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Tag: Odu’a

  • O’dua appoints Alagbe as CEO of Western Hotels

    Odua Investment Company Ltd, the holding company for the joint investments owned  by the  six states of  Western region, has appointed Mr. Abimbola Alagbe  as the new managing director/chief executive officer (CEO) of Western Hotels.

    In a statement by the Boards of O’dua Group and Western Hotels, owners of the Premier Hotel and Lafia Hotels , Ibadan, Oyo State, the new managing director was urged to hit the ground running  by deploying his wealth of experience to chart a new course of profitability for the hotels.

    This, according to the board, is to justify the confidence reposed in his choice by the owners of the 53 year-old hospitality outfits.

    Alagbe, 52, holds a combined honours, bachelor’s degree in Language Education from University of Ilorin and a master’s degree in Communications & Language Arts from the University of Ibadan, Nigeria.

    Read also: Ex-Ekiti APC chairman, others appointed Odua board members

    He is member and officer of many national professional bodies in Nigeria.

    He sits on a handful of business concerns as well as on the governing council of many professional bodies in Nigeria. He is a two- term chairman of the Nigerian Institute of Public Relations, Ogun State Chapter, one-time member of the Governing Council of the NIPR and two-term Chairman of the APBN, Ogun State.

    Alagbe, who was trained in Nigeria, United Kingdom and United States, was in 2015 admitted a  Fellow of the U.S. government-sponsored COCHRAN educational training on value-chain distribution and hospitality management.

     

     

     

     

  • Odu’a, NDLEA join forces against drug abuse

    Members of the Management and staff of Odu’a Investments Limited joined the crusade against drug abuse in Ibadan, the Oyo State capital on Saturday.

    Led by the Group Managing Director/Chief Executive Officer (GMD/CEO), Mr Adewale Raji, members of staff of the conglomerate undertook a group walk for one hour to lend their voice and support for the anti-drug abuse campaign in the country.

    Joined by members of staff of the Development Agenda for Western Nigeria (DAWN) Commission and some others whose offices are located in the Cocoa House headquarters of the company, the anti-drug abuse crusaders walked from Dugbe Central Business District to Mokola Roundabout to increase the awareness against the menace.

    The group sang and danced as they trudged through the ever-busy Queen Cinema, Ekotedo, Dugbe roads to campaign against the societal ill.

    After the one-hour walk, which also served to raise awareness about the importance of physical exercise, the GMD told reporters that the crusade was an aspect of the company’s Corporate Social Responsibility (CSR). He said the company was not only in business to lead in the economic development of the region but to also support the entire well-being of the people as a responsible corporate organisation.

    He said: “From the point of view of Odu’a Group, I think fundamentally we cannot ignore the environment in which we live.

    “So, things that affect the youth which essentially are our hope for the future, the issue of drug abuse has become a very prevalent thing and we do know that a lot of destinies have been cut short because of the indulgence and peer influence relating to drug abuse. We heard recently in the news where the Customs Service was talking about seizure of huge containers of tramadol and you start wondering whether this is good.

    “Suddenly under the current economic climate, we found out our youths are turning to drugs. So, the Odua conglomerate considered it necessary to participate in sensitising the public, the youth and old and parents alike. It is good to sensitise them to curb the menace of drug abuse among the youth.

    “In addition to that, we also believe in the element of promoting what we call good and healthy lifestyle to make sure we can live a very healthy life. Today, there are a lot of common diseases that we know about and we do know that apart from good, healthy eating, it is important that one exercises the body and lives a very healthy lifestyle.

    “So, we do believe that apart from creating awareness relating to the menace of drug abuse among the generality of the public, we also believe that it should be an opportunity for us to promote the element of good lifestyle in the society and making sure we are fit and we can really have a very enduring life.”

    Apart from the crusade, Raji said the company supports education of students from the region through scholarship and other instruments, adding that it also supports non-governmental organisations (NGOs) working with youths and sports, among others.

    According to him, the walk might become an annual event.

    The Public Relations Officer of the National Drug Law Enforcement Agency (NDLEA) in Oyo State, Mrs Mutiat Okuwobi, who also joined in the walk, described it as a laudable project that further accentuated the work of the agency against the use of illicit drugs in the Nigerian society.

    A former Director of Public Affairs of the company, Oloye Lekan Alabi, commended the company for the initiative. He described it as an innovation in the 43-year history of the conglomerate.

