In a bold move to diversify its investment portfolio and strengthen its presence in Nigeria’s energy sector, Odu’a Investment Company Limited is targeting first oil in 2025 through its BITA Exploration initiative.
Group Chairman, Bimbo Ashiru, revealed this during the Odu’a Group Annual Directors Meeting, emphasizing the importance of the initiative in driving long-term growth and enhancing the group’s revenue base.
Ashiru stated, “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.”
The group’s financial stability was also highlighted, with revenue growth, improved profitability, and unbroken dividend payments to shareholder states for the past 11 years.
Ashiru attributed this success to strategic cost management, portfolio rebalancing, and operational excellence under the SRC 2025 transformation journey.
The company’s strong financial health and investment appeal were further reflected in its Agusto Ratings for Wemabod and OICL, which stood at A and A+, respectively.
Ashiru emphasized the importance of strong governance, revealing strategic initiatives such as the tenure review of subsidiary MDs and competency assessments to ensure sustainable leadership succession and operational efficiency.
The group is also collaborating with the DAWN Commission for regional economic integration and Iwosan Hospital Investment Limited to establish Medical Parks, enhancing healthcare infrastructure in the region.
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.
Yilusa stated, “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.”
The company reiterated its commitment to maintaining strong governance and financial discipline, emphasizing that the BITA Exploration initiative would be managed with transparency and accountability to ensure maximum returns for shareholders.
With its sights set on first oil in 2025, Odu’a Group is poised to make a significant impact in Nigeria’s energy sector. The company’s commitment to strong governance, financial discipline, and strategic partnerships will be crucial in driving the success of the BITA Exploration initiative.
As Odu’a Group continues to diversify its investment portfolio and strengthen its presence in Nigeria’s energy sector, it is clear that the company is committed to driving long-term growth and sustainability. With its focus on transparency, accountability, and strong governance, Odu’a Group is well-positioned to achieve its goals and make a lasting impact in Nigeria’s energy sector.
