Segun Showunmi in Ibadan
The Odu’a Investment Company Limited, the Company owned by the six South-West States has mapped out ambitious growth plans that would re-position the organization to fulfil the aspirations of the founding fathers.
Penpushing reports that it also to serve the interest of all the stakeholders now and in the future to chart a new course to improve performance and increase the profitability, while the group is poised to operate with purpose and accountability with full engagement and inclusiveness of stakeholders.
The organization had a two-day brainstorming strategy session facilitated by KMPG Advisory services for the company’s Board of Directors, Chairmen of the Board of Subsidiaries and Chief Executive Officers of its Subsidiary Companies and the Management team of Odu’a Investment at the Lagos Airport Hotel, Ikeja Lagos.
Penpushing further reports that, the program was also attended by selected special guests who are renowned entrepreneurs, subject matter experts and business leaders, technocrats, intellectuals and others.
The retreat articulated the building blocks for achieving the five years ambitious plan based on the strategic pillars of growth and expansion; Investment Excellence; Profitability and Efficiency; Governance and Reporting as well as People, Culture and Transformation.
Penpushing also reports that some of the resolutions arrived at during the retreat was the decision to focus investment in priority sectors of real estates, energy including oil and gas, hospital, agriculture, logistics and storage, healthcare, ICT/digital and financial services. Innovation mindset will underpin the activities of the entire group.
The resolution agreed to ‘sweat’ the Group’s portfolio of assets to achieve an acceptable return on assets, reducing operating recurring cost significantly, ensure effective governance framework, oversight on the group and subsidiaries and also institute culture transformation initiatives to drive operational excellence.
The Group’s Vision, Mission Statement and Core Values were also revised to fit into the current restructuring and repositioning drive of the company as “To be a world-class conglomerate” and a new Mission Statement “To deliver sustainable returns for all stakeholders; enhancing the legacy for future generations” were agreed. It adopted a new Core Values of Respect; Integrity; Resilience; Innovation and Collaboration (R.I.R.I.C).
Penpushing also reports that, it was defined that core to achieving the aims and objectives of retreat outcomes will be active engagement of the Group’s employees to ensure staff understanding and buy-in into the new Vision, Mission Statement and Core Values to have a highly motivated workforce and enthrone a meritocratic culture to deliver on the organization’s goals and objectives.
The chairman of Odu’a Investment, Dr. Segun Aina charged participants on the need to take the company and its subsidiaries to a level that each and everyone would be remembered for- delivering the Odu’a of our dream.
Penpushing reports that, he noted the retreat has put in place required strategies needed to refocus, recalibrate and accelerate delivery Odu’a Investment’s desired result, stressing, “the board’s priorities include delivering shareholder’s value and social impact which will be based on asset optimization and efficient management of resources”.
The chairman added that urgency and priority attention will be given to human capital development, digital transformation and creating joint ventures and alliances through strategic partnerships.
Penpushing further reports that, he noted that,some quick wins included completion of a Corporate Governance reform in line with global best practice, recruitment of two Executive Directors and the appointment of two independent Non-Executive Directors, and looking at recruiting top individuals in the management level.
The Company boss, while noting that the transformation change in Odu’a Investment is mandatory, enjoined the management and the staff to imbibe the change, the desired culture and have a common purpose to drive the organization to the greater height that will result into making Odu’a Investment Company Ltd the economic powerhouse of the South-West nation and the Strategic partner of the first choice.
The Group Managing Director Mr Adewale Raji, commenting said, “the retreat was a worthwhile effort for both the board and the management to agree on a common focus in moving the company forward and achieving a quantum leap with emphasis on Growth, Profitability and Sustainability”.
Penpushing also reports that prominent guest speakers at the retreat included Chief Segun Osunkeye, former Chairman of Nestle/GSK/Lafarge, Mr Dotun Sulaiman formerly Head Accenture and currently Chairman Cadbury Plc and Financial Reporting Council, Mr Kunle Elebute, Chairman KMPG Africa, Mr Daniel Monehin, a Global Leadership Expert and Mrs Ifueko Omoigui-Okauro, former Chairman of Federal Inland Revenue Services(FIRS).