    “Apart from fulfilling corporate social responsibility, Odua Investments Limited  is leading the way for other corporate bodies, institutions and individuals to join the fight against drug abuse because drug abuse has not only become a menace, it is also destroyer of lives of potential great men and women.” Alabi said.

     

  • Odu’a hits N4 billion in earnings

    Odu’a Investments Company Ltd. has declared  N4.068 billion and a profit before tax of N698 million as its earnings for the 2017 fiscal year.

    The Chairman, Board of Directors of the conglomerate, Olusola Akinwumi and its Group Managing Director (GMD), Mr Adewale Raji, disclosed this while addressing reporters after the company’s 36th Annual General Meeting at its Cocoa House, Ibadan headquarters, yesterday.

    Consequently, following the approval at the AGM, the company declared N277.78 million dividends for its shareholders.

    The earning is a 3.8 per cent increase over the previous year’s N3.918 billion.

    Akinwumi said the company was able to achieve the feat in spite of the 16.5 per cent inflation rate for the year which raised costs. He added that the conglomerate’s ‘skewed assets in real estate’ adversely affected its business as many clients and tenants in rented commercial, retail and residential properties defaulted in rent payments.

     

  • Southwest Governors’ Forum admits Lagos to O’dua Investment Group

    The six governors of Southwest, under the auspices of Western Nigeria Governors Forum, yesterday admitted Lagos State into the O’dua Investment Group, with 115 million shares, thus growing the share equity of the company to 690 million.

    Governors Akinwunmi Ambode (Lagos), Rauf Aregbesola (Osun), Abiola Ajimobi (Oyo), Rotimi Akeredolu (Ondo) and Ibikunle Amosun (Ogun), in a communiqué at the end of a two-day quarterly meeting at Lagos House in Alausa, Ikeja, ratified a document allowing Lagos to acquire land in their states for rice cultivation and production.

    They resolved to embark on a Rice Accelerated Programme for Integrated Development (Western RAPID), to consolidate actions on food security and job creation, while a Regional Agriculture Summit to be sponsored by Lagos State, would be held in Ibadan, Oyo State capital, in May.

    The forum, which is being coordinated through the Development Agenda for Western Nigeria (DAWN) Commission, also signified interest in the concession of the Murtala Muhammed International Airport.

    Reading the communiqué to reporters, the Director-General of DAWN Commission, Mr. Oluseye Oyeleye, said: “The states of the region as a bloc will be monitoring the process for the Murtala Muhammed International Airport Concession into a world-class infrastructure.”

    He said the governors resolved that DAWN Commission, Focal Representatives and Agriculture Commissioners of the region would hold a technical session with Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) and develop a state-by-state roadmap in four weeks before the Regional Agriculture Summit in  May.

    It was agreed that DAWN Commission should work on reviving Regional Inter-School Football Competition and conduct a study on the successes in education in Ekiti State for peer learning/adoption among the Western Nigeria states.

    The governors directed the DAWN Commission and the Focal representatives to structure a programme on the Omoluabi ethos of the Yoruba.

    However, Ogun State Deputy Governor Mrs. Yetunde Onanuga, who represented Governor Ibikunle Amosun, raised some reservations about the land deal, saying the state government on account of previous issues with Lagos on the similar subject matter would refrain from releasing land to the state until the said issues were resolved.

    When asked by reporters on the way out of the issues raised by Ogun State, Governor Ambode said he was optimistic that all the states would join in the effort to ensure food security and create jobs for the people.

    He said: “What has happened is that we wanted to expand the agric output of our rice mill and in doing so, we decided that all the Southwest states should be able to cultivate rice and supply paddy to the proposed rice mill that is coming up in Imota, Lagos.

    “So, what we have done is that four other states have agreed to sign the Memorandum of Understanding, which they have actually done today and so what is happening between Lagos and Ogun is that there were some minor issues that were outstanding before and based on that they could not sign today, but you could also hear that they are committed to signing when those issues are resolved.

    “We are having a 32-ton per hour rice mill in Imota and we are going to require 32,000 hectares of paddy cultivation, which the whole of the Southwest cannot even provide, but because we are interested in integration and also independence, it is important that beyond going to Kebbi or Kano, all the Southwestern states should also benefit from it and the idea is that we are trying to procure land there, but we will also use the people and the farmers in the respective states to cultivate the land and by so doing we have created employment in those states and we will be off-takers to the paddies that they are producing and so I am able to buy it and also use it for my own rice mill and then sell it in Lagos and so I create employment across the region and at the same time put money into the pocket of our people.”

