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    Saturday, January 20, 2024

    Odu’a Investment Moves to List on NGX

    Management of Odu’a Investment Company Ltd and NGX at the closing gong ceremony of the Exchange on Friday in Lagos.

    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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