Odu’a Group expands investments, targets first oil from OML 95 in second quarter

Odu’a Investment Company Limited has unveiled its infrastructure upgrade strategies in its various facilities, even as it plans to float first oil from its Oil Mining Lease 95 (OML95) marginal field in the second quarter of 2025.

This development, according to the Chairman, Odua Group, Otunba Bimbo Ashiru, will catapult the company into the league of oil producing companies, giving credence to its diversification initiatives.

Ashiru, who made this known at the annual meeting of the directors of Odu’a Group of Companies, in Lagos, said BITA Exploration is actively working towards securing funding for first oil in 2025.

“By the second or third quarter of this year, Odu’a will be an oil producing company,” he stated.

Expressing the management’s continued commitment to strengthening corporate governance, driving strategic transformation, and securing a sustainable future for Odu’a Group, Ashiru stated that strong governance remains the bedrock of the company’s success as it navigates the complexities of today’s economic landscape.

He expressed satisfaction that the company has been able to revive the lost glory of Cocoa House in Ibadan, adding that work is ongoing to upgrade other facilities across the country.

Noting that this year marks a significant milestone for Cocoa House at 60, Ashiru said celebrations and stakeholder engagements are already in the works while the company will showcase the historic landmark’s continued relevance in its business portfolio.

According to him, the successful commissioning of the Cocoa House Enhancement project on October 30, 2024, is a testament to its commitment to preserving and enhancing the heritage assets, just as Premier Hotel redevelopment is progressing steadily.
“With 25 months of work completed, we are on course for a grand reopening in second quarter of 2026,” he stated.
He added that plans are in the pipeline to upgrade the Ikeja Airport Hotel.

Ashiru said the company is also repurposing the Epe Plywood premises into a strategic property investment to maximize its utilisation.

He disclosed that the company has acquired 8,716 acres of land near Premier Hotel from Oyo State government and renewal of lease of 6.067 hectares BCGA Apata property for another 99 years retrospect to 2013 as part of its land banking initiative.

Ashiru applauded Lagos State government on the resolution of the N1.2 billion LASPPA fee, with an approval of concession by the state governor to pay N312 million as full and final payment for construction permits of 13 OICL properties in the state.

“Our collaboration with the DAWN Commission is creating new opportunities for regional economic integration, while our alliance with Iwosan Hospital Investment Limited is paving the way for the establishment of Medical Parks, enhancing healthcare infrastructure in our region.”

To actively ensure sustainable leadership succession, he said initiatives, such as the tenure review of subsidiary MDs, job evaluations, and competency assessments, are already in motion to guarantee leadership effectiveness across our subsidiaries.

The Group Managing Director, AbdulaRahman Yinusa, identified continuity, collaboration and financial prudency as the secret of the success of the company.

“In the last four years, a new strategy was put in place tagged SRC – to sweat the assets that we met, revive the ones that are not doing well and to create new ones- and that we have touched in all respect,” he stated.