OICL plots strategic initiatives in hospitality, agribusiness, real estate

Odu’a Investment Company Limited (OICL) has evolved into a dynamic organization committed to shaping the future of Southwest Nigeria’s economy. From the implementation of strategic plans to investments in agribusiness, hospitality, healthcare, and energy, OICL’s efforts are clearly reflected in its unbroken dividend payments, strong financial growth, and successful ventures. The company’s commitment to innovation and sustainable development continues to be guided by a five-year strategy, SRC 2025, which aims to optimize existing assets and create new opportunities in emerging sectors.

As part of efforts to inject life and revitilise Odu’a Investment Company Limited (OICL), the conglomerate is accelerating its transformation with an ambitious roadmap that touches on key sectors such as hospitality, agriculture, and real estate.

The company’s leadership during the week at a media parley outlined its plans for continued success, including the development of strategic partnerships, digital literacy initiatives, and sustainable business practices aimed at boosting the economy of Southwest Nigeria.

The Group Chairman of OICL, Otunba Bimbo Ashiru, in his opening remarks, expressed his pride in the company’s journey since its inception in 1975. He emphasized that OICL’s legacy as a key player in Southwest Nigeria’s economic development had been built on a foundation of resilience and adaptability. “The heritage of the past is the seed that brings forth the harvest of the future,” Ashiru said, stressing that OICL’s continued success is anchored in its commitment to corporate governance, operational excellence, and regional economic growth.

Ashiru highlighted the company’s impressive track record of delivering uninterrupted dividend payments to shareholder states over the past 11 years, alongside consistent growth in revenue and profit. He added that in 2020, it launched an ambitious five-year strategic plan, SRC 2025 (Sweat, Revive, and Create).

“The plan focuses on three key pillars: sweating existing assets to maximize returns, reviving struggling but viable businesses, and creating new ventures in sectors that align with Nigeria’s economic trajectory. This approach has enabled us to redefine our core businesses, shifting from a traditional investment strategy to a dynamic model that fosters growth across key economic sectors.

“Our transformation journey has been guided by a steadfast commitment to corporate governance, strategic growth, and operational excellence. One of the most notable outcomes of this journey is our ability to deliver unbroken dividend payments to our shareholder states for the past 11 years, as well as a significant increase in revenue and profit before tax (PBT). These achievements are testaments to the effectiveness of our strategic initiatives and the dedication of our leadership team.

“Our diversification efforts have been a major driver of our success. OICL has made strategic inroads into Agribusiness, Upstream Oil and Gas, Innovation & Technology, and other key sectors, leveraging partnerships that enhance our competitiveness. These initiatives have positioned OICL as an attractive investment destination for international investors seeking credible opportunities in Nigeria.

“Furthermore, our transformation efforts have restructured OICL into a lean, non-operating holding company, eliminating redundancies and bureaucracy while fostering a culture of accountability and transparency. In line with this, we subjected ourselves to an independent credit rating by Agusto & Co. for the first time in 2023, achieving an “A” rating with a stable outlook.”

A major milestone in the company’s recent success was its credit rating upgrade. After receiving an “A” rating from Agusto & Co. in 2023, OICL’s rating was upgraded to “A+” in 2024, a sign of the company’s strong financial health and corporate governance practices.

According to Ashiru, Odu’a Investment Foundation under the Chairmanship of Ambassador Dr. Olatokunbo Awolowo Dosumu launched Digital Education for Innovation and Economic Development (DEFINED) project in 2023 for primary and secondary schools across the South-west states.

“A major initiative of the DEFINED Project is the Byte Busters after-school Coding Club, an initiative created to make computing accessible to young minds, aiming to dispel the myth that technology is inherently difficult by providing students in public secondary schools with hands-on experience in coding, and essential computer skills.”

Ashiru noted that the coding club has over 1,000 club members with 662 fully onboarded participants, spread across six local government areas in Oyo, Osun, Ogun, and Ekiti states. The initiative hopes to expand to all 137 local government areas of south west Nigeria.

In the hospitality sector, Ashiru said driven by the passion to transform OICL’s hospitality business, Project Rebirth was conceived and received shareholder approval to remodel, redevelop, and reposition OICL’s hotels—including Lagos Airport Hotel, Premier Hotel, and Lafia Hotel—through joint venture partnerships. “This will enable credible and experienced hotel brands to develop these assets, creating immense and sustainable value for shareholders and stakeholders.

“Premier Hotel, Ibadan, is currently undergoing redevelopment, doubling its rooms and suites while enhancing its restaurant and banqueting facilities to establish it as a premier Meetings, Incentives, Conferences, and Exhibitions (MICE) destination. The redevelopment will increase the hotel’s room count from 87 to 154. Plans are also underway for Lagos Airport Hotel, Ikeja, to be transformed into a multi-use commercial, residential, and entertainment hub, similar to Eko Hotels and Landmark Village. The redevelopment project is progressing, and we expect to commence work in the short to medium term, positioning the site as one of Nigeria’s largest real estate and hospitality projects.”

Within the real estate sector, Ashiru stated OICL has repositioned its real estate portfolio by transitioning the management of all its properties to Wemabod Limited, making it one of Nigeria’s largest property management companies.

“Wemabod obtained an A- rating from Agusto & Co. in 2023 and has leveraged this rating to secure funding for key projects. These include Westlink-Iconic Villa (Ibadan), Westlink Aurora (Ikeja GRA), Unity House (Marina), and Sugarland Lekki. Several of these projects are expected to be completed in 2025.”

