Odu’a Investment Company Ltd. (OICL) has begun discussions with the Nigerian Exchange Ltd. (NGX) to be listed and raise capital from investors.
Otunba Bimbo Ashiru, Group Chairman of the company, on Friday, said this at the closing gong ceremony by the firm at the NGX in Lagos.
Ashiru said the move would not only strengthen the company’s financial position but also provide opportunities for investors to participate in its growth.
He also said that the company would soon sign a Memorandum of Understanding (MoU) with the NGX to seal the partnership.
“We are at the Exchange to let the market stakeholders know that we are willing to be part of them and be a partner in progress.
“I want both parties to be part of a success story by working together as a team, and I believe we can be an achiever,” he said.
Commenting, Mr. Jude Chiemeka, Acting Chief Executive Officer (CEO), NGX, expressed delight to have Odu’a Investment on the floor of the Exchange.
Chiemeka commended the company for the initiative to list on the NGX, expressing optimism that the capital market would further improve.
He said that the NGX is a major contributor to the revenue drive of the Nigerian economy.
According to him, the top five listed companies on the NGX, in 2023, paid N262 billion as tax to the Federal Government and N926 billion as dividends to investors.
“The narrative shows that listed companies are more transparent and tax compliant.
“It is our hope that the government would continue to push policies to encourage companies to list and raise revenue.
“Africa sees Nigeria as the biggest economy, but our stock market is not the biggest.
“Since the present government is willing to utilise the market, it is about time that companies began to list on the Exchange for proper representation of the economy,” he said.
According to him, most sectors of the economy are not truly represented in the Nigerian stock market, affecting market capitalization.
The News Agency of Nigeria (NAN) reports that the company, owned by the government of the Western state of Nigeria, is a strategic investment and asset management firm founded in 1976.
The company was established to hold and manage the industrial and commercial assets of companies.
It has substantial investments in Real Estate, Energy, Hospitality, Information Technology, Printing and Publishing, Equipment Leasing, Food and Beverages, among others.
(NAN)
