Odu’a Investment moves to diversify into oil, gas
The authorities of the 41-year-old South West-owned conglomerate, Odu’a Investment Company Limited, have indicated interest to play big in Nigeria’s oil and gas sector.
The Group Managing Director/Chief Executive Officer (CEO), Adewale Raji, who dropped the hint yesterday at a three-day local content development workshop in Owerri, said the Lagos State government had begun processing its documents to authenticate its shareholding in the group, stating that the nation’s economic hub, never, at any time, pulled out of the outfit.
The decision to explore opportunities in the oil and gas sector, Raji noted, was informed by the need to grow the economy of the owner states – Oyo, Ogun, Osun, Ondo, Ekiti and Lagos – by an appreciable margin.
His words: ‘’If as an investment company that is looking at medium and long-term objectives, you really should be participating in oil and gas. We, in Odu’a, looking at the mandate, we have to step up our capabilities and participate in the oil and gas sector. ‘’
He continued: ‘’We do believe that from the local point of view, there should be an area we should play a role.’’ According to him, the investment outfit has an insurance brokerage arm to give it an edge in this new endeavour.
Raji noted: ‘’With insurance brokerage, we believe that this will be used as a major instrument to getting into the sector, growing the economy for good investment opportunities, creating wealth as well as well as attracting returns and deepening the economies of the South-West region.
He disclosed that the owner-states had no intension of sharing assets rather were poised to consolidating the economy of the zone so that other regions could understudy it.
The chief executive went on: ‘’What has made Odu’a tick in my thinking, is, that the owners have in recent times, made it mandatory to recoup resources from the unaligned private sector to run the organisation.”
He also disclosed that the company was working on Lagos Airport Hotel to upgrade the facility.
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