Why Insiders Say Bimbo Ashiru Is Having A Blast As Chairman Of Odu’a Investment

Insiders insist that Abimbola Ashiru is having one hell of a good time as the Chairman of Odu’a Investment Company Limited (OICL).

And the Governors of the states that own the investment company—Lagos, Ogun, Oyo, Ondo, Ekiti, and Osun—confirm this development with yet another commendation to the board and management team, led by Ashiru, for their ongoing landmark repositioning.

Ashiru, from Ogun State, was appointed Chairman in June 2022 after serving as a board member since May 2020.

Backed by experience as a former top-level bank chief and a two-term Commissioner for Commerce and Industry in Ogun State (2011 to 2018), Ashiru has shepherded initiatives that have significantly boosted the operations of Odu’a Investment since he became Chairman.

Under the leadership of the former gubernatorial aspirant, there has been expansion into the oil and gas sector, sources confirmed.

Checks revealed that OICL ventured into upstream oil exploration by securing the license for the BITA Marginal Field (PPL 249) through Bita Exploration & Production Company Limited (BEPL), a joint venture with Pioneer Global & Resources Limited, marking a rewarding entry into the nation’s high-yield energy sector.

Sources also confirmed that Ashiru’s unfolding tenure has seen a reawakening of the investment company’s different business frontiers, including hospitality assets.

Those in the know revealed that Ashiru spearheaded the redevelopment of Premier Hotel in Ibadan, aiming to transform it into a 150-room, five-star facility with state-of-the-art amenities.

“This project reflects the desire to elevate hospitality standards in the region, with Premier Hotel as one of the major agents of change,” according to insiders.

Also among the undertakings earning the Ashiru-led board praise from the governors of the Southwest states is the investment company’s increasing stake in real estate development.

Information available indicates that Ashiru—whose tenure as Ogun State Commissioner for Commerce and Industry saw a surge in internally generated revenue by 1,279.84%—has propelled Odu’a Investment into executing real estate projects, including: Westlink Iconic Villa, Ibadan -Launched in February 2023, offering 67 residential units in partnership with Chapter 4 Estates Ltd; Westlink Supremacy Court, Lagos – Located in Ikeja GRA, comprising 20 premium housing units with luxurious amenities; West Heritage Court, Lagos – Situated in Palmgrove, featuring 12 modern three-bedroom flats; Westlink Clinton’s Court, Ibadan – A serene estate in Iyaganku, offering 16 four-bedroom units, each with a boys’ quarters.

Close watchers of events revealed that the most telling sign of how well Ashiru is doing is the combination of earnings from different initiatives, translating into consistent financial performance and dividend payouts.

Findings revealed that despite economic challenges, OICL declared a profit before tax of ₦1.961 billion for the 2023 fiscal year, with operating revenue growing by 7%, from ₦3.68 billion in 2022 to ₦3.95 billion in 2023.

And the company maintained a dividend payout of ₦428 million to its shareholders, marking the 10th consecutive year of dividend payments and totaling ₦3.11 billion over the decade.

In a strong indication that everything is not just primed for making money, Ashiru, in July 2023, announced the creation of the Odu’a Investment Foundation.

Aimed at promoting social responsibility, the Chairman disclosed that the foundation focuses on youth empowerment, education, and healthcare, with the goal of enhancing the welfare of people in Nigeria’s Southwest region.