Group hinges financial success on operational discipline

GROUP Managing Director and Chief Executive Officer of Odu’a Investment Company Limited, Adewale Raji, has hinged the improvement in financial results of the company on disciplined operational performance.

Speaking during the 37th Annual General Meeting (AGM) of the company held in Ibadan, Raji espoused that the improvement in financial results was also due to efforts to transform its business models to one that is responsible and discharging to the expectations of shareholders and stakeholders alike.

Mr Raji informed that measures have been taken to improve the company’s businesses, adding that an Enterprise Risk Management framework has been adopted to insulate the group’s businesses against environmental and technological threats.

“The company will continue to forge ahead in assimilating more private sector principles in organisational structure, benchmark and performance measurements and develop more business models that leverage on the socio –economic competitiveness and comparative advantages of all south western states,” he stated.

He said the company recorded profit before tax of N849million, dividend of N292million payable for FY 2018 and dividend of N1, 208billion paid in the last 5 years.

Mr Raji assured of the group’s increased involvement in agriculture and agribusiness so as to achieve growth, profitability and sustainability targets with economic and social outcomes.

In his remarks, the chairman of the company, Olusola Akinwumi, assured shareholders of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership.

Akinwumi reiterated that the 22 per cent increase in profit before tax from N698million in 2017 to N849million in 2018 was as a result of the concerted effort by both board and management to reposition the organisation.

Speaking on behalf of the six states present, the Secretary to the State Government of Ondo State,  Ifedayo Abeunde, lauded the company’s new investment and ideas.

While commending the group for the 2018 impressive financial result, Mr. Abegunde charged the group to look into the areas of oil and gas.

The shareholders of Odu’a Investment Company Limited included, Oyo , Lagos, Ondo, Ekiti, Ogun and Osun States.