Odu’a, the investment vehicle owned by Nigeria’s six Southwest states, is entering oil production as part of a diversification push aimed at boosting revenue and expanding the company’s portfolio.
Odu’a Investment Company Limited, chaired by former Ogun State commissioner Bimbo Ashiru, has partnered with Pioneer Global Resources and Integrated Energy to develop the Bita marginal field off the coast of Ondo State, Nigeria. The field, previously owned by Chevron, was awarded to the group’s special purpose vehicle in 2022.
“Early assessments show strong potential for viable production volumes,” Ashiru tells The Africa Report. He says the company aims to reach first oil by bringing the field – officially known as PPL 249 – into production “through efficient development and ramp-up”.
He said Odu’a has completed regulatory compliance, technical due diligence and field planning, and is working with financial advisors to ensure a “commercially and operationally sound” launch.
From cocoa to crude
Odu’a, established in 1976, manages assets on behalf of the six states that made up Nigeria’s former Western Region: Ekiti, Lagos, Ogun, Ondo, Osun and Oyo. Historically connected to the cocoa industry, the company owns Cocoa Industries Limited and the Cocoa House in Ibadan.
“With stronger governance and new partnerships, we’re entering a new phase of growth
It also holds stakes in Wema Bank, insurer Glanvill Enthoven and real estate firm Wemabod.
The company sees its oil play as part of a wider push to increase relevance beyond the region. “It’s a bold but strategic step,” Ashiru said. “We are focused on sustainable growth and national relevance.”
The move follows Lagos’s 2016 entry into oil production via the offshore Aje field and comes as oil-producing states face falling prices and declining federal allocations.
Expanding the company’s portfolio
Beyond oil, Odu’a is targeting new investments in gas flare commercialisation, modular refining and power infrastructure. It is also exploring digital infrastructure, fintech, broadband and industrial estates.
Odu’a has invested through its Southwest Agriculture Company in cassava, palm oil and food staples. “Agriculture remains a strategic priority – both commercially and for development,” Ashiru said.
Real estate, rewired and revamped
Wemabod is developing more than 400 residential units in Ikeja, Lekki and Ibadan. Meanwhile, the company is redeveloping the Lagos Airport Hotel into a mixed-use hub and refurbishing the historic Cocoa House tower in Ibadan as a cultural business centre.
The Premier Hotel in Ibadan, another legacy asset, is undergoing a 30-month upgrade to add rooms and modernise facilities.
“Odu’a’s mission has always been to transform public capital into long-term commercial value,” Ashiru said. “With stronger governance and new partnerships, we’re entering a new phase of growth.”
the Africa report
