The Odu’a Investment Company Limited (OICL) has been assigned an ‘A’ rating by Agusto & Co, based on an assessment of its financial condition as a standalone entity.
This was contained in a statement by the Odu’a Investment Company Limited (OICL) and made available to journalists in Ibadan, Sunday.
The statement said the rating report considered OICL’s diversified portfolio of investments across key sectors of the Nigerian economy, the diverse backgrounds and vast experience of the board and management team, as well as the efforts that have been made to reposition the business in recent years.
“The assigned rating reflects the company’s good operating cash flows supported by its diversified income streams and portfolio of subsidiaries and associates, adequate working capital upheld by its lean operating structure and low leverage on account of its strong equity funding buffer,” it said.
Commenting on the rating, The Group Chairman, Odua Investment Board, Otunba Bimbo Ashiru said, “We are walking the talk to be a world class conglomerate for the benefits of our owner states, and other stakeholders.”
Group Managing Director, Mr. Adewale Raji, while speaking on the rating said “this is the result of the consistent hard work of the past few years of the Board, Management and Staff. We are really excited.”