The Group Managing Director/Chief Executive Officer (GMD/CEO), Odu’a Investments Limited Mr Adewale Raji has been reappointed for another term.
According to a statement issued by the company on Tuesday, Mr Raji’s reappointment followed an endorsement of his performance by the international auditing and management consultancy firm, KPMG, which was engaged by the six owner states of Osun, Ondo, Oyo, Ogun, Ekiti and Lagos to assess his performance in the last five years.
By virtue of the new appointment, he will now lead the conglomerate for another five years.
His five-year tenure had expired on May 31, 2019 but the shareholders granted him a six-month extension to allow KPMG evaluate his performance. Following a satisfactory evaluation, the shareholders at a meeting held on October 28, 2019 renewed his appointment for another term of five years with effect from June 1, 2019. The Board also ratified the appointment.
Raji’s first tenure witnessed significant growth in the Profit Before Tax from N378m and N495m in 2013 to N849m and N1.061b in 2018 for the holding company and the group respectively. In the same five-year period, a gross dividend of N1.208b was paid out to shareholders which is a record of consecutive dividend payout in the history of the company.
His team initiated new businesses, particularly in agric-business and processing and the company was better managed with a very high sense of accountability and transparency while upholding the principles of corporate governance and safeguarding the interest of shareholders.