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The management of Odu’a Investment Company Ltd. (OICL) on
Friday indicated interest in raising capital for the conglomerate by listing it
on the Nigerian Exchange Ltd,(NGX).
Speaking at the closing gong ceremony at the NGX in Lagos,
Otunba Bimbo Ashiru, Odu’a Group Chairman said the move would strengthen the
company’s financial position.
He added that investors would also be offered the
opportunity to participate in the growth of Odu’a group.
He also said that many dealing investors would be willing to
partner with the company without hesitation, due to its diversified investment
portfolio.
He said the company would soon sign a Memorandum of
Understanding (MoU) with the NGX, to seal the partnership.
“We are at the Exchange to let the market stakeholders know
that we are willing to be part of them and be a partner in progress.
“I want both parties to be part of a success story by
working together as a team, and I believe we can be an achiever,” the Odu’a
group chairman said.
Commenting, Mr Jude Chiemeka, Acting Chief Executive
Officer(CEO), NGX, expressed delight to have Odu’a Investment on the floor of
the Exchange.
Chiemeka commended the company for the initiative to list
Odu’a group on the NGX while expressing optimism that the capital market would
further improve.
He said that the NGX is a major contributor to the revenue
drive of the Nigerian economy.
According to him, top five listed companies on the NGX, in
2023, paid N262 billion as tax to the Federal Government and paid N926 billion
as dividends to investors.
“The narrative shows that listed companies are more
transparent and tax compliant.
“It is our hope that the government would continue to push
policies in a bid to encourage companies to list and raise revenue.
“Africa sees Nigeria has the biggest economy, but our stock
market is not the biggest.
“Since the present government is willing to utilise the
market, it is about time that companies began to list on the Exchange for
proper representation of the economy,” he said.
According to him, most of the sectors of the economy are not
truly represented in the Nigerian stock market and as such affect the market
capitalisation.
Odu’a group, owned by the government of the Western state of
Nigeria, is a strategic investment and asset management firm founded in 1976.
The company was established to hold and manage the
industrial and commercial assets of companies.
It has substantial investments in Real Estate, Energy, Hospitality, Information Technology, Printing and Publishing, Equipment Leasing, Food and Beverages, among others. NAN
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