New board moves to reposition Odu’a Investment Company
The newly inaugurated Board of Odu’a Investment Company Limited (OICL), led by its Chairman, Dr. Segun Aina, has promised to reposition and restructure the company and its subsidiaries.
A statement by the company’s Head, Corporate Affairs, Mr. Victor Ayetoro, said the repositioning was meant to enhance the conglomerate’s performance, profitability and sustainable growth necessary to achieve the expectations of its shareholders and other stakeholders.
He said that one of the objectives of the shareholders was to make Odu’a Investment a world-class company with a strong governance framework that could compete with similar organisations in terms of growth, profitability and sustainability as well as fulfil its mandate as the engine-room for the economic development of South Western Nigeria.
Meanwhile, the board has drawn up an 11-point agenda and quick wins for its first 85 days in office, which would provide the requisite foundation needed for the transformation of the company.
The agenda includes the development of a five-year strategic plan (2020-2025), while aboard strategic retreat to be facilitated by KPMG has been scheduled to hold in July 2020, which will determine strategies required to refocus, recalibrate and accelerate delivery of desired results.
The board, which stated that it would carry out various functions, which include identifying new key investment opportunities in agriculture, technology and commercially-viable infrastructure, as well as the creation of a project management office and corporate transformation agenda, among others, said it was committed to operationalise the South-West Agricultural Corporation Limited (SWAGCO) by the end of this month.
Other functions, according to it, include recognising the importance of funding, strategic partnership and alliances in the growth of the business, identifying and creating a local and international relationship with IFC, African Development Bank (AfDB), Afrexim Bank and other leading local and international institutions.
The board, therefore, said that existing businesses would be supported while inactive companies would be resuscitated and new businesses embarked upon in line with the strategic plan to be developed.
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