    Governor Aregbesola described the incorporation of Lagos State into the economic framework of the Southwest as historic and long coming since 1948, saying that the development would strengthen the O’dua Investment Group and drive the development of the region.

  • Odu’a gets chair

    Odu’a Investments Limited yesterday announced the appointment of Olusola Akinwumi as its new chairman, Board of Directors.

    Akinwumi represents Osun State on the board.

    A statement by its Head, Corporate Affairs, Victor Ayetoro, Akinwumi’s tenure took effect from Thursday, December, 7.

    Akinwumi succeeded  Chief Segun Ojo, who represents Ondo State on the board. The latter now serves as a member of the board.

    Akinwumi  joined the board of Odu’a  in September 2016.

     

    “A versatile and resourceful team player, Engr. Akinwumi is an accomplished administrator of note who shares the company’s vision, mission, values and goals. He is committed to the upliftment and sustainability of the business objectives of Odu’a Group as well as our proud shareholder and stakeholder heritage.

    “The new chairman holds a degree in Technical Engineering from the Council of Engineering Institution, London [CEI]. He is a member of the Council for the Regulation of Engineering in Nigeria [COREN], member, Nigerian Society of Engineers [mnse] and a fellow of Highway and Traffic Technical Association, London,”the statement said.

    Engr. Akinwumi has served previously on the Board of companies within and outside Odu’a Group. He was a director with Wemabod Estates Ltd (1980-1982) and Chairman (1992-1993), Chairman, Investment and Credit Corporation of old Oyo State, Chairman Africana Breweries Limited, Secretary to the Osun State Government (1999-2003) and Director on the Board of Nigerite Limited (2012-2016).

    His past administrative and corporate exposure gives him a good spectrum of expertise that is indispensable towards leading Odu’a Group on the desired trajectory of Growth, Profitability and Sustainability (GPS).

     

  • O’dua’s N500m ACE Estate redefines communal living

    O’dua’s N500m ACE Estate redefines communal living

    After a lull in the real estate industry, Odu’A Group, once the pride of real estate development, has staged a cameo comeback.

    The Group on Tuesday inaugurated its N500 million estate in Jericho, a government reserved area (GRA), in Ibadan, the Oyo State capital.

    Simply called the ACE Estate, the luxury mini-residential estate of three units of five-bedroom duplexes and four units of four-bedroom duplexes was developed on 4,400 square metres of land, that used to be occupied by a colonial storey structure.

    A tour of the ACE Estate revealed that it is fitted with modern amenities to attract the middle class and ensure luxury living. The facilities include street and perimeter lighting, swimming pool, fitness centre, uninterrupted electricity and water supply, underground drainage system and stone-paved roads. There is a dedicated generator for common use, but with provision for each house to have its generator. Each duplex also has quarters for domestic staff, with en suite facilities, and outdoor space for recreation, including a parking lot of three vehicles per unit.

    Although there is provision for individual generator usage, regular supply is guaranteed in the estate as it is connected to a dedicated 33KVA line, making the need for generator use very minimal. Yet, in the event of  power outage,  street lights and water pumping machines will be powered by the facility manager; and there will be an agreed sharing formula for its maintenance.

    To regulate inconvenience that may arise from the use of individual generator, the deed of agreement between an offtaker and the developer stipulates a maximum of a 60 KVA sound proof generator for an individual. This is why the developer also provided a generator platform for each unit, to ensure that the placement and location of the generator will muffle the noise such that it won’t disturb anybody.

    Inside the buildings are spacious rooms of between 23 and 30 sqm each, including a study in the four bedroom unit. The interior also boasts of top notch finishing for a house of its class, with marble floor tiles, solid wood finishing, installed fittings for air conditioners, television and satellite cables, gas and electric cookers, steel stairway railings, family lounge upstairs, and wardrobe section in the master bedroom. In the kitchen is a fitted cabinet with marble worktop.

    “The ACE Estate is an architectural masterpiece quintessentially designed and tastefully finished as a manifestation of aesthetics, quality and luxury rolled into one. Within the context of Ibadan, it stands out. Our view is making a statement of what we believe is the expectation of people when it comes to residential living particularly the middle income level expectations of consumers. So, we decided to start with this and we will ensure that we cater for all cadre of people in residential accommodation,” the Managing Director, O’dua Investment Company Limited, Mr. Adewale Raji, told The Nation Property.

    He explained that the ACE Estate project would bring the O’dua Group back as a major player in property development as it represents the Group’s view of making a statement of what it believes in, which is to meet the expectations of customers.

