We are committed to reposition Odu’a Investment, says board chairman

Segun Showunmi in Ibadan

The newly inaugurated Board of Odu’a Investment Company Limited (OICL) led by the Chairman, Dr. Segun Aina, has said that the board is committed to reposition and restructure the Company and its subsidiaries .

Penpushing reports that this was made known in a statement issued on Wednesday by the company’s Head, Corporate Affairs, Mr Victor Ayetoro, which was made available to journalists in Ibadan, the Oyo State capital.

‘We are meant to enhance the conglomerate’s performance, profitability and sustainable growth necessary to achieve the expectations of its shareholders and other stakeholders’, the statement said.

“One of the objectives of the shareholders is to make Odu’a Investment a world class company with strong governance framework that could compete with similar organizations in terms of growth, profitability and sustainability.

“A new dawn has started in Odu’a Investment as the new Board made up of eminent personalities are committed to create shareholders value with social impact as Odua is poised to fulfill its mandate as the engine room for economic development of the South Western Nigeria.”  he said.

“To achieve this objective among others, the Board commenced action immediately it was inaugurated on 7th May 2020 and have held two board meetings within two weeks to quickly familiarize itself with the operations and current status of the Company as well as chart a road map for the board”, he said .

Penpushing further reports that Aina emphasized that “the Board has drawn up an 11-points agenda and quick wins for its first 85 days in office which would provide the requisite foundation needed for the transformation of the company”, saying, “the 11 points agenda include the development of a five-year strategic plan (2020-2025).”

“A Board Strategic retreat to be facilitated by KPMG has been scheduled to hold in July 2020. The retreat will determine strategies required to refocus, recalibrate and accelerate delivery of desired results’.

‘The board will identify new key investment opportunities in Agriculture, Technology, and commercially viable infrastructure, ensure the creation of a Project Management Office and Corporate transformation agenda, improve brand and media profile and have oversight function in rigorous quarterly business reviews”.

“The Board in alignment with the drive of the Owner state Governments to unlock value in the agriculture value chain in the South West , is committed to operationalize the South West Agricultural Corporation Limited (SWAGCO) by end of June 2020.

The Odu’a Investment Head of Corporate Affairs said the board while recognising the importance of funding, strategic partnership and alliances in the growth of the business, would identify and create local and international relationships with funding partners such as IFC, African Development Bank (AFDB), Afrexim Bank and other leading local and International institutions”.

“To ensure Best Practice and Corporate Governance in Odu’a Investment, the board will accelerate the completion of the Corporate Governance Advisory Assignment being carried out by KPMG and would provide all necessary support to ensure the strengthen of executive capacity with recruitment of two Executive Directors in due course.

Penpushing also reports that the statement maintained that at a recent virtual meeting held with the Management team of Odu’a Investment, Chairmen and Managing Directors of Subsidiary Companies, the Board emphasized profitability, professionalism, team work and culture  change in the management and operations of the Group.

The statement charged that all hands must be on deck to support the Board towards the achievement of its objectives, adding that the Board agreed that it would no longer be business “as usual as mediocrity would not be tolerated while competence and performance would henceforth drive the work force.”

Penpushing reports that, the Board assured that existing businesses will be supported, inactive companies will be resuscitated and new businesses would be embarked upon in line with the strategic plan to be developed.