Onome Amuge

Odu’a Investment Company Limited, the conglomerate owned by the six states of Nigeria’s South-West region, has committed to a renewed strategic focus on agriculture, with its chairman announcing a new N10 billion cocoa deal. The development marks a return to the company’s agricultural roots, a legacy celebrated at the 60th anniversary of its iconic headquarters, Cocoa House, in Ibadan.

Bimbo Ashiru, the group chairman, confirmed the company’s new direction during the anniversary event, revealing a significant deal with Africa’s largest cocoa exporter. “Our focus is now on agriculture. I am happy to tell you that on the day of our AGM, we signed a deal with the largest exporter of cocoa in Africa,” Ashiru said. He noted that the initial agreement, valued at over N10 billion, would concentrate on cocoa and cassava production.

The strategic shift is a deliberate homage to the company’s origins, which were funded by the proceeds of cash crops like cocoa. Speaking at the ceremony, Abdulrahman Yinusa, group managing director underscored this historical link. He noted that Cocoa House, completed in 1965, was a monument to the vision of the region’s founding fathers and the labour of its farmers, rising from the rich proceeds of cocoa to become West Africa’s first skyscraper.

Ashiru indicated that the company’s new focus extends beyond just its own operations. He said he would challenge the governors of the South-West states to establish modern monuments in each state dedicated to key crops such as cassava, timber, and rubber. This, he argued, would help bring back the region’s past agricultural glory and align with the federal government’s broader focus on using agriculture to create jobs and ensure food security.