Dating od ua
The company commenced business on the 1st of October, 1976.
ODU’A INVESTMENT COMPANY LIMITED since inception, has been operating as a conglomerate with over 70% of her business as investment/joint ventures with reputable multinationals.
I felt convinced that I had a commitment to the three states, even though Ogun and Ondo states had their own governors.
With this belief, and as the Chairman of the State Implementation Committee, I ensured that the spirit of fair play and justice was employed during the committee’s assignments which were carried out without any acrimony or unnecessary wrangles.
Investments within the Group at its inception covered a wide spectrum of economic activities, viz; integrated textile mills, breweries, commercial banking, insurance business, real estates, livestock rearing, fisheries services, carbonated drinks, food and beverages industries, manufacturing in chemical and mechanical industries, hotel and catering, vehicle distribution, bottling and marketing of liquefied petroleum gases, printing and publication.
Apart from investments in limited liability companies, Odu’a Investment Company Limited also owns substantial properties in choice locations in the Ikeja residential/Industrial Estates and Apapa in Lagos State as well as a number of residential and commercial properties in Ibadan including the Aje House.
The committee had considered that the company would be an octopus, probably only second in size to the UAC Group of Companies.
In the light of this, it was resolved that whoever was to be appointed as managing director of the company should be a man of proven ability and transparently honest, whose record of public probity should be impeccable. The committee approved the list of director nominees submitted by the three state. Akingbade, the Permanent Secretary, Ministry of Finance and Economic Development, Ondo State, and Professor Saburi Biobaku, the Permanent Secretary, Finance and Economic Development for Ogun State.
Every room at this hotel is air conditioned and is equipped with a flat-screen TV with cable channels.
It is therefore commendable that Brigadier Jemibewon and his colleague were able to dispose of the assets of the old Western State within six months…….” Most of the committee’s decisions were sound.
With regard to fixed assets, it’s only right that each state should inherit whatever is located in its area of jurisdiction. Odu’a Investment Company Limited was incorporated in July, 1976 to take over the business interest of the former Western State of Nigeria, now Oyo, Ogun, Ondo, Osun and Ekiti States of the Federal Republic of Nigeria.
Also, part of the fund was to be used to invest further in the subsidiary companies when desirable.
The attorneys-general of the three states were directed by the committee to review carefully, the Joint Venture Agreement between the three state governments and the Memorandum and Articles of Association of the company which had already been prepared by the Ministry of Justice and the solicitor to the company respectively.