Odu’a Investment Company Limited also known as OICL is a strategic investment and asset management firm founded in 1976 to hold and manage the industrial and commercial assets of companies owned by the government of the SouthWestern State of Nigeria( Lagos, Ekiti, Osun, Oyo, Ondo and Ogun).
It started off as Western Nigeria Development Corporation(1959 -1973) and then Western States Industrial Investment and Credit Corporation (1973-1976).
For the company, the central thrusts of the new management’s strategy include sustainably improving returns by sweating existing assets, reviving moribund businesses within its portfolio or optimising its assets and creating new businesses across our priority sectors (Agriculture, Healthcare, Real Estate, Hospitality, Financial Services, Energy, ICT and Transportation and Logistics).
They have established new outfits known as South West Agriculture Company Limited (SWAgco), Bita Exploration and Production Limited, South West Innovation and Technology Limited (SWIT), Wemabod Estates, Glanvill Enthoven Insurance Brokers among others, to create jobs and grow the economy of the South-West region.
Some of their recent activities include ;-
In the areas of property and facility management, Odu’a Investment Company Limited’s properties were officially handed over to Wemabod for management, making it one of the largest property management companies in the country by asset under management.
Plans are fully underway to significantly upscale Wemabod properties. Most recently WEMABOD signed an agreement with Ekiti state on three key areas— development of the informal sector of the state, real estate investment and housing scheme.
In June 2022, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) handed over the license for the BITA Marginal Field covered by PPL 249 ( located in Ondo state) to Bita Exploration & Production Company (BEPL), the Special Purpose Vehicle (SPV) jointly owned by Odu’a Investment Company Limited and Pioneer Global and Resources Limited.
Work is ongoing to operationalise the field in the near term. Chevron has shown interest in the operation. OICL aim to start drilling by the second quarter of 2024.
Yes, beyond private oil well in the region, SW states through Odua investment now have the own exclusive oil field. Odua investment also has exploration license to discover and develop further field within the region.
It means states like Ekiti and Osun with zero oil well, by virtue of the above arrangement, have become stakeholders to an oil field and many more to come.
There is also South-West Agricultural Company Limited (SWAgCo), a subsidiary of OICL, which has commenced work on revitalisation of the agricultural assets across the South-West region.
These include seeking partnerships for the development of the group’s land assets of about 40,000 hectares, operationalising land assets, and partnership with third party players to develop other critical agriculture infrastructure assets in the region, which cut across rice, maize, soybean and cassava value chains.
There is also the Odu’a Investment Foundation (OIF) an independent social corporate arm of OICL to give back to the society and improve the life and livelihood of the citizenry within the confines of the owners’ states. Three-priority focus of the Foundation is youth empowerment, education and healthcare.
Premier hotel Ibadan has been shut down and handed over to a partner that will help transform it to a 5 star hotel. Premier Hotel is to be remodeled from an 87-room hotel to a 150-room five-star hotel.
The redeveloped hotel will be equipped with world-class conferencing facilities, restaurants, recreational facilities and ample parking. The project is expected to be delivered in the first quarter of 2025.
Lagos Airport Hotel is set to be repositioned to be a global destination for conferencing, banqueting, entertainment and leisure.
The South West Innovation and Technology Limited (SWIT) another subsidiary, met with HM Bosun Tijani last week seeking collaboration with his Ministry for the development of ICT in the region.
New investment initiatives are to target eight selected sectors of the economy, identified as; Real Estate, Hospitality, Healthcare, Agriculture, Transportation and Logistics; ICT & Digital, Energy, and Financial Services.
There is, however, a strategic intent to dilute ownership in some of the investments where Odu’a currently has 100 percent ownership, while limiting shareholding in new ventures to minority holdings as may be necessary. There are also plans to seek partners that will provide capital and technical expertise to run these businesses.
All I can say is, may God bless Baba Obafemi Awolowo. May he continue to Rest In Peace.
– Ope Akinyemi.
