Oodua company declares N5.2bn profit, invests in oil, gas

The Oodua Investment Company jointly owned by South West States of Ogun, Ondo, Ekiti, Osun, Lagos and Oyo has declared N5.203 billion as profit after tax for the year 2020.
The company made this know during its 39th Annual General Meeting held in Ibadan on Thursday.
It also said it had commenced the development of its recently acquired oil field to produce crude oil.
Dr Segun Aina, Chairman of the company, said the profit of N5.203 billion was an increase of 11.5 per cent over the N4.665 billion profit declared in 2019.
Aina said N364 million was the dividend payable to the beneficiary states for the 2020 financial year.
“We will ensure sustainable returns to stakeholders and enhance the legacy of the company for future generation; the least we can do is to grow it and make it better for the future generations.
“The five year growth plan from 2021 to 2025 will drive the group to become a world class conglomerate.


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