Bisi Oladele, Ibadan
THE Group Managing Director/Chief Executive Officer (GMD/CEO), Odu’a Investments Limited Mr Adewale Raji has been reappointed for another term.
He will lead the conglomerate, which is the investment arm of Southwest states, for another five years.
A statement by the company on Tuesday said Mr Raji’s reappointment followed an endorsement of his performance by the international auditing and management consultancy firm, KPMG, which was engaged by the six owner states of Osun, Ondo, Oyo, Ogun, Ekiti and Lagos to assess his performance in the last five years.
His five-year tenure had expired on May 31, last year but the shareholders granted him a six-month extension to allow KPMG evaluate his performance. After its report gave him a pass mark, the shareholders at a meeting held on October 28, last year renewed his appointment for another term with effect from June 1, 2019. The Board also ratified the appointment.
The first five years of Raji witnessed significant growth in the Profit Before Tax from N378million and N495million in 2013 to N849million and N1.061billion in 2018 for the holding company and the group respectively. In the same five-year period, a gross dividend of N1.208billion was paid out to shareholders, which is a record of consecutive dividend payout in the history of the company.
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His team initiated new businesses, particularly in agric-business and processing and the company was better managed with a very high sense of accountability and transparency while upholding the principles of corporate governance and safeguarding the interest of shareholders.
Raji has since commenced work in earnest with commitment to growth, profitability and sustainability of the group.
Meanwhile, Mrs Oluwatosin Ademiju has dragged the company and its owners to court over the decision to reappoint Raji.
Listed as respondents are the Chairman, Board of Directors, directors and owner states of Oyo, Ogun, Ondo, Osun, Ekiti and Lagos.
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