Paragraph 1: Redevelopment of Premier Hotel, Ibadan: A Legacy Renewed
Odu’a Investment Company Limited (OICL), a prominent player in Nigeria’s economic landscape, has embarked on a significant redevelopment project for the historic Premier Hotel in Ibadan, Oyo State. This ambitious undertaking, estimated to cost over N20 billion (equivalent to approximately $25 million), aims to revitalize the iconic hotel and solidify its position as a leading hospitality destination. The redevelopment will significantly expand the hotel’s capacity, increasing the number of rooms from 87 to 154, thereby catering to a larger clientele and boosting tourism in the region. The project has already generated substantial employment, with around 200 individuals currently working on the site. The Chairman of OICL, ‘Bimbo Ashiru, emphasized the importance of preserving the historical significance of the hotel while modernizing its facilities to meet contemporary standards. The redevelopment reflects OICL’s commitment to revitalizing its existing assets and contributing to the economic growth of the Southwest region.
Paragraph 2: Expanding Horizons: Diversification and Strategic Partnerships
OICL’s success story is deeply rooted in its strategic diversification efforts. Recognizing the importance of a multi-faceted approach, the company has made significant inroads into various sectors, including Agribusiness, Upstream Oil and Gas, and Innovation and Technology. These strategic initiatives have not only diversified the company’s portfolio but also enhanced its competitiveness in the Nigerian market. OICL has actively pursued partnerships to leverage expertise and resources, further strengthening its position as a desirable investment destination for both local and international investors. These collaborations have allowed OICL to access new markets, technologies, and capital, driving innovation and accelerating growth across its various business segments.
Paragraph 3: Energy and Innovation: Powering Growth and Fostering Entrepreneurship
In line with its commitment to sustainable development, OICL has strategically positioned itself to capitalize on the recent power sector reforms in Nigeria. The company is actively exploring partnerships across the electricity value chain, aiming to enhance energy access and promote economic growth, particularly in the Southwest region. This strategic focus on the energy sector aligns with the national agenda of improving power supply and fostering industrial development. Furthermore, OICL is fostering innovation and entrepreneurship through the launch of SWIT’s incubation hubs. These hubs are designed to support research commercialization, venture building, and start-up acceleration programs, creating job opportunities and driving regional economic growth.
Paragraph 4: Financial Strength and Corporate Excellence: A Decade of Dividend Payments
OICL’s financial strength and commitment to corporate excellence are evident in its consistent dividend payments to shareholders over the past decade. This track record underscores the company’s stability and profitability, reinforcing its reputation as a reliable investment partner. The Group Managing Director/CEO of OICL, Mr. Abdulrahman Yinusa, highlighted the company’s outstanding performance in 2024, marked by a significant increase in revenue and profit growth. This strong financial performance enables OICL to reinvest in its diverse portfolio, further driving expansion and innovation across its various business units.
Paragraph 5: Transformative Projects: Modernization and Enhanced Customer Experience
OICL has undertaken several transformative projects aimed at modernizing its existing assets and enhancing customer experience. The successful completion of the Cocoa House Car Park and Ground Floor Enhancement Project exemplifies this commitment, providing a modern and customer-friendly environment for businesses and visitors alike. The ongoing redevelopment of Premier Hotel is another key project in OICL’s portfolio, with its completion slated for the first half of 2026. These projects not only improve the company’s physical assets but also contribute to the overall development of the communities they serve.
Paragraph 6: Leadership and Vision: Driving Success and Shaping the Future
The success of OICL can be attributed in large part to the vision and expertise of its leadership team. Chairman ‘Bimbo Ashiru commended the board members for their forward-thinking approach and impeccable track records in their respective fields. This collective experience and strategic guidance have been instrumental in navigating the complexities of the business environment and achieving sustainable growth. OICL’s leadership is committed to upholding the company’s legacy while embracing innovation and pursuing strategic opportunities that contribute to the economic prosperity of the Southwest region and Nigeria as a whole.
