A redefinition of corporate governance standards is unlocking new and existing investments at one of Africa’s oldest surviving indigenous development finance group. From upgraded credit rating to new investment partnership in healthcare and imminent crude oil production, Odu’a Investment Company Limited appears to be on a new trajectory. Deputy Group Business Editor Taofik Salako examines how group investments could impact regional economic development

Odu’a Investment Company Limited (OICL) last week announced its latest investment partnership- investment in Iwosan Investments Limited, a fast-growing healthcare investment platform. Iwosan Investments Limited is the promoter of the Lagos Medipark- a mixed-used medical infrastructure aimed at redirecting medical tourism inward and enhancing national capacity for critical healthcare management. Iwosan Investments- the owners of Lagoon Hospitals, already has not less than five thriving healthcare delivery centres in Lagos. OICL is not new to healthcare sector. Its associated company- SKG Pharma Limited, is a leading pharmaceutical company in West Africa.

This latest investment partnership signposted evolving OICL’s strategic revitalisation of existing businesses and unlocking of new investment potential. When the six owner states of OICL decided to engage KPMG, one of world’s four biggest accounting and professional services firms, the mandate was clear: to reinvent the legacy group into a self-sustaining, world-class conglomerate. Owned by the southwestern states of Ogun, Oyo, Ekiti, Ondo, Osun and Lagos, OICL had been as tumultuous as the political changes in the states. It was highly susceptible to political changes and its structures-including investments, staffing and operations were mainly defined by political patronages and conveniences.

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