The Board of Odu’a Investment Company Limited, has reappointed Mr Adewale Raji as the Group Managing Director/Chief Executive Officer (GMD/CEO) of the conglomerate.
According to a statement made available to journalists in Ibadan Wednesday by the company, Mr Adewale Raji’s reappointment is for another five years term after 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.
The Owner state governors at a meeting held on 28th October 2019 considered the report of KPMG and accepted its recommendation that the GMD should be offered appointment for another term of five years with effect from the date of expiration of the initial term of five years directing the Board of Directors to ratify and carry out the decision.
The Board was formally informed of this decision of the Shareholders by a letter dated 14th November 2019 signed by the Chairman of the Western Nigeria Governors Forum – Arakunrin Oluwarotimi Akeredolu, SAN.
Mr Raji’s first five-year tenure expired on May 31, 2019 but the shareholders granted him a six-month extension to allow KPMG evaluate his performance and 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.