The Board of Odu’a Investment Company Limited has re-appointed Mr Adewale Raji as the Group Managing Director for another 5 years.
Mr Adewale Raji was appointed the Group Managing Director of Odua for a term of five years from 1st June 2014 with provision for renewal for another term subject to performance. The five-year tenure of Mr Adewale Raji as the Group Managing Director of Odua expired on 31st May 2019.
However, before the expiration of the tenure, the Shareholders (i.e. the 6 Owner State Governments of South West, Nigeria) engaged the services of KPMG Advisory Services to carry out evaluation of the five-year performance of the Group Managing Director.
The Shareholders resolved and directed the Board of Directors to grant the GMD an extension of tenure for a period of six months pending the outcome of KPMG Performance Evaluation with effect from 1st June 2019.
The Owner States Governors at a meeting held on 28th October 2019 considered the report of KPMG and accepted its recommendation that the GMD should be offered appointment for another term of five years with effect from the date of expiration of the initial term of five years. They directed the Board of Directors to ratify and carry out the decision. The Board was formally informed of this decision of the Shareholders by a letter dated 14th November 2019 signed by the Chairman of the Western Nigeria Governors Forum – Arakunrin Oluwarotimi Akeredolu, SAN.
The Board of Odu’a Investment Company Limited at a subsequent meeting considered the directive of the Shareholders and by a resolution approved and ratified the appointment of Mr Adewale Raji as the Group Managing Director for a period of five years with effect from 1st June 2019.
The first five years of Mr Adewale Raji witnessed significant growth in the Profit Before Tax from N378m and N495m in 2013 to N849m and N1.061b in 2018 for the Holding Company and the Group respectively. In the same 5-year period, a Gross Dividend of N1.208b has been paid out to Shareholders which is a record of consecutive dividend payout in the history of the Company. New business initiatives particularly in Agric-Business and processing were being explored and the Company was better managed with a very high sense of accountability and transparency while upholding the principles of Corporate Governance and safeguarding the interest of Shareholders.
Mr Adewale Raji has since commenced work in earnest with commitment to growth, profitability and sustainability of the Group.
14th January 2020