Former Ogun State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru, has stepped down as the Group Chairman of Odua Investment Company Limited (OICL) after four years of transformational leadership, with Dr. Tola Kasali succeeding him.

Ashiru formally handed over at the 44th Annual General Meeting (AGM) of OICL held in Ibadan.

Odua Investment Company Limited, a conglomerate founded through the vision of the late Chief Obafemi Awolowo and jointly owned by the six South-West states, appointed Ashiru as Group Chairman in 2022 to succeed Dr. Segun Aina.

Reflecting on his tenure, Ashiru said the company recorded significant milestones despite a challenging macroeconomic environment, adding that the organisation had been repositioned for sustainable growth.

Among the major achievements, he highlighted the commissioning of the newly remodelled Premier Hotel, Ibadan, which is expected to commence full operations in the fourth quarter of 2026 and become the city’s leading hospitality destination.

He also recalled the celebration of the 60th anniversary of Cocoa House in July 2025, describing the iconic building as an enduring symbol of the Yoruba nation’s legacy.

Ashiru said the company’s improved financial performance earned external recognition, with Agusto & Co. upgrading Odua Investment’s credit rating from “A+” to “Aa-” with a stable outlook.

According to him, the upgrade reflected the Board’s commitment to fiscal discipline, sound treasury management and professionalism.

He added that the company had evolved from being “asset-rich but cash-poor” into a strategy-driven investment group that is both asset-rich and cash-rich.

Ashiru expressed appreciation to the governors of the six South-West states, members of the Board, the current and immediate past Group Managing Directors, subsidiary boards and management, as well as the company’s staff for their support throughout his tenure.

In his acceptance remarks, the new Group Chairman, Dr. Tola Kasali, called on stakeholders to work together to build a world-class conglomerate that delivers sustainable returns and creates lasting value for the people of the South-West.

Kasali reaffirmed his commitment to the successful implementation of the company’s SRC 2.0 strategic agenda, promising to provide the leadership, governance and oversight required to achieve its objectives.

“As a Board, we will not relent and we will not be distracted. I call on every Board member, every director of our subsidiaries, every member of management and every staff across the Group to join me in this mission,” he said.

He also assured the shareholder states of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos of prudent management, sustained returns on investment, continued investment in employees and a stronger commitment to driving economic development across the South-West.

Also speaking, the Group Managing Director, Abdulrahman Yinusa, disclosed that Odua Investment had begun the process of securing its first foreign credit rating from a major international rating agency.

He said the initiative would position the conglomerate to access international debt capital markets and attract foreign direct investment, further strengthening its long-term growth strategy.

“In a landmark achievement for corporate governance and transparency, the Group presented its first-ever fully consolidated financial statements, combining the financial positions of the holding company and all its subsidiaries, thereby providing shareholders with an unfiltered and internationally comparable view of the Group’s collective strength.” (The Nation)