Otunba Bimbo Ashiru Bows Out as Odu’a Investment Posts Record ₦23.58bn Profit

Odu’a Investment Company Limited has announced a record-breaking financial performance, posting a Profit Before Tax (PBT) of ₦23.58 billion for the 2025 financial year, while unveiling an ambitious plan to grow its total assets to ₦1 trillion by 2030.

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The announcement was made at the company’s 44th Annual General Meeting (AGM), held at the newly redeveloped Premier Hotel, Ibadan, where shareholders from the six South-West states, board members and stakeholders also witnessed a leadership transition as Otunba Bimbo Ashiru concluded his four-year tenure as Group Chairman and Dr. Tola Kasali assumed office.

Presenting the 2025 financial results, outgoing Chairman Otunba Ashiru described the year as one of exceptional performance despite prevailing economic challenges.

According to him, the Group’s operating revenue increased by 78 per cent from ₦11.34 billion in 2024 to ₦20.22 billion, while Profit Before Tax rose by an impressive 410 per cent from ₦4.62 billion to ₦23.58 billion. The growth was largely driven by fair value gains on investment properties worth ₦18.81 billion and the strong performance of the Nigerian stock market.

Ashiru said the company recorded several strategic milestones that have repositioned it for sustainable growth.

Among the highlights was the redevelopment of the iconic Premier Hotel, Ibadan, which was commissioned on the eve of the AGM and is expected to commence full operations in the fourth quarter of 2026. The Group also celebrated the 60th anniversary of Cocoa House, while its improved financial management earned an upgrade of its credit rating from A+ to Aa- with a stable outlook by Agusto & Co.

Group Managing Director, Abdulrahman Yinusa, disclosed that the company has commenced the process of securing its first international credit rating to enable it access global debt capital markets and attract foreign direct investment.

He also announced that the Group presented its first-ever fully consolidated financial statements, providing shareholders with a comprehensive view of the financial position of the holding company and all its subsidiaries.

The AGM marked the end of Otunba Ashiru’s tenure as Group Chairman after four years during which he spearheaded the implementation of the company’s transformation agenda.

In his valedictory address, Ashiru said the organisation had evolved from being “asset-rich but cash-poor” into a strategy-driven investment company that is now both asset-rich and cash-rich.

He expressed appreciation to the governors of Oyo, Lagos, Ogun, Ondo, Osun and Ekiti states, fellow directors, management and staff for their support, adding that although he was stepping down as chairman, he would remain a director on the board until 2028 to ensure continuity.

Stakeholders in their remarks commended Ashiru’s transformational leadership and applauded the remarkable turnaround achieved during his tenure.

Addressing journalists after assuming office, the new Group Chairman, Dr. Tola Kasali, paid glowing tribute to his predecessor for laying a solid foundation through the successful implementation of the SRC 1.0 strategy, which focused on “Sweat, Revive and Create.”

Kasali unveiled the company’s next strategic phase, SRC 2.0, built around the philosophy of “Sweat, Repurpose and Consolidate.”

He explained that the strategy would focus on extracting greater value from existing assets, repurposing legacy properties for higher-value uses and consolidating gains through stronger governance, financial discipline and integrated business planning.

Under the new strategy, Odu’a Investment aims to achieve ₦30 billion in cash-backed Profit Before Tax, ₦50 billion in annual Group revenue and ₦1 trillion in total assets by 2030.

Kasali pledged to provide the leadership and strategic oversight required to realise the ambitious targets.

“To our shareholder states—Oyo, Ondo, Ogun, Osun, Ekiti and Lagos—I give you my word: your trust will not be betrayed. We will continue to deliver sustainable returns to shareholders, invest in our people and drive economic development across the South-West,” he said.

He added that the Group would continue repositioning key assets, including Premier Hotel, Lagos Airport Hotel, Lafia Hotel, Cocoa Industries Limited and its agricultural investments, as part of efforts to build a world-class regional conglomerate.