The entry of Lagos State into Odua Investment Company Limited incorporated in July, 1976 to take over the business interest of the former Western State of Nigeria (now Oyo, Ogun, Ondo, Osun and Ekiti States) means the regional economic integration of the South West is complete. Odu’a Group of Companies commenced business on the 1st of October, 1976. Odua Investment Company Limited since inception has been operating as a conglomerate with over 70% of her business as investment/joint ventures with reputable multinationals.
The Group Managing Director (GMD) of the regional investments conglomerate, Mr Adewale Raji, announced in Ibadan, Oyo State capital that the process of admitting Lagos as the sixth Southwest owner-state, which started last year, would be completed in the next three months.
According to him, the current owner states engaged the services of PricewaterHouse Cooper (PwC) for due diligence and valuation of the assets of the business group to enable all parties determine the amount Lagos State would pay as its share capital.
Lagos State also engaged its commercial consultant for the same purpose.
He also said:
“Governor Akinwumi Ambode is committed to the integration of the Southwest. He believes that social and economic development must go across the six states of the Southwest. He believes there are comparative and competitive advantages every state within the region has and that by having a complementary relationship, we will be better off as a whole. So, we continue to receive great enthusiasm from His Excellency along this line.
Let me also admit that his brother governors from the other five states have been very supportive of Odu’a aspirations, along with the other platform, the Development Agenda for Western Nigeria (DAWN) Commission. The progress we are making is such that because we are talking about two different entities, we have decided that we are going to be very transparent and accountable through that process, that due diligence must just be followed in that process.
This required us to assemble the two partners that want to merge. That is, Lagos State as one entity, and the other five states already in Odu’a, to appoint different professional transactional advisers to look through the due diligence and valuation of the current entity called Odu’a. This means they have to scrutinise the real estate property we have across board. They have got to scrutinise all the investments we have, either as associates or subsidiaries.”