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.
Mr. Hussaini Ishaq-Magaji, SAN, registrar-general of the Corporate Affairs Commission (CAC), said the commission is determined to end delays in business registration and service delivery through new digital reforms.
Ishaq-Magaji stated this on Monday at the CAC Stakeholders’ Forum held in Kano, which brought together lawyers, business owners, EFCC, ICPC, and other partners to review challenges and reforms in the commission’s service.
He said the commission had inherited an overstretched registration portal that was unable to cope with the growing demands triggered by compliance initiatives such as mandatory registration of Point-of-Sale (PoS) businesses and annual returns filing.
According to him, the situation created a backlog of applications and placed an unfair burden on customers and staff. “Our call centre and operational departments receive no fewer than 3,000 emails daily, with less than 100 staff attending to them.
“This model is not sustainable and not fair to our customers or our staff. That is why we resolved to change it for good,” he said.
The registrar general explained that the commission had introduced an Artificial Intelligence-powered portal capable of reading and routing thousands of customer requests within seconds.
He added that the AI system, launched in June, had successfully reduced the time for business name registration to less than 10 minutes, a feat he described as unprecedented globally.
“Anywhere you are, without knowing anyone in CAC or paying a middleman, you can register a business name and get your certificate instantly in less than 10 minutes. That is the new Nigeria we are building,” he said.
He, however, acknowledged that other services, such as limited liability company and incorporated trustee registrations, were still experiencing delays due to backlogs, with about 7,000 pending applications being handled by only 63 registry staff.
The registrar-general assured stakeholders that further phases of the digital reform would address these gaps, stressing that technology was now a necessity for the commission to deliver its mandate.
Also speaking, Ahmed Abubakar, Chairman, Nigerian Bar Association (NBA), Ungogo branch, commended the commission for its digital reforms, describing them as a “remarkable achievement.”
Similarly, Usman Umar-Fari, Chairman, NBA Kano branch, urged the CAC to encourage companies to fulfill their corporate social responsibilities and create more opportunities for lawyers.
Nigeria Police Force has announced that it will begin enforcing the use of tinted glass permits nationwide on October 2, 2025.
SP Shi’isu Adam, Public Relations officer, Jigawa State Command, disclosed this in a statement in Dutse, the state capital.
According to him, online registration and application for the permits is ongoing, and members of the public are urged to follow the stepwise process on possap.gov.ng for a smooth application.
He explained that applicants must create an account using their NIN, BVN, or TIN, verify their account via email, then log in to select the Tinted Glass Permit service and upload their vehicle details along with supporting documents.
“Applicants must carefully confirm all details before submitting their requests and making payments as directed on the portal,” SP Adam emphasised, urging accuracy for fast processing.
He added that after the application, vehicle inspection, and fingerprint biometric capturing will be scheduled at the designated Nigeria Police Force Intelligence Departments.
For Jigawa applicants, Adam confirmed that biometric capturing would be done free of charge at the State Intelligence Department, located at the Police Headquarters in Dutse.
He also warned motorists against patronising unauthorised individuals attempting to exploit the permit process.
“This initiative promotes transparency and ensures road safety for all,” the PPRO said, stressing the command’s commitment to accountability.
The statement further called for cooperation from the public to ensure the smooth enforcement of laws and a safer driving environment statewide.
It added that compliance with the directive safeguards motorists legally and helps combat illegal window tinting.
“Those planning to apply are advised to begin registration promptly ahead of the enforcement date,” SP Adam stated.
How can Africa remain safe and powerful in a world being rapidly redefined by Artificial Intelligence? That pressing question will take centre stage at the 13th Digital Africa Conference & Exhibition (DACE), scheduled for October 28–29, 2025, in Abuja.
The two-day gathering will be anchored by two powerhouse keynote speakers: Dr. Armstrong Takang on Day 1 and Prof. Latif Ladid on Day 2, each bringing unique expertise to Africa’s digital sovereignty conversation.
Dr. Armstrong Takang, Managing Director/Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), will open the conference with a keynote that situates Africa’s digital sovereignty within the broader context of economic reform, institutional innovation, and strategic governance.
