Wednesday, 15 August 2012

Odua Investment makes 750million gain in 2011--Alli

The management of the Odu'a Investment Company Limited has realised over N750million profit at the close of 2011 business year .

The feat, is said to be the first the Group has achieved in  many years .

The Chairman of the conglomerate , Chief Sharafedeen Ali who made this known to newsmen at his Bodija ,Ibadan residence said the feat was made possible due to the commitment of the management to probity and accountability.

"As at today, Odu'a is entirely a business concern , a truly profit-making organisation .Before we get there, Odu'a is not used to making profit ,however ,because  of fiscal discipline and a paradigm shift, we made over N750 million in 2011", he said .

Under the present management, Chief Ali who was a former Secretary to the Oyo State Government (SSG) said many of the Odu'a subsidiary companies were revived, while funds were injected to make them viable.

Among the companies , he noted, was the formerly distressed Odu'a Telecommunications outfit ,Onet ,that has been revived to compete with other telecom giants in the country.

He recalled past efforts to make the Onet the pride of the South West, adding that now the telecom service provider has come to stay with the fresh procurement of six million dollar worth equipment.

 He disclosed that the Odu'a Group, which was established by the late sage,Chief Obafemi Awolowo to cater for the economic interest of the South West states has witnessed daunting challenges over the years that threatened its existence .

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