Odu’a Investment Company Limited has declared a dividend of N518 million for the 2024 financial year, marking a 21 per cent increase from the N428 million disbursed to shareholders in 2023. This development was announced by the Group Chairman, Mr. Bimbo Ashiru, during the company’s 43rd Annual General Meeting (AGM) held in Lagos.
The company, jointly owned by the six South-Western states of Nigeria – Oyo, Ogun, Ondo, Osun, Ekiti, and Lagos – posted strong financial results despite a tough macroeconomic environment. Factors such as rising inflation, fluctuating exchange rates, and high energy costs did not stop the company from delivering impressive numbers across major financial indicators.
According to Mr. Ashiru, the group’s operating revenue jumped by 81 per cent, rising from N3.95 billion in 2023 to N7.15 billion in 2024. Even more significantly, total comprehensive income surged by a staggering 773 per cent – from N9.23 billion to N82.26 billion. This increase was largely driven by a gain of N80.58 billion from the fair valuation of financial assets.
However, not all performance indicators moved upwards. The company’s profit before tax dropped slightly to N1.78 billion, which the chairman attributed to the inflationary pressure on business operations and the group’s strategic reinvestment moves across its subsidiaries.
Speaking at the event, the Group Managing Director and Chief Executive Officer, Mr. Abdulrahman Yinusa, provided a breakdown of the company’s financial performance. He said the operating profit more than doubled in one year, growing by 119 per cent from N1.58 billion in 2023 to N3.46 billion in 2024. However, profit before tax recorded only a marginal increase from N1.96 billion to N2.18 billion, while profit after tax dipped from N2.38 billion to N1.78 billion.
Despite the mixed figures, the board is recommending a dividend of N517.5 million for 2024, reflecting confidence in the group’s long-term investment outlook and commitment to value creation for shareholders. With this new declaration, the total dividend payout by Odu’a over the last 11 years now stands at N3.63 billion.
The company is also looking beyond numbers and focusing on regional development. As part of its agro-industrialisation agenda for the South-West, Mr. Ashiru announced that Odu’a’s agribusiness subsidiary, SWAgCo, has entered into joint venture partnerships valued at N10 billion. Some of the key partners involved in this initiative include Starlink Global & Ideal Limited, Petaguls Cultivars & Seedling Technologies, Foodlocker Limited, and the British American Tobacco Nigeria Foundation.
These joint ventures are expected to boost food production, create employment, and drive sustainable development across the South-West geopolitical zone, in line with the company’s renewed focus on impact-driven investments.
Industry watchers say the performance of Odu’a Investment Company Limited under its current leadership reflects strategic foresight and deliberate planning. The group appears to be positioning itself as a key driver of economic transformation in the region, balancing profitability with social impact.
Stakeholders and representatives from the shareholder states present at the AGM expressed satisfaction with the performance and called for continued collaboration to consolidate the company’s gains. Many believe that with the right political will and financial discipline, Odu’a can become a model for public-private partnerships and regional development in Nigeria.
As the group looks to the future, attention will be on how it sustains its growth momentum, manages macroeconomic headwinds, and continues to deliver value to its shareholders and the South-West region as a whole.
