Odu’a Group eyes first oil in 2025

Odu’a Investment Company Limited is targeting the first oil in 2025 through its BITA Exploration initiative as part of its drive to diversify its investment portfolio and strengthen its presence in Nigeria’s energy sector.

The group chairman, Bimbo Ashiru, disclosed this during the Odu’a Group Annual Directors Meeting, emphasising the importance of the initiative in driving long-term growth and enhancing the group’s revenue base.

“This is part of our strategic move to diversify and strengthen Odu’a Group’s investment portfolio. We are actively working towards securing funding for the BITA Exploration initiative, and we are optimistic about achieving first oil by 2025,” Ashiru stated.

The chairman also highlighted the group’s financial stability, noting revenue growth, improved profitability, and unbroken dividend payments to shareholder states for the past 11 years. He attributed this success to strategic cost management, portfolio rebalancing, and operational excellence under the SRC 2025 transformation journey.

Ashiru further revealed that Odu’a Group’s Agusto Ratings for Wemabod and OICL are A and A+, respectively, reflecting strong financial health and investment appeal. He added that the company anticipates stronger ratings in 2025.

The chairman emphasised the importance of strong governance, revealing that strategic initiatives such as the tenure review of subsidiary MDs and competency assessments are in motion to ensure sustainable leadership succession and operational efficiency.

On strategic partnerships, Ashiru disclosed collaborations with the DAWN Commission for regional economic integration and Iwosan Hospital Investment Limited to establish Medical Parks, enhancing healthcare infrastructure in the region.

The Group Managing Director, Abdulraman Yilusa, added that the BITA Exploration initiative is a testament to Odu’a Group’s resilience and forward-thinking approach despite Nigeria’s challenging economic landscape. He emphasised that the group remains optimistic about the future, noting that strategic investments like BITA Exploration would bolster financial stability and shareholder value.

“As we work towards achieving first oil in 2025, we are strategically aligning ourselves with industry partners to optimise the BITA Exploration initiative. This project is crucial for our long-term sustainability and growth, and we are committed to seeing it through,” Yilusa stated.

The company reiterated its commitment to maintaining strong governance and financial discipline, emphasising that the BITA Exploration initiative would be managed with transparency and accountability to ensure maximum returns for shareholders.

The PUNCH reported that the Group Chairman of Odu’a Investment Company Limited, Otunba Bumbo Ashiru, has said the redevelopment of Premier Hotel will gulp over N20bn.