Odu’a Investment Announces ₦23.58bn PBT, Targets ₦1tr Assets By 2030 As Kasali Succeeds Ashiru

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Odu’a Investment Company Limited (OICL) has recorded a historic Profit Before Tax (PBT) of ₦23.58 billion for the 2025 financial year, representing a 410 per cent increase over the ₦4.62 billion posted in 2024, as the conglomerate unveiled an ambitious plan to grow its asset base to ₦1 trillion by 2030.

The record performance was announced at the company’s 44th Annual General Meeting (AGM) held at the newly remodelled Premier Hotel, Ibadan, where shareholders also witnessed a leadership transition with the outgoing Group Chairman, Otunba Bimbo Ashiru, handing over to businessman and board member, Dr. Tola Kasali.

The AGM attracted representatives of the six South-West shareholder states, directors, management, investors and other stakeholders, who described the company’s performance as a remarkable turnaround in Nigeria’s corporate landscape.

Presenting the audited financial statements for the year ended December 31, 2025, Ashiru said group operating revenue rose by 78 per cent from ₦11.34 billion in 2024 to ₦20.22 billion in 2025, while PBT climbed to ₦23.58 billion.

He attributed the performance largely to fair value gains of ₦18.81 billion on investment properties, improved treasury management, strong performance in the Nigerian equities market and disciplined execution of the company’s strategic initiatives.

“The year under review was marked by several strategic milestones that have permanently repositioned the organisation,” Ashiru said.

Among the major achievements, he highlighted the completion and commissioning of the extensive remodelling of Premier Hotel, Ibadan, which was officially unveiled by President Bola Tinubu, represented by the Secretary to the Government of the Federation,[SFG] Senator George Akume. The hotel is expected to commence full commercial operations in the fourth quarter of 2026.

He also noted the celebration of the 60th anniversary of Cocoa House, the iconic Ibadan skyscraper, and disclosed that Odu’a Investment secured an upgrade in its credit rating by Agusto & Co. from A+ to Aa- with a stable outlook.

Ashiru said the improved rating reflected stronger corporate governance, prudent financial management and the company’s enhanced financial position.

Group Managing Director, Abdulrahman Yinusa, announced that the company had begun the process of obtaining its first international credit rating from a globally recognised agency to facilitate access to international debt capital markets and attract foreign investment.

Yinusa also disclosed that OICL had, for the first time in its history, produced fully consolidated financial statements covering the holding company and all its subsidiaries.

“This is a landmark achievement in our corporate governance journey. It provides an internationally comparable and transparent assessment of the collective strength of the Group,” he said.

The AGM marked the end of Ashiru’s four-year tenure as Group Chairman, during which he said the company was transformed from an “asset-rich but cash-poor” organisation into one that is both asset-rich and cash-rich.

Although stepping down as chairman, Ashiru will remain on the Board of Directors until 2028 to provide continuity.

In his acceptance speech, the new Group Chairman, Dr. Tola Kasali, praised his predecessor for repositioning the company through the successful implementation of its first strategic framework, SRC 1.0, meaning “Sweat, Revive and Create.”

“Under his visionary leadership, the company transitioned from being asset-rich but cash-poor to a strategy-led investment company that is now both asset-rich and cash-rich,” Kasali said.

He unveiled a new strategic roadmap, SRC 2.0 — “Sweat, Repurpose and Consolidate” — which, he said, would focus on maximising returns from existing assets, unlocking greater value from legacy investments and consolidating gains through stronger financial discipline and integrated planning.

According to him, the “Sweat” pillar will drive operational efficiency across existing assets, while “Repurpose” will transform underutilised assets into higher-value ventures.

Kasali cited the transformation of Premier Hotel into a modern five-star hospitality destination as a model for future projects, adding that Lagos Airport Hotel would be redeveloped into a mixed-use hospitality and commercial hub, while Lafia Hotel would also undergo revitalisation.

He further disclosed plans to reposition Cocoa Industries Limited for the development of a 50-megawatt Gas Independent Power Plant and transform the group’s agricultural assets into commercially viable farming and agro-processing hubs through strategic partnerships.

The “Consolidate” pillar, he explained, would strengthen the company’s balance sheet, deepen collaboration among subsidiaries and unlock operational synergies across the group.

Kasali announced ambitious targets for 2030, including achieving ₦30 billion in cash-backed Profit Before Tax, growing total assets to ₦1 trillion and increasing annual group revenue to ₦50 billion.

“The question before us is no longer whether we can survive, but how high we can soar. We are building on a solid foundation and remain committed to achieving these targets through disciplined execution and strategic oversight,” he said.

He assured the shareholder states of Oyo, Ogun, Osun, Ondo, Ekiti and Lagos of the board’s commitment to delivering sustainable returns, creating economic opportunities and driving development across the South-West.

Stakeholders at the AGM described the company’s latest financial performance as evidence of a successful turnaround strategy and expressed confidence that the new leadership would sustain the momentum towards positioning Odu’a Investment as one of Africa’s leading indigenous conglomerates.