Southwest GDP worth over $80bn, says Odua Investment Group

From Juliana Agbo, Abuja

 

An asset management firm, Odua Investment Company Limited, has said the Gross Domestic Product (GDP)  of investment in the Southwest region is worth $80 billion.

This, it said, has constituted six new board members for the South West Agricultural Company Limited (SWAgCo), for a four-year term while expanding the business in a bid to unlock the untapped potential of agriculture in the region.

SWAgCo is an agricultural investment company, fully owned by Odua Investment Company Limited with a strong capital base, established to unlock unrealised agriculture and sub-optimised agribusiness value by transforming underinvested agribusiness opportunities within Nigeria into institutional-grade investment operations.

Speaking at the inauguration ceremony, the Group Chairman of Odua Investment, Dr. Segun Aina, said the new directors joined SWAgCo at a time it is implementing its strategy for economic and social impact within the agricultural space in Nigeria.

Aina said the development is part of a strategy to strengthen its corporate governance and repositioning the company so as to create more wealth, job opportunities and contribute to the nation’s GDP growth.

He said the directors have been given the mandate to change the landscape and investment outlook of agriculture in the region.

Also speaking, Chairman of SWAgCo, Mr. Owolabi Salami, said he is committed to work towards changing the landscape and investment outlook of agriculture in the region.

Among the Board of Directors, Mr. Owolabi Salami is the Chairman of SWAgCo, who recently retired from the insurance industry, Mr. Adeola Adetunji, currently the CEO, Africa for Waxed Mobile and Mvoula Group Limited, Ms. Cecilia Akintomide, currently an Independent Director on the Board of FBN Holdings Plc, Ms. Adekemi Ajayi as Non-Executive Directors to the SWAgCo board, currently an Executive Director in Odua Investment who will be representing the Group on the Board.

For the CEO, Mr. Babajide Arowosafe and Mr. Adegboyega Osobu as Executive Director of the organisation were both appointed through a competitive selection process, conducted by KPMG in late 2020 as Executive Director, Technical and Chief Executive Officer respectively, to lead the development and execution of long-term strategies of SWAgCo to increase shareholder value.