Odu’a set to revamp manufacturing outfits
Odu’a Investment Company has unfolded plans to revamp its manufacturing outfits, which have largely become moribund. Group Managing Director of the conglomerate, Adewale Raji, who disclosed this while addressing reporters on the activities of the company since he came on board, expressed regrets that Odu’a Investment has witnessed a decline over a long period of time.
Raji, at his inaugural press briefing in Ibadan to mark his first year in office, lamented the current low profile of the conglomerate’s industrial arm. He said: “Odu’a, as seen today, has experienced a decline over a long period.
We are keen to go back to the vision of our founding fathers, which is manufacturing, to make an impact on our immediate environment.” He pointed out that the goal of the organization is to create job opportunities, which can be engendered through virile industrial firms, citing the case of Cocoa industry Limited, which was not only involved in cocoa processing, but integrated further by producing Vitalo beverage.
He said that since he came on board, the organization has embarked on an operational restructuring that would chart a course at boosting the company’s performance and its profitability level, by shoring up returns on its investments.
Raji added that as part of his five-year plan to shore up the group’s revenue base by 250 per cent, the organisational structure of the conglomerate has been reviewed, in addition to changes in its operational infrastructure, particularly in the area of information technology.
While announcing plans to enhance its profitability in the various subsidiary companies, Raji said Odu’a Investments would make a strategic re-entry into manufacturing and agro allied businesses, in line with Federal Government’s resolve to diversify the economy.
He said: “Essentially, in the last one year, we have been able to ask ourselves some fundamental questions bothering on our purpose. We are a business enterprise established to create values and make profit.
We are responsible for giving back to the society in terms of employment. We have been able to look at where we are and the opportunities available.” He listed some of his achievements in the last one year to include the completion of the Ire Clay and Burnt Bricks project in Ekiti State.
On fears over the long term sustainability of the project, Raji explained that although the venture, set up by the old Ondo State government has been moribund on two occasions, the present initiative is a partnership between Odu’a Investment and Ekiti State government on a 30-70 per cent stakeholding respectively.
“The company itself does not run alone as the responsibility for managing it rests on Odu’a investment. Already, some technical partners who are Belgians have been brought in and plan is that after a while, both Odua and Ekiti state government will divest as minority holders and hand it over to core investors.”
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