The management of Odu’a Investment Company Limited popularly known as “Odu’a Investment” has announced the retirement of the Group Managing Director/Chief Executive Officer, Mr. Adewale Raji.
The company also appointed Mr. Abdulrahman Yinusa as the Group Managing Director/Chief Executive Officer effective 1st of June, 2024.
The company’s Head of the media and publicity of the conglomerate, Mr Victor Ayetoro,disclosed this in a statement on Thursday.
The statement said that Mr. Adewale Raji’s retirement follows ten (10) years of dedicated service as Group Managing Director of the forty-seven year old conglomerate.
The statement added that as a Group Managing Director, he oversaw the Group’s return to a growth and profitability trajectory through strategic restructuring of the operating structure of the group to improve efficiency. During his two (2) tenures, the company grew Profit Before Tax (PBT) from N378 million (2013) to a high of N2.2 billion (2021), paid a total of N2.56 billion in dividends so far.
The company diversified into agribusiness,oil and gas and other sectors through strategic partnerships, and repositioned the group’s key subsidiaries and assets.
He also helped improve the group’s corporate governance framework, and culture of accountability and transparency amongst management and staff. Prior to his appointment at Odu’a Investment, Mr. Raji was the Managing Director, Distribution Services at PZ Cussons Nigeria Plc where he served for 8 years on the Board.
Mr. Abdulrahman Yinusa currently serves as Executive Director, and the Group Chief Financial Officer of Odu’a Investment. He is a thoroughbred finance professional with over three (3) decades in-depth experience in the Financial Services Industry.
He will be responsible for implementing the Group Board’s shared vision and plan, as well as ensure continued execution of existing strategic projects.
Before joining Odu’a Investment, he retired from Diamond Bank (now part of Access Bank) as an Executive Director and Chief Financial Officer. In the course of his over thirty (30) year career, he demonstrated unique leadership skills, versatility and excellence, and developed expertise in several areas including asset management, local and international capital raising, mergers and acquisitions, strategy, treasury and business transformation.
Mr. Yinusa graduated with a B.Sc. Accounting from the Ahmadu Bello University, and holds both M.Sc. Economics and MBA (Finance) degrees from the University of Lagos. He is also an alumnus of the University of Cambridge, IMD, Switzerland and INSEAD, France where he attended top management programmes.
Odu’a Investment has also appointed Mr. Yemi Ajao as Executive Director, and Group Chief Investment and Business Development Officer* , a role he will assume on the 15th of January 2024.
Mr. Yemi Ajao has over twenty (20) years’ extensive experience in oil and gas operations (engineering), strategy, corporate finance, real estate, venture capital and private equity. He graduated with a B.Sc. Chemical Engineering from the Obafemi Awolowo University, and holds an M.Sc. Petroleum Engineering from the University of Houston, and an MBA from the Jones Graduate School of Business, Rice University, Houston, USA.
Speaking on the leadership changes,the Group Chairman of the Board, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, stated; “Today we announce the retirement of a Group Managing Director who superintendent over a pivotal period in Odu’a Investment’s evolution into a world class conglomerate. On behalf of the Board, I will like to express our sincere gratitude to Mr. Adewale Raji for his exceptional leadership, and for steering the ship with such vision, courage and professionalism during his tenure.
“We are also delighted about the smooth leadership transition, and I will like to congratulate the Shareholders and the Board on Mr. Abdulrahman Yinusa’s appointment. I have no doubt in my mind that he will take Odu’a Investment to another level of growth, especially with the foundations laid over the past few years.”
Commenting further, the outgoing GMD, Mr. Adewale Raji said, “It has been a great honour to have been entrusted by the Group’s Shareholders and the Board to superintend over the affairs of the business from June 2014.”
“The period witnessed remarkable changes in the financial performance and corporate governance standing of the Group. I am delighted that the modest successes recorded in portfolio rebalancing and asset optimization in our notable chosen sectors of Real Estate, Hospitality, Financial Services, Agriculture, Energy, etc are going to receive accelerated transformation under my worthy successor (Mr Yinusa) and the excellent crop of talent that the Group has attracted under the support of the Board in these past few years.’’