Odu’a to become global conglomerate if repositioned — Omole

The Pro-Chancellor, Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Prof. Wale Omole, says the Odu’a Investment Company Limited could become a global conglomerate if properly repositioned.

He made the disclosure at the 40th Anniversary of Odu’a Investment Company Limited held at the Banquet Hall of Premier Hotels in Ibadan.

The conglomerate is co-owned by the six South West states of Oyo, Ondo, Osun, Ogun, Ekiti and Lagos.

Omole, the guest lecturer in his lecture entitled, “Reinvigorating Odu’a Group into a Global Conglomerate,” said that there was a to do in achieving such status for the conglomerate.

He said that the company needed to formulate new strategies to utilise the assets and engage in proper oversight function of the subsidiaries of the conglomerate.

“Odu’a must create a portfolio of intangible assets for itself and leverage such assets for sustainable value creation in its subsidiaries.

“Since it cannot directly create value in tangible assets by managing tangible physical financial assets.

“Intangible assets such as knowledge and technology have indirect impact on financial outcomes such as increased revenues, lowered costs and higher profits,” he said.

Omole, also said that the company needed to prepare its own roadmap.

He said the company must embrace the roadmap of Development Agenda of Western Nigeria.

Chief Isaac Akintade, the Chairman, Board of Directors of the company, said there was no better time to prick the conscience of owner states on the legacy treasure in their hands.

“Our long years of dependence on Abuja and the monthly dole out of “allocation” has made us lazy and spoon-fed.

“It has made us to undermine our intellectual capability to think through and deliver solutions for our socio-economic problems,” he said.

Akintade said that it was an auspicious occasion to re-awaken and put to practice the time tested values of industry, enterprise and creativity.

Retired Maj Gen. David Jemibewon, retired Group Cpt. Ita Ikpeme and retired Maj. Gen. Saidu Balogun were honoured at the event as the founding governors of the conglomerate.

Jemibewon, Ikpeme and Balogun were former military administrators in Old Oyo, Ondo and Ogun respectively.

The Odu’a Investment Company Limited was incorporated in July, 1976, as a limited liability company.

The company is involved in business activities like commercial banking, insurance, real estates, breweries, hotel and catering, printing and publishing, oil and gas, telecommunications and equipment leasing.

Among its subsidiary companies are Lagos Airport Hotel, Premier Hotel, Lafia Hotel, Wemabod Estates Limited, Glanvill Enthoven and Co (Nigeria) Limited, E & O Power and Equipment Leasing Limited, O’dua Printing and Publishers Limited.