By Dele Ogunyemi, Ibadan
Odu’a Investment Company Limited has declared the sum of N849m as profit for the 2018 financial year out of which a total of N292million has been approved as dividends to the company’s shareholders comprising the six South West State Governments including Lagos State.
The Group Chairman, Engr. Olusola Akinwunmi who announced this at the 37th annual general meeting of Odu’a Investment in Ibadan on Wednesday disclosed that the Board had resolved to make the Conglomerate the engine room for the economic development of the southwestern region.
Akinwunmi while announcing the 22 percent increase in profit before tax from N698million in 2007 to N849million in 2018 reiterated that this was as a result of the concerted effort by both board and management to reposition the organization.
The Group Chairman assured shareholders of the company’s commitment to strict adherence to highest standards of corporate governance and ethical leadership, noting that the total sum of N1.208billion has been paid to the shareholders in the last five years.
Also addressing the meeting, the Managing Director of Odu’a Investment, Mr. Adewale Raji said that improvement in the Company’s financial results were driven by disciplinary operational performance and focused efforts to transform its business models to one in which all constituent units are operating and contributing as a proper going concern that is responsible and discharging to the expectation of shareholders and stakeholders alike.
Raji further recalled the remarkable measures that have been taken to improve the company’s business process, including the adoption of an enterprise risk management framework to insulate the group’s businesses against environmental and technological threat.
According to him, the Conglomerate will continue to forge ahead in assimilating more private sector principles in organizational structure, benchmarks and performance measurements and develop more business models that leverage on the socio-economic competitiveness and comparative advantages of all southwestern states.
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