Providing insight into Odua Investment diversification into the Oil and Gas, Ashiru stated that efforts are underway to raise funding for the BITA Marginal Oil Field’s development, with the goal of achieving First Oil once regulatory approvals and financing are secured.

“Additionally, following recent power sector reforms, Odu’a Investment is actively exploring partnerships to participate across the electricity value chain, aiming to enhance energy access and economic growth in Southwest Nigeria.”

According to him, Cocoa House, a symbol of the region’s economic resilience, “will celebrate its 60th anniversary this year. OICL has embarked on Project Enhance, renovating key areas such as the 21st floor, reception, and car park. These efforts mark the beginning of a broader modernization strategy for this historic landmark. Additionally, OICL opened a liaison office at Western House, Broad Street, Lagos, on July 31, 2024, to strengthen communication with the investment community.

“Through a partnership with Iwosan, OICL is supporting the development of a new Medical Park to deliver world-class healthcare and reduce medical tourism, ensuring Nigerians have access to high-quality medical services locally.”

Ashiru revealed that South West Agricultural Company Limited (SWAgCo) is spearheading investments in agribusiness to drive food security and economic growth in the region.

“OICL is now engaged in the digital technology space through South West Innovation and Technology Limited (SWIT), its subsidiary driving tech-focused investments. Looking ahead, our focus remains on positioning OICL for long-term success. Innovation, sustainability, and strategic growth will continue to drive our operations. We firmly believe that the actions we take today will serve as the foundation for a more prosperous and dynamic future for OICL and the entire Southwest region,” Ashiru stated.

On his part, the Group Managing Director, Odu’a Investment Company Limited, Mr. Abdulrahman Yinusa, providing more details, stated that Cocoa House, built from the proceeds of agriculture, stands as a testament to legacy of enterprise and innovation.

“The year 2024 was one of outstanding performance for OICL. We recorded a remarkable Increase in revenue and growth in profit. Our commitment to corporate excellence is reflected in our consistent dividend payments to shareholders over the past decade, reinforcing our financial strength and stability.”

Yinusa revealed that OICL has undertaken several transformative projects aimed at sustainable economic growth. He listed them to include the successful completion of the Cocoa House Car Park and Ground Floor Enhancement Project, ensuring a modern and customer-friendly environment.

“Major expansions in our hospitality portfolio, including the ongoing redevelopment of Premier Hotel, Ibadan, and the ambitious Lagos Airport Hotel transformation into a multi-use commercial hub.

“Diversified investments in agriculture, real estate, healthcare, and energy, aligning with our strategy to enhance our asset base and generate long-term value.”

Yinusa argued that its commitment to governance and corporate excellence was recognized with an A+ rating from Agusto & Co, a testament to the company’s strong financial standing and business resilience.

“As we look ahead, we are in the final stages of crafting the Strategic Plan 2026-2030, which will build on the successes of our ongoing 2021-2025 Strategic Plan. A key focus is leveraging technology to drive innovation and improve operational efficiencies across our subsidiaries.

“Acceleration of the on-going Premier Hotel redevelopment towards its opening for business before end of the first half of 2026 and upgrading of Lagos Airport Hotel room amenities

“Completing our ongoing property redevelopments and continue to push forward with our new pipeline projects in the real estate sector. Mechanized farming of cassava, maize and soybean, agric. commodity trading, beef and dairy production by SWAgCo at different locations across Southwest

“The launch of SWIT’s incubation hubs for research commercials, venture building and start-up acceleration programmes designed to create jobs and drive regional economic growth.”

Yinusa stated that the company’s growth is built on strong partnerships. “Today, we reaffirm our commitment to strengthening relationships with business partners, leveraging synergies for mutual growth, and acknowledging the pivotal role of past leaders in laying a solid foundation for our success.”

Yinusa maintained that the company’s commitment remains unwavering—to deliver exceptional value to stakeholders and foster economic prosperity in the south west region.

On his part, Yemi Akande, the General Manager for Westlink Integrated Agriculture Limited, who represented the Managing Director of SWAgCo, Dr. Adewale Onadeko, stated that SWAgCo is the agribusiness investment vehicle of OICL with the strategic focus of establishing agroindustrial hubs across the entire South-West Nigeria thereby facilitating agro-industrialization and contributing to food security.

“We currently have under management a total agricultural land bank of about 30,000 hectares belonging to OICL across Ogun, Ekiti, Ondo and Oyo States.

“SWAgCo executes projects through its operating subsidiary Westlink Integrated Agriculture Limited and is currently developing a pipeline of strategic alliances with both local and international financial and technical partners.”

Akande was optimistic that the successful execution of SWAgCo’s strategy will lead to significant social impact in terms of job creation (for women and youths), food security, increased contribution to GDP and development of skilled and knowledgeable agribusiness workforce in SW Nigeria.

He added that SWAgCo’s focused commodity value chains in the food crops are cassava, rice, maize, soybean, tomatoes and peppers while the under the livestock, the company is working on poultry, beef and dairy. He further said within the cash crops, efforts are geared towards cocoa, oil palm and cashew.

According to Akande, some of its on-going activities include the 100 hectare cassava farm at Westlink, Imeko hub Ogun State, with plans of an additional 100 hectare cassava at Westlink, Imeko with youth inclusion component under the OGSTEP programme.

He also mentioned 100 hectare of maize followed by 117.5 hectares of Soybean in Oke-Ako, Ekiti with youth inclusion under partnership with an international foundation.

“We remain committed to the transformation of the agribusiness landscape in SW Nigeria and contributing to the realization of OICL’s vision of becoming a world class conglomerate.”