The Group Chairman of Odu’a Investment Company Limited (OICL), Otunba Bimbo Ashiru, has reaffirmed the company’s commitment to driving economic growth in Southwest Nigeria, describing it as a “beacon of economic development” in the region.
Speaking at a media parley held at Cocoa House, Ibadan, Ashiru highlighted OICL’s remarkable transformation, emphasizing its role in fostering corporate excellence, regional development, and investment opportunities.
He noted that the company, established in 1975, has continuously demonstrated resilience and adaptability, ensuring sustainable economic impact.
“OICL has consistently delivered unbroken dividend payments to our shareholder states for 11 consecutive years, alongside significant increases in revenue and profit before tax. This is a testament to our strategic initiatives and leadership dedication,” Ashiru said.
According to him, OICL’s transformation is anchored on its five-year strategic plan, SRC 2025 (Sweat, Revive, and Create), aimed at optimizing assets, revamping struggling businesses, and creating new ventures in line with Nigeria’s economic direction.
He said The company has expanded its footprint across key sectors, including agribusiness, oil and gas, real estate, hospitality, digital technology, and healthcare.
Notably, OICL was recently upgraded to an “A+” credit rating by Agusto & Co., reflecting its strong financial performance and corporate governance standards.
In education and technology, Ashiru revealed that through the Odu’a Investment Foundation, the company launched the Digital Education for Innovation and Economic Development (DEFINED) project, aimed at promoting digital literacy in primary and secondary schools across Southwest Nigeria.
The initiative includes the Byte Busters after-school coding club, which has enrolled over 1,000 students and plans expansion across the region’s 137 local government areas.
In the area of hospitality, Ashiru said OICL is remodeling its hotels, including Premier Hotel in Ibadan, Lagos Airport Hotel, and Lafia Hotel.
The Premier Hotel is undergoing a major redevelopment to double its room capacity, establishing it as a top destination for meetings and conferences.
Meanwhile, Lagos Airport Hotel is set to transform into a multi-use commercial and entertainment hub.
For real estate, Ashiru disclosed that the company has restructured its real estate portfolio, placing property management under Wemabod Limited, now one of Nigeria’s largest property firms. Key projects such as Westlink-Iconic Villa (Ibadan), Westlink Aurora (Ikeja GRA), and Sugarland Lekki are set for completion in 2025.
OICL is also securing funding for the BITA Marginal Oil Field’s development while exploring partnerships in the electricity sector to enhance energy access in Southwest Nigeria.
In healthcare, OICL is collaborating with Iwosan to develop a Medical Park, aiming to provide world-class healthcare services and reduce medical tourism.
Meanwhile, the iconic Cocoa House, which marks its 60th anniversary this year, is undergoing modernization under Project Enhance, including renovations to the 21st floor, reception, and car park.
Looking ahead, Ashiru emphasized OICL’s commitment to innovation, sustainability, and strategic growth.
“The actions we take today will serve as the foundation for a more prosperous and dynamic future for OICL and the entire Southwest region,” he stated.
He also expressed appreciation to the shareholder states, board members, employees, and the media for their continued support in driving the company’s vision.
The Group Managing Director, Mr. Abdulrahman Yinusa, disclosed that OICL is finalizing its Strategic Plan 2026-2030, focusing on leveraging technology for innovation and operational efficiency saying Key 2025 projects include Mechanized farming of cassava, maize, and soybeans, Expanding real estate developments, Launching SWIT’s incubation hubs to support startups and job creation
He reiterated OICL’s commitment to fostering public-private partnerships and empowering youth through initiatives like the DEFINED project, which promotes digital education and entrepreneurship across the Southwest.
During an inspection of the ongoing reconstruction of Premier Hotel, the site engineer assured that the structural aspect of the project will be ready by March 2025.
Addressing speculation that OICL has sold the hotel, Ashiru clarified:“The reconstruction is being done in partnership with a firm to make Premier Hotel a world-class standard and provide excellent services to the people.”
He further disclosed that the hotel’s capacity is increasing from 82 to 154 rooms, with additional state-of-the-art facilities to enhance guest comfort.
Chief of Staff to Governor Seyi Makinde, Otunba Segun Ogunwuyi, who was also at the site, expressed optimism that the project, when completed, will position Premier Hotel as one of the best hospitality destinations in the region, creating job opportunities for residents in Oyo State.
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