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Five S’West States Okay Lagos as Co-owner of Odu’a Group, Target N20bn Revenue in 2019


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Nigeria

IMAGE: Governors of Odu'a Investment Company Member States »

January.20.2016

As parts of efforts to foster regional integration and reposition Odu’a Investment Company Limited for greater productivity, the Governors of Oyo, Ondo, Ogun, Osun and Ekiti States on Tuesday approved the inclusion of Lagos State as co-owner of the company.


Rising from their meeting held at the company’s headquarters, Cocoa House in Ibadan Oyo State, Governor Olusegun Mimiko (Ondo)  flanked by Governors Rauf Aregbesola (Osun) and Senator Ibikunle Amosun (Ogun), said the development would foster economic growth of the people across all the six states that make up the South-west.


The inclusion of Lagos State followed its desirability or not after rigorous and intense debates for four years among all the stakeholders and owner states.


Before now, Odu’a Investment Company belonged to the five states of Oyo, Osun, Ondo, Ekiti and Ogun. Lagos State has finally become a part of its development strategy to complement  the regional developmental plan of Yorubaland.


According to Mimiko, who briefed journalists  on behalf of his colleagues and the board, apart from agreeing to admit Lagos, into its fold, approved a five-year strategic plan to raise the company’s revenue from its current N4 billion to N20 billion.


He said: “The owner states and the board approved a five-year strategic plan to grow revenue of Odu’a Investments Company Limited from N4 billion to N20 billion. We also agreed in principle to admit Lagos State as an owner state. We have renewed interest in Odu’a as the engine room of economic growth and development of the West. We also agreed to meet quarterly.”


There had been a long drawn case for Lagos created 40 years ago, to be part of the conglomerate since it is a Yoruba state situated in the country’s Southwest like the five others.


Earlier, the company Chairman and its Group Managing Director, Chief Isaac Akintade and Mr. Adewale Raji respectively explained their efforts in ensuring the growth, profitability and sustainability of Odu’a culminating in the payment of N167million at its last annual general meeting of October where N30million was given out as dividends to each of the five owner states, a feat that was unprecedented because no dividend was paid to the owner states for six years.


In attendance at yesterday’s meeting  were Osun State Governor, Rauf Aregbesola, Amosun, Mimiko; Deputy Governor of Ekiti State, Olusola Kolapo and Oyo State Deputy Governor, Moses Alake-Adeyemo.

Article Credit: Thisday

Updated 1 Year ago
 

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