    Raji further explained the concept of the estate to be tailored around communal living, in the hope that it will meet the expectation of the middle class. For him, the idea is that whoever acquires it, it will not only meet their social desires, but they will have a comfortable place to live.

    “As you know that Ibadan is the base of O’dua investment, then Ibadan is also the best place to start this. This development is more of a choreography in terms of the design. It is very contemporary, appealing and infused with amenities that meets expectations. This is a secured environment, and very serene, and more of community living which is the bedrock of the Yoruba life, which is very important; civilisation should not start tearing us apart, which is what urban development is doing. We want to make sure that we don’t forget our past because we still believe in community; hence this is built as a small community where people can also interact,” he explained.

    Experts said Raji’s reasoning is quite understandable because having been out of property development for some time, there is the need to win public confidence by sending the best signals to potential offtakers. In future developments, the Group hopes to accommodate semi-detached and terraced houses in its estates.

    “ACE, in a competition, is the masterstroke. It means that at a quintessential level of quality, you can flaunt this place. Our objective would have been met when other competitors are able to do something better than this place. That will be fantastic for Ibadan as it would have lifted the city’s living profile. When people come here, they should be able to compare it to places like Lekki, in Lagos. Ibadan can afford Lekki, Banana Island standard. So, we are redefining the standard of Ibadan as a whole,” an excited Raji said.

  • Odu’a inaugurates N500m residential estate in Ibadan

    The management of Odu’a Investments Limited yesterday inaugurated a N500 million residential estate in Ibadan, Oyo State capital.

    This is the regional group’s first project for boosting real estate portfolios beyond the N7 billion mark.

    The project, called Ace Estate, sits on a 4,400-square metre land at highbrow Jericho Government Reserved Area (GRA). It consists of seven detached duplexes and a recreation centre, with a swimming pool and gym centre.

    At the inauguration, the pioneer chairman of the company’s Board of Directors, Chief Kola Daisi, described it as “an architectural masterpiece, quintessentially designed and tastefully finished as a manifestation of aesthetics, quality and luxury rolled into one”.

    He hailed the company for being in “the vanguard of upholding the common heritage of the Yoruba nation and with a renewed mandate to be the engine room for the economic development and competitiveness of Western Nigeria”.

    Daisi, who chaired the programme, said the project demonstrated Odu’a’s commitment to operate as a major player in the Real Estate sector.

    The industrialist noted that it will enhance economic development and quality of life of residents.

    He urged the company to include agro-allied and manufacturing in its diversification agenda for the improvement of the economy of Southwest.

    The conglomerate’s Group Managing Director, Adewale Raji, said the project cost N500 million, sourced internally.

    The company chief said the project was completed in nine months.

    He said the estate heralded the company into property development, based on consumer demands and insight, adding that it is a means of redefining the conglomerate.

    Raji said: “The contemporary designs, quality of finishing and timely delivery are a new benchmark in real estate development in Ibadan. Ace Estate was conceived and delivered as a flagship to announce Odu’a’s re-entry into property development, based on consumer demand and insight. The commendations that it has garnered from far and near are inspiring. It reinforces that our heritage and legacy are not a drawback to competitiveness and trendiness. They symbolise our core values of ‘creativity, passion and excellence’.

    “It is the beginning of brand building with all the attributes that excite the consumer to splash the cash. We are trying to redefine who we are. We want to be associated with quality, exquisite finishing and satisfying lifestyle. The economics behind this thought and the courageous execution is to add quality investment into the real estate portfolio bequeathed to us by our forebears.”

    The Chairman of the company’s Board of Directors, Chief Segun Ojo, hailed the vision of the board and management to reposition Odu’a through rebranding and raising investments in core business areas to transform the economy of the Southwest.

    He said resuscitating some of the company’s derelict property was a major step to achieving its goals.

  • Odu’a, DAWN, NIPC partner on Southwest investments

    Odu’a Investments Limited and the Development Agenda for Western Nigeria (DAWN) Commission are working with the Nigerian Investments Promotion Council (NIPC) to boost investments in the  Southwest.

    The bodies met at the Cocoa House, Ibadan headquarters of Odu’a yesterday to explore strategies to achieve their aims.

    Welcoming the NIPC team, the Group Managing Director of Odu’a, Adewale Raji, said he was pleased about the collaboration, saying the region is replete with investment opportunities that need to be promoted.

    Raji said the company has rolled out an ambitious plan to invest massively in agriculture and agro-allied industry that will see to the establishment of large farms,  to produce raw materials and finished products through factories that can be set up in the communities where the farms are located.

