Politics of cultural identity, economy behind Odu’a, Lagos State merger

Over the decades, Odu’a Investment Company (OIC), set up in 1976, has excluded Lagos State, given the fact that the company originated from the old Western Region. Lagos was a Federal Capital then until 1990 when the status was formally and physically moved to Abuja.

WEMABOD House, Broad Street, Lagos.

Forty years after, the changing cultural landscape of Lagos State appeared to have alerted the urgent need to send the signal to whoever cares that Lagos is not ‘a no man’s land.’ Sources disclosed that in the last two decades, the fast pace at which Lagos was losing its Yoruba identity has been a source worry for leaders across cultural, economic and political sheres of the region. And the recent political volatility during the 2015 general elections, which had some sections of non-Yoruba in Lagos claiming that ‘Lagos is a no-man’s land’ portends dangerous future for losing the state’s natural and cultural identity as a Yorubaland.

  Scholars in cultural values, particularly of Yoruba origin, have also feared that whatever becomes of Yoruba nation in the future, Lagos ‘should be held responsible.’ To therefore leave a state as crucial as Lagos out of the regional integration plan of South-West, observers insisted, could spell cultural, political and economic doom for the Yoruba race.

  On Tuesday, January 12, 2016, five governors of the South-West states that owe the Odu’a Investment Company Limited met at the Cocoa House, Ibadan, Oyo State and decided that Lagos State should be admitted as a member of the group. Although the statement by the governors gave regional integration for the new development, the cultural undertone was real.

   “We have approved a five-year strategic plan to grow the revenue of the company from N4bn to N20bn by 2019. We have agreed in principle also to admit Lagos State into the Odu’a Group. Because of this renewed interest in Odu’a as the engine room of economic growth of this region, we have also resolved that we will now meet the board and management of the company every quarter,” Ondo State Governor, Olusegun Mimiko spoke on behalf of the five states.

  With about 11 subsidiaries, which include Cocoa Industries Limited,

  Lagos Airport Hotel, Premier Hotel located and Lafia Hotel Ibadan; Wemabod Estates Limited, oldest property developer in Nigeria; Odu’a Telecoms Limited (ODU’ATEL) is now branded as O’NET, among others and more than 20 holding and associated companies Nigeriate, Portland Cement and Wema Bank, Odu’a should be aractive to a state like Lagos.

   A day after the pronouncement of the five governors, Lagos State Governor,  Akinwunmi Ambode enthused about Eko being the sixth member of the Odu’a Group.

  Through the State’s Commissioner for Information and Strategy, Mr. Steve Ayorinde, Governor Ambode said: “Lagos joining the Odu’a Group is a priority for his administration. With its huge population, vibrant economic base and being the centre of economic and business activities in Nigeria, Lagos is uniquely placed to contribute to the development and growth of the Odu’a Investment Company Limited (OIC), the investment arm of the group, as well as the integration of South West Nigeria in general.” Ayorinde added that Ambode expresses his gratitude to the group for the decision and looks forward to his government working with those of other States in the group towards the betterment and development of South West of Nigeria and its people.

  Odu’a Investment Company Limited was 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 of the Federal Republic of Nigeria. The company commenced business on the 1st of October, 1976. Odu’a Investment Company Limited since inception has been operating as a conglomerate with over 70% of her business as investment/joint ventures with reputable multinationals.

  Odu’a is an Investment Company involved in diverse economic activities which includes: Property Development and Management, Hospitality, Telecommunications, Printing and Publication, Agriculture, Training and Personnel Development, Capacity Building among other things.

  Apart from investments in limited liability companies, Odu’a Investment Company Limited also owns substantial properties in choice locations in the Ikeja residential/Industrial Estates and Apapa in Lagos State as well as a number of residential and commercial properties in Ibadan including the Aje House. It also has investments in properties in various parts of the Country.

  The Company is today run as an independent private commercial venture by independent Board of Directors comprising seasoned professionals with vast experience in business and human resources management. The policies formulated by the versatile Board are translated into action by an Executive Management team comprising high-flying and accomplished professionals.

  Odu’a Investment Company Limited has a Training Unit which is committed to providing Human Capital Development at minimal cost with a belief that Human Resources remain an important factor in the advancement of an organization. The unit is vested with the responsibility of manpower development in various fields.