World Report

or almost 30 years Odu’a Investment Company has been successfully investing and reinvesting in Nigerian enterprises, and today is one of the leading indigenous conglomerates in West Africa.
Now the company is restructuring to meet new challenges and is seeking to divest majority shares in its diverse range of businesses to core investors.

Odu’a Investment was founded, and is still owned, by the state governments of Ekiti, Ogun, Ondo, Osun and Oyo, and as such stands as a leader in the economic and social development of the southwestern (Yoruba) states of Nigeria.

Although it came into being as a holding company in 1976, virtually all its subsidiaries and associated companies rank among the oldest industrial and commercial enterprises in Nigeria. Included among them are leading enterprises like National Bank of Nigeria, Lagos Airport Hotel, West African Portland Cement, Nigerite, Great Nigeria Insurance Company and Odu’atel.

Indigenous firm seeks new funds to diversify and expand its operations

The company has some 16 direct subsidiaries and numerous associated companies, minor holdings and sundry holdings representing investments that cover a wide spectrum of economic activities from textile mills, real estate, breweries, commercial banking, insurance to manufacturing, hospitality, farms, printing, telecommunications and even oil and gas.

Iyabode Apampa
Chairman of Odu’a Investment

‘In three years, we hope to be able to compete with any company in Nigeria’

INTERVIEW

Last year the board of the company committed itself to a repositioning programme in which the entire portfolio was reviewed. The objective of the subsequent four-year rolling plan is to achieve a quantum leap in Odu’a Investment’s profitability by reducing its holding in some companies and undertaking fresh investment in new, high growth sectors and businesses.

Chairman Iyabode Apampa (INTERVIEW) explains that the objective is to take the company to new heights. “One of the ways we can do this is to restructure to meet modern challenges especially in the area of technology, telecommunications and so on. Our hope is that in another three years, Odu’a will be able to compete with any company in Nigeria.

Adebayo K. Jimoh
Group MD of Odu’a Investment

‘Our vision is to multiply the effect into the growth of the whole country’

INTERVIEW

“Our aim is to diversify,” adds Mrs Apampa. “We need expansion, and we cannot expand without funds. That is why we have started initial public offerings in many of our subsidiaries. We want to retain 40 per cent in all the companies we have.”

Adebayo Jimoh (INTERVIEW), Group Managing Director, highlights the broader perspective. “This company has stakes in every aspect of the economy. Our vision is to help drive the economy of this part of the country, and to multiply that effect into the growth of the whole of Nigeria.”