News
Odu’a Investment Declares N1.961Bn as Profit Before Tax

Odu’a Investment Company Limited at it’s Annual General Meeting (AGM) held yesterday in Lagos declared N1.961billion as profit before tax.

The General Meeting approved, among other resolutions, the company’s financial statements for the financial year 2023 as well as the payment of a cash dividend of N428 million to its Shareholders.
Otunba Bimbo Ashiru, the group Chairman of Odu’a Investment, while announcing the modest 7% growth in operating revenue from N3.68 billion in 2022 to N3.95 billion in 2023 reiterated that despite the economic headwinds of 2023, it was another year of good performance by the company as it posted a Profit Before Tax of N1.96 billion.
Otunba Ashiru expressed satisfaction that with improved collaboration and synergy within the Group and leveraging shared services, cross selling, joint marketing and astute business innovation, Odu’a Investment is translating the timeless vision of the founding fathers of the company into reality by the implementation of the Group’s 5-Year Strategic Plan which aims to sweat, create and revive businesses and assets to deliver continuous growth and value to shareholders and stakeholders.
According to him, notable events in the year under review included the commissioning of the Phase 1 of Westlink Iconic Villa, Alakia, Ibadan comprising 67 residential units of 3-bedroom apartments, 4-bedroom and 5-bedroom duplexes; the launching of the Odua Investment Foundation and its flagship Educational Intervention Project tagged ’’Digital Education for Innovation & Economic Development (DEFINED)’’.
“Odu’a Investment also secured its first ever Credit Rating in 2023 with Agusto & Co awarding it ‘’A’’ Rating with a Stable Outlook attributed to its deft management and ’’ … good operating cashflows supported by its diversified income streams and portfolio of subsidiaries and associates’’.
Mr Adewale Raji, the group Managing Director/CEO, who officially will be retiring on 31st May, 2024 in his report, appreciated all the esteemed shareholders for the opportunity given to him to serve the company for two successive terms lasting 10 years during which the Group with their support enthroned a new corporate governance framework that depoliticized its operations, appointments and management.
Mr. Raji said the Group in this past ten years witnessed repositioning that was driven by her SRC – 2025 Strategy (i.e. Sweat, Revive & Create) to be a lean non-operating investment holding company focused on 8 sectors of Real Estate, Hospitality, Financial Services, Agriculture, Energy/Power, ICT/Digital, Healthcare/Pharmaceuticals and Logistics/e-Commerce.
“It is such focus on “Sweating’’ that necessitated the consolidation of the entire Group real estate portfolio under our Wemabod Limited subsidiary leading to the massive redevelopment either through own resources or joint venture partnerships of our real estate portfolio to optimize yield and return.
“Revive’’ is manifesting in our renovation and redevelopment of Premier Hotel at Ibadan with significant progress made in both the existing building and new developments on the site with phased re-opening starting in H1 of 2025. “Create’’ reflects in the significant step up in our BITA Exploration and Production Ltd marginal field (PPL 249) funding thrust to implement the Field Development Plan with our partner, Pioneer Global Energy Resources.
The company expects that once these funding and regulatory requirements are met; it will be able to achieve ‘’First Oil’’ within Q1 of 2025. All these translated to remarkable success in its financial performance, corporate governance, risk management, and asset optimization across its chosen sectors.
He noted that in real terms, OICL Profit Before Tax for 2023 actually increased by 62% to N1.772 billion from N1.092 billion in 2022 if we strip off Revaluation Gains arising from our Investment Properties portfolio in both years. He also recounted that the financial year 2023 will be the 10th consecutive year that the company will be paying dividends to Shareholders with the cumulative amount paid in this past decade amounting to N3.11 billion.
In his review of the operating environment, Mr. Raji expressed optimism that President Bola Ahmed Tinubu administration’s pursuit of a market-driven approach to resolving underlying problems of the economy will attract long-term investments into the country to fund infrastructure and social services that includes roads, rail, power, healthcare, education, etc that will translate into sustainable economic and human capital development.
In closing, Mr. Adewale Raji expressed confidence that under the leadership of Mr. Abdulrahman Yinusa, the incoming GMD/CEO of OICL, the company will deliver on the ongoing redevelopment of the hotels in the Group, new pipeline of premium residential and commercial redevelopment projects, securing viable joint venture partnerships for the agriculture portfolio, achieve ‘’First Oil‘’ in the implementation of the field development plan of BITA marginal field, and facilitate the company’s mainstream participation in the turnaround of the power/electricity sector.
News
Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.
According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.
The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.
The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.
Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.
Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.
MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.
“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.
Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.
Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.
Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.
However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.
In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.
News
SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”
SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”
In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”
According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”
SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”
SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”
The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”
“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.
“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”
News
FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.
“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.
He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.
Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.
He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.
The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.
“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.
Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.
He said the system allows real-time monitoring of activities on the bridge and surrounding waters.
Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.
He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.
According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.
He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.
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