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Oodua Investment Coy declares N5.2b profit, invests in oil, gas

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The Oodua Investment Company has declared N5.203bn as profit after tax for the year 2020.

The company made this known during its 39th Annual General Meeting held in Ibadan on Thursday.

It also said it had commenced the development of its recently acquired oil field to produce crude oil.

The News Agency of Nigeria reports that the company is jointly owned by South West States of Ogun, Ondo, Ekiti, Osun, Lagos and Oyo.

Chairman of the company, Dr. Segun Aina, said the profit of N5.203bn was an increase of 11.5 per cent over the N4.665bn profit declared in 2019.

Aina said N364m was the dividend payable to the beneficiary states for the 2020 financial year.

“We will ensure sustainable returns to stakeholders and enhance the legacy of the company for future generation; the least we can do is to grow it and make it better for the future generations.

“The five year growth plan from 2021 to 2025 will drive the group to become a world class conglomerate.

“With this plan, we believe that with the team we have, staff, management board and the support of stakeholders, we will surely achieve and even surpass it,” he said.

The chairman further said stakeholders had agreed to revive some of the moribund Odu’a companies as well as create new edifices.

Mr Adewale Raji, the Group Managing Director, said the COVID-19 pandemic had a slight effect on the hotels and real estate segments of the company.

Raji, however, said the company entered into the oil and gas upstream sector, where it won the bid for a marginal oil field located in Ondo State.

He said the company was in discussion with its partners on how to develop the field and produce crude oil.

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