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.

By Diana Tenebe, Chief Operating Officer, FoodStuff Store

Nigeria’s agricultural sector has long been a significant contributor to national growth, with the potential to further reduce poverty. This sector, encompassing crop production, livestock, forestry, and fishing, has the potential to hold export opportunities and can strategically become the engine for economic prosperity, given Nigeria’s large population.

Undoubtedly, agriculture remains a top contributor to Nigeria’s GDP. Statistics show it contributed around 23.69% in 2022, ranking behind the industry (30.78%) and services (22.04%) sectors. However, the sector’s contribution has declined.

In the first quarter of 2023, it fell to 19.63%, compared to 21.09% in the same period of 2022 and even lower than the 24.90% of Q4 2022. On sectoral contribution to the GDP, the agriculture sector declined to 25.18% in 2023 from 25.58% in 2022.

In recent times, the agricultural sector in Nigeria has faced challenges that would require urgent need for strategic interventions to address the many-sided issues. 2023 revealed a historic decline in Nigeria’s agricultural output, from the removal of fuel subsidies that increased the cost in logistics and production expenses to insecurity that has forced farmers to stay away from their farms, climate change, the redesign of the Naira, inadequate storage infrastructure,  insecurity led to the country’s food inflation that surged to 35.41% in January 2024.

While a holistic approach is needed to tackle the problems facing the agricultural sector in Nigeria, the adoption of technology and innovation can prove to be a powerful tool in tackling the food insecurity in Nigeria and ensuring the citizens have access to the nutritious food that they need especially from smallholder farmers.

Digital marketplaces are tech solutions that can bridge the food security challenges in Nigeria. Smallholder farmers often have limited access to markets, struggling to connect with buyers, leading to post-harvest losses and reduced income. They lack efficient distribution networks and constantly work with distribution systems that can be complex and prone to waste. Additionally, farmers lack critical information on market prices, weather conditions and best practices.

Digital marketplaces have the potential to revolutionise the Nigerian food system and address food security challenges by connecting farmers directly with consumers and businesses, reducing reliance on middlemen and increasing profit margins for farmers. Logistics can be streamlined by connecting farmers with transportation and storage providers, minimising waste and ensuring timely delivery. Additionally, there is an opportunity for enhanced transparency between farmers and consumers especially with respect to pricing, reducing exploitation and promoting fairer pricing. Market trends are also easily available through digital marketplace platforms to make farmers make informed decisions.

Nigerian Agritech companies and start-ups are dedicated to helping farmers achieve maximum crop yield through their work. Foodstuff Store exemplifies this commitment, utilising technology to connect customers and businesses with raw and processed food products directly from smallholder farmers and whole food suppliers at affordable prices, adding value to the food supply chain.

Despite the potential, challenges remain. Limited internet access, digital literacy, inadequate infrastructure hindering deliveries, online security concerns, and trust issues for both farmers and consumers need to be addressed.

Investment in rural infrastructure, digital literacy programs, public-private partnerships to promote digital agriculture, and access to financial services like mobile money can create a more efficient, inclusive, and resilient food system. A tech-driven agricultural sector has the potential to not only eradicate hunger but also empower farmers, create jobs, and propel Nigeria towards a food-secure future.

The VaxSocial Initiative, spearheaded by Global Impact in collaboration with the African Health Organisation (AHO) and Gavi, has announced the selection of seven organizations to receive funding totalling  $12 million.

This initiative, focused on harnessing the power of social media to bolster vaccine confidence, marks a significant step forward in combating vaccine hesitancy and promoting public health awareness.

The selected organizations from India, Indonesia, and Nigeria were carefully chosen to explore innovative approaches that leverage social media and behavioral science to empower populations to make informed decisions regarding vaccination.

Among the esteemed recipients from Nigeria are as follows:

Nivi and Save the Children,

HelpMum and Behavioral Insights Team, and

Upswell in collaboration with the Behavioral Insights Lab, Silver Lining for the Needy Initiative, and WellaHealth.

The other four recipients include:

GroupM Media India PVT. LTD. (India)

Center for Indonesia’s Strategic Development Initiatives (Indonesia)

Global Health Strategies Emerging Economies PVT. LTD. (Indonesia), and

IPSOS and M&C Saatchi World Services (Evaluator)

This initiative comes at a critical juncture as Nigeria, like many countries globally, grapples with vaccine hesitancy and misinformation. By leveraging the vast reach and influence of social media platforms, these organizations aim to educate and empower communities, particularly in rural and underserved areas, to overcome barriers to vaccination.

Drew Otoo, president of Global Vaccines at MSD, expressed enthusiasm for the initiative’s next phase, highlighting the potential of social media platforms in shaping healthcare decisions. Lu’chen Foster, Senior Director of Social Impact Partnerships at Meta, reiterated Meta’s commitment to supporting global health outcomes through innovative approaches.

Augustin Flory, managing director at Gavi, emphasized the importance of partnerships with the private sector and technology in driving impactful interventions in immunization programs.

The VaxSocial Initiative represents a collaborative effort to bridge the gap between research and implementation, paving the way for evidence-based strategies to enhance vaccine confidence and uptake.

With Nigeria actively participating in this initiative, there is hope for a brighter future where vaccination is embraced as a crucial component of public health, safeguarding communities against preventable diseases.

As these projects unfold, they have the potential to serve as models for scalable and replicable approaches to vaccine advocacy, not only in Nigeria but across the globe.

Through collective efforts and strategic partnerships, we can build a healthier and more resilient world, where every individual has access to life-saving vaccines and the knowledge to make informed healthcare decisions.