Odu’a Investment Company Limited (OICL) has reported a strong financial performance for the 2024 fiscal year, declaring a dividend of ₦518 million to its shareholder states—a 21% increase from the ₦428 million paid in 2023.
Group Chairman, Otunba Bimbo Ashiru, made the announcement at the company’s 43rd Annual General Meeting (AGM) held on Thursday at Lagos Airport Hotel, Ikeja. Shareholders at the meeting approved the Audited Financial Statements for the year ended December 31, 2024, alongside reports from the Board and External Auditors.
Despite navigating a challenging economic environment—marked by surging inflation, volatile exchange rates, and high energy costs—OICL recorded an 81% growth in operating revenue, rising from ₦3.95 billion in 2023 to ₦7.15 billion in 2024. The Group also posted a total comprehensive income of ₦82.26 billion, representing a 773% surge from ₦9.23 billion in the previous year. This figure was driven largely by ₦80.58 billion in non-cash fair value gains from the revaluation of the Group’s equity investment portfolio.
However, Profit Before Tax (excluding the fair value gains) dropped to ₦1.78 billion, due to inflationary pressure and strategic reinvestments across the Group’s subsidiaries.
The 2024 financial year also saw a series of leadership changes. Mr. Abdulrahman Yinusa officially assumed the role of Group Managing Director/CEO on June 1, 2024, following the retirement of Mr. Adewale Raji. Other notable appointments included Mr. Olayemi Ajao as Executive Director, Investments & Business Development, and Otunba Lai Oriowo as Non-Executive Director.
The Board expressed deep appreciation to former executives, especially Dr. Segun Aina, OFR, and Mr. Raji, for their pivotal roles in shaping the Group’s transformation.
Odu’a also introduced several performance and culture-enhancing initiatives during the year, such as a Group-wide Culture Assessment, the rollout of a performance-based incentive system, and the establishment of a shared services liaison office at Western House, Lagos.
The broader economic landscape in 2024 was characterized by a 34.8% inflation rate by year-end, 3.4% GDP growth driven by the services sector, and tighter monetary policies from the Central Bank that led to higher interest rates and squeezed profit margins.
Nonetheless, the Group remained focused on its “Sweat, Revive, and Create (SRC)” strategic framework, which continues to guide its activities across five key business pillars.
With 2024 marking the final year of its 2021–2025 Strategic Plan, Odu’a is set to unveil a new five-year growth strategy later this year. The company aims to boost income from real estate, enhance returns on investments, and scale its impact across technology, agriculture, and oil sectors.
Since 2013, the company has paid out a cumulative ₦3.63 billion in dividends to its six shareholder states.
“We are proud of the legacy we are building at Odu’a Investment and remain committed to creating sustainable value for our owners—the Governments and people of the Southwest—and for future generations,” said Mr. Yinusa.