    The idea is christened the Integrated Agric Project.

    According to him, such farms and factories will create huge number of employment to the youths.

  • ‘Odu’a run on corporate governance’

    Odu’a Investment Company Ltd Board Chairman Chief Segun Ojo has said the company’s activities are guided by corporate governance.

    Ex-Chairman of the board Chief Isaac Akintade, in an advertorial published in this newspaper, alleged that the company was being run contrary to corporate governance.

    In a letter to the six-owner-state governments, Ojo said the allegations by Akintade against the Group Managing Director (GMD), Mr. Adewale Raji, were not true.

    Ojo lamented that the former chairman, who served the company for seven years; four as director and three as chairman, could mislead the public with non-existent information.

    He said Akintade’s grouse about the GMD started the moment he (Akintade) was withdrawn as chairman of Odu’a Board of Directors following a March 22, 2017 letter directing his withdrawal by the Ondo State government.

    Ojo said: “The standard practice and procedure for appointment and withdrawal of directors in Odu’a is for the owner-states to nominate or notify of the withdrawal of a director through a letter to Odu’a after which Odu’a through the group managing director will issue a letter of appointment or withdrawal to the director.”

    He said since Akintade was formally notified of his withdrawal, it would be illegal for him to attend and preside as the board’s chairman.

    On the allegation of approval for payment of N65million to Pricewaterhouse Coopers (PwC), Ojo said the process began with a plan to admit Lagos State into Odu’a Group. He said the board engaged the services of any of the top five consulting firms in the country to work out details of the process of admission of the state.

    He said Akintade’s claim that the management sought the payment of N65million to PwC for a job that had neither been discussed nor approved by the management committee, board committee and the whole board was spurious.

    Ojo added that consultants with specialised skills, such as KPMG, PwC and others were engaged to perform specialised services for the company, contrary to suggestions by Akintade that individual consultants, which he could influence, should be engaged.

    The board chairman, however, said under Akintade  the group witnessed challenges and losses. He listed factories that were shut down as Cocoa Industries Limited (2010), Nigeria Wire and Cables, Ibadan, Epe Plywood (2012), Askar Paints, Ibadan (2013), among others.

    On the N20billion forecast turnover in five years, Ojo said the initial efforts to recruit strategic talents to jump-start the actualisation of the plan in 2015 were frustrated by Akintade and others.

    The board dismissed the allegation that Raji used convoys with siren.

  • Odu’a’s dwindling fortune worries its owners

    Governors of the six Yoruba states comprising Oyo, Ogun, Ondo, Osun, Ekiti and Lagos yesterday in Ibadan bemoaned the dwindling fortune of Odu’a Investment Company Limited and resolved to, turn the business empire into a global conglomerate.

    It was on the occasion of the 40th anniversary commemorative lecture and awards presentation to the three founding Military Governors of Odu’a Conglomerate namely Major-General David Medaiyese Jemibewon (rtd), Group Captain Ita David Ikpeme (rtd) and Major-General Saidu Ayodele Balogun (rtd), under whose tenure in 1976 the idea was conceptualised.

    Speaking one after the other at the event held at Premier Hotel, Ibadan, the Yoruba governors lamented that some of the hitherto prosperous subsidiaries of Odu’a Investment including Nigeria Wire and Cable Plc, Lafia Canning Industry, Epe Plywood Limited, Sungas Limited and Odu’a Telecoms Limited (O’Net), among others, are presently in comatose.

    The state governor, Senator Abiola Ajimobi was on ground while the Secretary to the State Government (SSG) of the five other states stood in for their respective governors as they all expressed grave concern over the future of the conglomerate

    In his address, Governor Ajimobi lamented the deteriorating state of Odu’a Conglomerate which he blamed partly on the loss of the value system by the stakeholders.

    Ajimobi said: “The problems we are having now is that we have left many things we ought to do undone and leave for God to do. We are only celebrating survival today as this is not the level the Conglomerate ought to be. Our value system is gone. Our value system must be rejuvenated. Odu’a Investment must be re-invigorated.”

    He urged the management of the company to sit tight in its operation by investing more in agriculture especially in the area of cassava production in which the state (Oyo) and its counterparts in the Southwest geo-political zone has comparative advantage.

    The governor said the company should in its bid to generate more profit partner with other corporate organisations to manage some of its infrastructure and avoid bottlenecks.

    Representatives of the other state governments spoke in the same vein and called for massive investment in other sectors of the economy particularly hi-tech agriculture in which the jobless youth from the geo-political zone could be gainfully absorbed.