In a bid to chart a new course to improve performance and increase the profitability of Odu’a Investment Company Limited, the company has mapped out ambitious growth plans that would re-position the organisation to fulfill the aspirations of the founding fathers and serve the interest of all the stakeholders.
The Group, owned by the six South-West States, is poised to operate with purpose and accountability with full engagement and inclusiveness of stakeholders.
This was part of the major resolution made during a two-day brainstorming strategy session facilitated by KMPG Advisory service, which was held at the Lagos Airport Hotel, Ikeja Lagos.
In attendance were for the company’s Board of Directors, Chairmen of the Board of Subsidiaries and Chief Executive Officers of its Subsidiary Companies and the Management team of Odu’a Investment and some special guests who are renowned entrepreneurs, subject matter experts and business leaders, technocrats and intellectuals.
The retreat articulated the building blocks for achieving the five years ambitious plan based on the strategic pillars of growth and expansion; Investment Excellence; Profitability and Efficiency; Governance and Reporting as well as People, Culture and Transformation.
Some of the resolutions arrived at during the retreat is the decision to focus investment in priority sectors of Real Estates, Energy including Oil and Gas, Hospital, Agriculture, Logistics and storage, Healthcare, ICT/Digital and Financial Services. Innovation mind set will underpin the activities of the entire group.
It agreed to ‘sweat’ the Group’s portfolio of assets to achieve an acceptable return on assets, reducing operating recurring cost significantly, ensure effective governance framework, oversight on the group and subsidiaries and also institute culture transformation initiatives to drive operational excellence.
The Group’s Vision, Mission Statement and Core Values were also revised to fit into the current restructuring and repositioning drive of the company as “To be a world-class conglomerate” and a new Mission Statement “To deliver sustainable returns for all stakeholders; enhancing the legacy for future generations” were agreed. It adopted a new Core Values of Respect; Integrity; Resilience; Innovation and Collaboration (R.I.R.I.C).
It was defined that core to achieving the aims and objectives of retreat outcomes would be active engagement of the Group’s employees to ensure staff understanding and buy-in into the new Vision, Mission Statement and Core Values to have a highly motivated workforce and enthrone a meritocratic culture to deliver on the organisation’s goals and objectives.
The Chairman of Odu’a Investment, Dr Segun Aina, charged participants on the need to take the company and its subsidiaries to a level that each and every one would be remembered for- delivering the Odu’a of our dream.
He noted the retreat has put in place required strategies needed to refocus, recalibrate and accelerate delivery Odu’a Investment’s desired result, according to him “the board’s priorities include delivering shareholder’s value and social impact which would be based on asset optimisation and efficient management of resources”.
He added that urgency and priority attention would be given to human capital development, digital transformation and creating joint ventures and alliances through strategic partnerships.
Some quick wins according to the Chairman included completion of a Corporate Governance reform in line with global best practice, recruitment of two Executive Directors and the appointment of two independent Non-Executive Directors, and looking at recruiting top individuals in the management level.
While noting that the transformation change in Odu’a Investment is mandatory, he enjoined the management and the staff to imbibe the change, the desired culture and have a common purpose to drive the organisation to the greater height that would result into making the organisation the economic powerhouse of the South-West nation and the strategic partner of the first choice.
Commenting, the Odu’a Investment Group Managing Director, Mr Adewale Raji, said, “ The retreat was a worthwhile effort for both the board and the management to agree on a common focus in moving the company forward and achieving a quantum leap with emphasis on Growth, Profitability and Sustainability”.
Prominent Guest Speakers at the retreat included Chief Segun Osunkeye, Mr Dotun Sulaiman formerly Head Accenture and currently Chairman Cadbury Plc and Financial Reporting Council, Mr Kunle Elebute, Chairman KMPG Africa, Mr Daniel Monehin, a Global Leadership Expert and Mrs Ifueko Omoigui-Okauro, former Chairman of FIRS.
