Odu’a Investment Company Limited has approved to pay its shareholders N418.4 million as final dividends for the 2021 financial year, representing a 15% increase compared to the N364 million paid in the previous year.
This was approved at the company’s 40th Annual General Meeting (AGM) held at the Lagos Airport Hotel on Wednesday, 22nd June 2022.
The meeting had the attendance of dignitaries such as the Governor of Ondo State, Oluwarotimi Akeredolu (SAN), the governor of Ogun State, Adedapo Abiodun, and other representatives of Lagos, Oyo, and Ekiti State.
Also, shareholders of the company were represented by the Secretaries to the State Governments (SSGs) of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos States.
The company posted a profit before tax of N9.37 billion in 2021 compared to N1.12 billion printed in the previous year. However, the Group Managing Director/CEO of Odu’a Investment Company, Mr. Adewale Raji explained that the PBT for the review year included revaluation gains of N7.11 billion.
Therefore, if the accounting gains were removed, the normalized PBT for 2021 will be N2.26 billion, which represents a 102% growth in profit against the N1.12 billion declared in the previous year.
Highlights of the meeting
- The shareholders approved the audited financial results for 2021.
- Approved the payment of N418.4 million dividends.
- Set up “The Odu’a Investment Foundation”, which is aimed at improving the company’s corporate social responsibility to the investing states.
- Approval of Otunba Bimbo Ashiru as the new board Chairman.
What they are saying
The Group Chairman, Dr. Segun Aina, OFR in his statement to shareholders stated that Profit Before Tax grew significantly by 149.8% from N3.75Billion achieved in 2020 to N9.37Billion, driven by the increased focus on the different areas of the business and gains in investment properties.
On the strength of this performance, the company increased its dividend pay-out by 15% to N418.4 million for 2021 Financial Year (2020: N364m). This marks the 8th consecutive year that the company is declaring and paying dividends to shareholders, he added.
Dr. Aina assured shareholders that the Board had put in various best practice governance policies in the year under review that will ensure the company’s investments create sustainable impact in the ensuing years.
He thanked the shareholders for the great privilege and rare honour to have been given the opportunity by shareholders to be the Group Chairman of Odu’a Investment between May 2020 and June 2022 and urged fellow Directors and Management to remain focused on the delivery of the Company’s 5 Years “SRC-2025” (Sweat, Revive and Create 2025) Strategic Thrust.
In his speech, the GMD/CEO, Mr. Adewale Raji reported that the company celebrated 45years since it commenced operations in November 2021 and that as part of the celebrations, the Odu’a Investment Foundation was established to positively influence the next generation of youths with focus on Health, Education and Youth Empowerment
“Our Agric Investment Subsidiary, SWAGCO Ltd (South West Agriculture Company), has begun to make significant effort in investing in agriculture opportunities that will drive capacity development for a new generation of commercial farmers and entrepreneurs. We have committed a large proportion of our land bank towards these efforts focusing on Cassava, Maize, Paddy Rice and Dairy.”
The company’s investment in Oil & Gas through acquisition of part of BITA Marginal Field and set up of BITA Exploration & Production Ltd with our JV partner is gathering momentum. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) that replaced DPR is currently finalizing the model for Licensing and Contracting documents that will govern the operations of the 2020 Marginal Field Bid Winners. This is the critical hurdle to scale to make the coast clear for a Field Development Plan and approval that will lead to achieving First Oi,” he added.
On technology and innovation, the incoming chairman of the board, Otunba Bimbo Ashiru noted that the company will be leveraging on technology and innovation in driving the company forward.
“The world is moving towards technology, and it is only right for us to adopt it too, I will be bringing in expertise from my many years of experience in the banking industry and as the former Commissioner for Commerce and Industry in Ogun State.”