A consummate professional and visionary thinker, Dr. Takang has spent decades bridging the gap between public reform and private investment across Africa and the United States. Before his current role at MOFI, he served as Special Adviser to the Honourable Minister of Finance, Budget and National Planning, where he led the MOFI Transformation Team.
His career includes leading Growth Alliance Partners (GAP), a pan-African firm that helped turn around several businesses to create shareholder value, and working at KPMG in New York.
He has been instrumental in designing and implementing key national initiatives such as the Integrated Payroll and Personnel Information System (IPPIS), the Voluntary Asset and Income Declaration Scheme (VAIDS), and the ICT components of EFCC/NFIU systems.
Dr. Takang has also chaired national ICT committees and contributed to landmark policies, including Nigeria’s Content Development in ICT and the country’s 50-year Development Plan. His keynote will highlight how digital and financial sovereignty intersect to secure Africa’s long-term competitiveness.
On the other hand, Prof. Latif Ladid, Founder & President of the IPv6 Forum and Chair of the AI & Blockchain Global Forum, brings decades of global leadership in internet architecture, digital policy, and emerging technologies.
His expertise spans across pivotal roles from IEEE Future Networks to the Internet Society, 3GPP, and EU research on next-generation networks.
Organizers say his keynote will set the tone for the conference, unpacking how Africa can assert digital sovereignty, safeguard its data, and lead in shaping the ethics and standards of AI on the global stage.
“This year’s theme, ‘Sovereign Intelligence: Africa’s Voice in the Global Digital Order,’ isn’t just a concept, it’s a necessity,” said Dr. Evans Woherem, Chairman of Digital Africa Consult. “Prof. Ladid’s keynote will highlight what it takes for Africa to remain safe, independent, and powerful in the new AI era.”
At a time when global powers are racing to define AI norms and secure digital dominance, Africa risks being left behind if it fails to act. Much of its technology remains imported, its data stored abroad, and its languages invisible in mainstream AI systems.
DACE 2025 is designed to change this narrative, by equipping Africa with the tools, strategies, and partnerships to become a proactive co-author of the digital future.
The conference will feature high-level dialogues on digital sovereignty, policy innovation, and cross-border cooperation, alongside exhibitions of homegrown startups, developer workshops, and showcases of African-built AI tools for health, agriculture, finance, and education.
Beyond the panels and showcases, DACE 2025 is expected to produce a concrete roadmap for Africa’s digital sovereignty.
“This isn’t just about technology,” noted Woherem. “It’s about agency, safety, and independence. With Prof. Ladid setting the stage, we hope to leave Abuja with a united vision of Africa’s place in the global AI order.”
With delegates expected from across Africa and the world, the two-day gathering promises to be a defining moment in the continent’s digital journey.
Tango Brook Technologies Partners with AfriGO on its Smart Fuel Management System – The Tango Fuel Card
Airtel Africa Foundation Commits to Improving 10 million Lives in Africa by 2030
Firm Warns Travellers of AI-powered Attacks Targeting Hotel Guests
REA Provides Electricity Access To 8 Million Nigerians
Exhibitors Hail FNITCC Atlanta as Catalyst for Nigeria’s Non-Oil Export Expansion
General News3 days agoLBS Described Digital Transformation in Banking, Others as Fueling Nigeria’s Economic Evolution
E-Business3 days agoExperts Seek Engagement on AI Adoption for Governance Standards
News3 days agoFire Incident: Afriland Properties Attributes Afriland Towers Blaze to Inverter Room Malfunction
E-Business3 days agoNITDA Empowers 3,600 Teachers Nationwide to Lead Nigeria’s Digital Literacy Transformation
News3 days agoMTN Nigeria Backs Cloud Accelerator Program with N100m
News3 days agoPenCom Redesigns Pension Plan, Targets Informal Sector
Telecom2 days agoAirtel Africa Extends $100M Share Buyback Plan
E-Financial3 days agoWema Bank Introduces Static Wallets, Instant Settlement Features on ALATPay