Segun Atanda/
Odu’a Investment Company Limited has set its sights on achieving first oil production in 2025 through its BITA Exploration initiative, a key move to diversify its investment portfolio and bolster its footprint in Nigeria’s energy sector.
This strategic push was unveiled during the company’s 2023 Annual Directors Meeting held at the Airport Hotel, Lagos, where the board highlighted significant milestones and outlined future goals.
Speaking at the event, Group Chairman, Otunba Bimbo Ashiru, emphasised the importance of the energy sector in Odu’a’s growth strategy.
“The BITA Exploration project is a major step in our journey to expand into the energy sector. Achieving first oil in 2025 is a priority, and efforts are already underway to secure the necessary funding to make this a reality,” Ashiru said.
The BITA initiative is part of Odu’a’s broader agenda to diversify its operations beyond traditional sectors like real estate and hospitality. However, real estate remains a cornerstone of the group’s portfolio.
Ashiru disclosed that the Lagos State Government recently granted a significant concession on development fees for 13 legacy properties, reducing the cost from N1.2 billion to N312 million.
“This concession not only supports our financial health but also allows us to maximise the value of our long-standing properties in Lagos,” Ashiru explained.
He also highlighted land acquisitions and renewals in Oyo State, including 8,716 acres near Premier Hotel and a renewed lease on the 6.067-hectare BCGA Apata property for 99 years.
Ashiru praised the company’s achievements under its SRC 2025 strategic plan, including consistent dividend payouts to shareholder states for 11 years and substantial revenue and profit growth.
He also pointed to improved corporate governance and a stronger financial rating for the group and its real estate subsidiary, Wemabod, which received A+ and A ratings, respectively.
“Good governance is the bedrock of our success. It is what enables us to navigate challenges and seize opportunities like BITA Exploration,” Ashiru stated.
In addition to the energy initiative, Odu’a is advancing several legacy projects. The Premier Hotel redevelopment is progressing, with completion slated for Q2 2026, while Cocoa House marks its 60th anniversary with enhancement projects completed in 2024.
The group is also strengthening partnerships, including collaborations with the DAWN Commission for regional economic integration and Iwosan Hospital Investment Limited to establish Medical Parks.
Ashiru expressed optimism about Odu’a’s trajectory, stating, “Our diversification into the energy sector with BITA Exploration is just one example of how we are positioning Odu’a for sustained growth. By combining legacy preservation with forward-thinking investments, we are securing a brighter future for the group and the region.”
The meeting, which also saw a reunion of past and present leaders, underscored Odu’a’s commitment to leveraging its rich history while paving the way for transformational growth.
0