Odu’a Investment posts ₦23.58bn profit, unveils ₦1trn asset target as Ashiru bows out
Odu’a Investment Company Limited (OICL) has announced a record profit before tax of ₦23.58 billion for the 2025 financial year, representing a 410 per cent increase from ₦4.62 billion recorded in 2024, as the conglomerate unveiled plans to grow its asset base to ₦1 trillion by 2030.
The figures were presented last Friday at the company’s 44th Annual General Meeting (AGM) held at the newly redeveloped Premier Hotel in Ibadan, where shareholders, representatives of the six South West states and other stakeholders also witnessed the transition of board leadership from outgoing Group Chairman, Otunba Bimbo Ashiru, to Dr Tola Kasali.
Presenting the company’s audited financial statements, Ashiru said Odu’a recorded exceptional growth despite a challenging macroeconomic environment, with operating revenue rising by 78 per cent from ₦11.34 billion in 2024 to ₦20.22 billion in 2025.
He attributed the strong performance largely to fair value gains of ₦18.81 billion on investment properties and a bullish Nigerian stock market.
“The year under review was marked by several strategic milestones that have permanently repositioned the organisation,” Ashiru said.
He noted that the redeveloped Premier Hotel, commissioned on the eve of the AGM, is expected to commence full operations in the fourth quarter of 2026 and become Ibadan’s leading hospitality destination.
According to him, the company also celebrated the 60th anniversary of Cocoa House in 2025 while earning an upgrade of its credit rating from A+ to Aa- with a stable outlook by Agusto & Co., reflecting its improved financial discipline and treasury management.
The Group Managing Director, Mr. Abdulrahman Yinusa, said the company had taken further steps to strengthen its global financial standing.
“The group has already initiated the process to secure its first-ever foreign credit rating from a major international rating agency, a move expected to position the conglomerate to access international debt capital markets and attract foreign direct investment,” he said.
Yinusa also announced that the company presented its first fully consolidated financial statements, combining the financial performance of the holding company and all subsidiaries to provide shareholders with a clearer picture of the group’s financial position.
The AGM also marked the end of Ashiru’s four-year tenure as Group Chairman.
In his valedictory address, he reflected on the transformation recorded under his leadership, saying the company had evolved from being “asset-rich but cash-poor” into a strategy-driven organisation that is now both “asset-rich and cash-rich.”
Ashiru thanked the governors of the six South West states, members of the board, management, subsidiary boards and employees for their support throughout his tenure.
“The head of a team is also a member of that team,” he said.
Although stepping down as chairman, Ashiru will remain on the board as a director until 2028.
Speaking after his appointment as the new Group Chairman, Kasali, paid tribute to his predecessor, describing Ashiru’s tenure as transformational.
“Under his visionary leadership, the Company transitioned from being asset-rich but cash-poor to a strategy-led investment company that is now both asset-rich and cash-rich.
“He championed the successful implementation of SRC 1.0, strengthened governance, and presided over remarkable financial growth,” he said.
Kasali unveiled the group’s new strategic roadmap, tagged SRC 2.0, with the theme “Sweat, Repurpose and Consolidate,” saying it would build on the gains recorded under the previous strategy.
He explained that the new plan would focus on maximising returns from existing assets, repurposing legacy investments for higher-value uses and consolidating the group’s financial strength.
Kasali said the company aims to achieve ₦30 billion in cash-backed profit before tax, ₦50 billion in annual revenue and ₦1 trillion in total assets by 2030.
“As I assume the role of Group Chairman, I stand before you to make a firm and unequivocal commitment that I will devote my utmost time and efforts to ensuring the full actualisation of SRC 2.0.
“The targets we have set represent a commitment between my leadership and our stakeholders,” the former Lagos commissioner said.
He also assured the six shareholder states—Oyo, Ogun, Ondo, Osun, Ekiti and Lagos—that the board would continue to deliver sustainable returns while driving economic development across the South West.
Stakeholders at the AGM commended Ashiru for his contributions to the company’s transformation.
Lagos State Head of Service, Mrs Abimbola Salu-Hundeyin, praised the outgoing Group Chairman’s financial stewardship, saying: “It is in the gene of an Ijebu man to multiply money, and Otunba Bimbo Ashiru has not done differently. You have made Odu’a children proud. This is vision, and we are grateful.”
She added that the achievements recorded under his leadership would make the founding fathers of the organisation proud.
In attendance at the AGM were the Secretaries to the Lagos, Ogun and Ekiti State Governments, Mrs Abimbola Salu-Hundeyin, Mr Tokunbo Talabi and Dr Habibat Adubiaro, respectively. Also present were board members, including Chief Segun Ojo, Mr Seni Adio (SAN), Mr Segun Olujobi, Otunba Lai Oriowo, Otunba (Mrs) Adebola Osibogun, Mr Olayemi Alao, Mr Abiodun Bamiduro and Mr Foluso Olaniyan, among others.
