‘To pay N428 million dividends to shareholders’
The management of Odu’a Investment Company Ltd has declared N1.961 billion as profit before tax for the 2023 fiscal year and a seven per cent growth in operating revenue from N3.68 billion in 2022 to N3.95 billion in 2023.
The financial report was presented during the 42nd yearly meeting of the company held at Oranmiyan Hall, Lagos Airport Hotel Limited, yesterday.
The general meeting approved, among other resolutions, the company’s financial statements for the financial year 2023 as well as the payment of N428 million in dividends to its shareholders.
Group Chairman of Odu’a Investment, Bimbo Ashiru, said that with improved collaboration and synergy within the group and leveraging shared services, cross-selling, joint marketing and astute business innovation, the company is translating the timeless vision of its founding fathers into reality through the implementation of the group’s five-year strategic plan, which aims to sweat, create and revive businesses and assets to deliver continuous growth and value to shareholders and stakeholders.
Group Managing Director/CEO, Adewale Raji, who will be officially retiring on May 31, 2024, appreciated all the shareholders for the opportunity given to him to serve the company for two successive terms lasting 10 years during which the company enthroned a new corporate governance framework that depoliticised its operations and others.
Raji said the company witnessed repositioning that was driven by her SRC – 2025 Strategy (i.e. Sweat, Revive and Create)
He noted that in real terms, the company’s profit before tax for 2023 increased by 62 per cent to N1.772 billion from N1.092 billion in 2022.
He expressed optimism that President Bola Ahmed Tinubu’s administration’s pursuit of a market-driven approach to resolving underlying problems of the economy would attract long-term investments into the country to fund infrastructure and social services.
He also expressed confidence that under the leadership of the incoming GMD/CEO, Abdulrahman Yinusa, the company will deliver on the ongoing redevelopment of the hotels in the Group, the new pipeline of premium residential and commercial redevelopment projects, securing viable joint venture partnerships for the agriculture portfolio, among others.
Lagos State Secretary to the State Government (SSG), BimbolaSalu-Hundeyin, said: “The fact remains that every Odu’a state is involved stands for unity Chief Obafemi Awolowo worked for. We are moving into oil and gas, real estate, and everything that can sustain the future of our children.”
