In a bid to raise capital from investors, Odu’a Investment Company Ltd (OICL) sparked discussions with the Nigerian Exchange Ltd (NGX) about potentially being listed. The company’s Group Chairman, Bimbo Ashiru, made this announcement during the closing gong ceremony at the NGX in Lagos. Ashiru highlighted that the move seeks to not only fortify the firm’s financial position but also offer investment opportunities for interested parties.
Emphasizing the appeal of its diversified investment portfolio, Ashiru expressed confidence that numerous investors would eagerly collaborate with the company. He revealed plans to formalize this prospect through a Memorandum of Understanding (MoU) with the NGX, stressing their commitment to mutual success through collaboration.
Jude Chiemeka, the acting CEO of NGX, welcomed Odu’a Investment to the Exchange, commending the company’s decision to pursue listing. He conveyed optimism about the potential enhancement of the capital market, citing its pivotal role in Nigeria’s revenue generation. Chiemeka underscored the significance of listed companies in promoting transparency and tax compliance, highlighting their substantial contributions to government revenue and investor dividends.
Chiemeka also urged for a more comprehensive representation of Nigeria’s economy within the stock market, noting that certain sectors are currently underrepresented, thereby impacting overall market capitalization. He advocated for policies that would incentivize more companies to list on the Exchange, aligning with the government’s efforts to leverage the market for economic growth and representation.
Established in 1976, Odu’a Investment Company Ltd, a government-owned firm based in the Western state of Nigeria, functions as a strategic investment and asset management entity. Its diverse investment portfolio encompasses Real Estate, Energy, Hospitality, Information Technology, Printing and Publishing, Equipment Leasing, and Food and Beverages, among other sectors.
As the discussions with NGX unfold, the potential listing of Odu’a Investment Company Ltd stands as a pivotal moment within Nigeria’s financial landscape, offering a significant avenue for capital infusion and investment participation in the company’s sustained growth and expansion.
