest ₦1.082 billion in real terms. Through meticulous financial management, fair value gains on investment properties, and strong equity returns, the conglomerate recorded an extraordinary turnaround. Operating revenues surged, culminating in a historic PBT of ₦23.58 billion for the 2025 financial year representing a monumental growth trajectory, breathing fresh capital into an institution built to drive regional prosperity.
Another major milestone solidified during Otunba Ashiru’s tenure was the definitive admission of Lagos State’s role as a shareholder in the conglomerate. In August 2022, shortly after taking office, Ashiru led the board to officially present the Lagos State Government with its Odu’a Investment Share Certificate. This symbolic action put to rest long-standing ambiguities regarding the state’s status, firmly establishing Lagos as a bonafide, equal shareholder alongside Oyo, Ogun, Ondo, Osun, and Ekiti states. The move also unlocked deeper regional collaborations across real estate, tourism, and food security partnerships.
A key pillar of Ashiru’s renaissance was a radical overhaul of internal structures. Under his leadership, OICL executed major corporate governance reforms such as introducing independent directors to the boards of its subsidiaries. This strategic inclusion was engineered to strengthen oversight, foster impartial professional perspectives during deliberations, balance stakeholder interests, and institutionalize global corporate governance standards paving the way for seamless corporate continuity.
OICL achieved a historic milestone in its management succession planning. For the first time in the company’s history, the position of Group Managing Director was filled internally, with Mr. Adewale Raji passing the baton to Mr. Abdulrahman Yinusa (previously the Executive Director of Finance). In a domino effect of internal talent grooming, Mr. Abiodun Bamiduro stepped up as Executive Director of Finance, while Mr. Bashir Oladuni was appointed Managing Director of a key subsidiary, succeeding Mr. Yemi Ejidiran.
Similarly, the new Group Chairman, Dr Tola Kasali, a director on the Group’s board is also succeeding Otunba Ashiru.
Recognizing agriculture as the economic backbone of the South-West, the board aggressively pursued partnerships to operationalize food security. The group signed three strategic joint ventures worth approximately ₦10 billion through its agricultural arm, SWAgCo (South West Agriculture Company), to fully agro-industrialize the region. These signed agreements include a ₦4.6 billion Cocoa Plantation Joint Venture with Starlink Global & Idea Limited and PETAGULS Cultivars & Seedling Technologies, alongside a ₦5.2 billion Integrated Farming Partnership with Foodlocker Limited, and a ₦65 million Maize Production and Smallholder Support Program.
Furthermore, OICL also successfully operationalized two vital growth engines: SWAgCo and the South West Innovation and Technology Company (SWIT). While SWAgCo established structured farming networks, SWIT began laying the infrastructural groundwork for digital transformation, technology-driven enterprises, and strategic tech partnerships across the region.
The physical rebirth of OICL’s legacy assets became undeniable with the extensive remodeling and recent commissioning of the iconic Premier Hotel in Ibadan. One of the oldest hospitality landmarks in Nigeria, the hotel has been transformed into a world-class tourism destination, projected to scale the group’s revenue boundaries when full operations commence in the fourth quarter of 2026.
Otunba Ashiru’s transformation leadership also extended deep into social impact, legacy restoration, and energy milestones. Under his leadership, OICL successfully completed the handover and signing of the BITA Marginal Field License, marking a major foray into energy asset optimization, while securing a substantial investment in the healthcare sector through a strategic stake in Iwosan Investments.
Simultaneously, the conglomerate expanded its social footprint through the launch of the Odua Investment Foundation and its Advisory Council, the rollout of the DEFINED Initiative to accelerate digital literacy, the facilitation of the Strategic Impact Investing through SouthWest Philanthropy Summit, and the direct empowerment of smallholder farmers at Oke Ako, Ekiti State.
As Otunba Bimbo Ashiru transitions to a non-executive director role on the board, he leaves behind a restructured conglomerate that credit rating agency Agusto & Co. recently upgraded from A+ to Aa- with a stable outlook. From an era of stagnation, OICL has emerged as a cash-fluid, highly diversified powerhouse, firmly setting its sights on a newly unveiled roadmap of achieving a ₦1 trillion asset base by 2030.