Chairman of Oodua Investment Company, Dr Segun Aina, has said that the company had commenced investment into the newly won marginal oil field as parts of a strategy to earn more money for its shareholders.
The company is jointly owned by South West states of Ogun, Ondo, Ekiti, Osun, Lagos and Oyo.
Speaking during the company’s 39th Annual General Meeting held in Ibadan, Aina said that the company had begun the development of its recently acquired oil field to produce crude oil, stressing that the company had entered into the oil and gas upstream sector, where it won the bid for a marginal oil field located in Ondo State.
He said that the company was in discussion with its partners on how to develop the field and produce crude oil.
The company, Oodua Oil, was among the newly allocated oil marginally field whose bid exercise was announced by the Department of Petroleum Resources (DPR).
“We will have the opportunity to earn dollars, further increase our investment in Nigeria, invest globally and become a global company,” Aina said.
Some of the lease winners include Matrix Energy, AA Rano, Andova Plc, Duport Midstream, Genesis Technical, Twin Summit, Bono Energy, Deep Offshore Integrated, Oodua Oil, MRS, Shafa and Petrogas.
Others are North Oil and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil and Virgin Forest, among others.
Aina said that the profit of N5.203 billion was an increase of 11.5 per cent over the N4.665 billion profit declared in 2019.
Aina said that N364 million was the dividend payable to the beneficiary states for the 2020 financial year.
“We will ensure sustainable returns to stakeholders and enhance the legacy of the company for future generation. The least we can do is to grow it and make it better for the future generations. The five year growth plan from 2021 to 2025 will drive the group to become a world-class conglomerate. With this plan, we believe that with the team we have, staff, management board and the support of stakeholders, we will surely achieve and even surpass it,” he said.