Premier Hotel redevelopment to gulp N20bn – Odu’a group chair
The Group Chairman of Odu’a Investment Company Limited, Otunba Bumbo Ashiru, has said the redevelopment of Premier Hotel will gulp over N20bn.
Ashiru made this known to newsmen on Thursday during a facility tour of the ongoing redevelopment of the hotel at Mokola, Ibadan, the Oyo State capital.
He added that the redevelopment of the facility would increase the room count from 87 to 154, disclosing that about 200 people were currently working in and out of the place.
The chairman said, “What I’m looking at can’t be less than N20bn because I remember that it was about $10m then. What we have now is between $10m and over N20bn.
“We want to consolidate what our forefathers did. If something was built almost 80 years ago, then you have to preserve it and partly elevate it. What we are trying to do is to walk the talk. Revolution is coming up, technology is coming up, and things are changing. And the only way to change it is by improving on what we met on the ground.
“And not only Premier Hotel; we are looking at Airport Hotel and Lafia Hotel. We are improving and increasing whatever they have, to keep the legacy.”
Speaking earlier at a media parley held at the company’s boardroom, Cocoa House, Ibadan, Ashiru said the company’s diversification efforts had been a major driver of its success.
He stated that OICL had made strategic inroads into Agribusiness, Upstream Oil and Gas, Innovation & Technology, and other key sectors, leveraging partnerships that enhanced its competitiveness.
According to him, the initiatives have positioned OICL as an attractive investment destination for international investors seeking credible opportunities in Nigeria.
He said efforts were underway to raise funding for the BITA Marginal Oil Field’s development, to achieve First Oil once regulatory approvals and financing are secured.
Ashiru added that following recent power sector reforms, the Odu’a Investment is actively exploring partnerships to participate across the electricity value chain, aiming to enhance energy access and economic growth in Southwest Nigeria.
However, he ascribed the achievements recorded by the conglomerate to the calibre of members on the board of Odu’a Investment whom he described as forward-thinking people.
Also speaking, the Group Managing Director/CEO of Odu’a Investment, Abdulrahman Yinusa, said the outgone year 2024 was one of outstanding performance for OICL, adding that the company recorded a remarkable increase in revenue and growth in profit.
“Our commitment to corporate excellence is reflected in our consistent dividend payments to shareholders over the past decade, reinforcing our financial strength and stability,” Yinusa said.
He pinpointed successful completion of the Cocoa House Car Park and Ground Floor Enhancement Project, and also ensuring a modern and customer-friendly environment as among several transformative projects undertaken by OICL, aimed at sustainable economic development.
Yinusa said the ongoing Premier Hotel redevelopment would be accelerated towards its opening for business before the end of the first half of 2026.
He also announced the launch of SWIT’s incubation hubs for research commercials, venture building and start-up acceleration programmes, designed to create jobs and drive regional economic growth.
