Lagos, Jan. 20, 2024: Odu’a Investment Company Ltd. (OICL) on Friday began discussions with the Nigerian Exchange Ltd.(NGX) to be listed and raise capital from investors.
Otunba Bimbo Ashiru, Group Chairman of the company, said this at the closing gong ceremony by the firm at the NGX in Lagos.
Ashiru said the move would not only strengthen the company’s financial position, but also provide opportunities for investors to participate in its growth.
He also said that many dealing investors would be willing to partner with the company without hesitation, due to its diversified investment portfolio.
He mentioned that 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 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,” he said.
Commenting, Mr Jude Chiemeka, Acting Chief Executive Officer(CEO), NGX, expressed delight to have Odu’a Investment to the floor of the Exchange.
Chiemeka commended the company for the initiative to list on the NGX, while expressing optimistic that the capital market would further improve.
He said that the NGX is a major contributor to 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 dividend to investors.
“The narrative shows that listed companies are more transparent and tax compliance.
“It is our hope that 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 affecting the market capitalisation.
The company, 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 investment in Real Estate, Energy, Hospitality, Information Technology, Printing and Publishing, Equipment Leasing, Food and Beverages, among others.
