Ibadan, Aug 19 — At the grand finale of the Cocoa House @60 celebrations, Bimbo Ashiru, Group Chairman of Odu’a Investment Company Limited (OICL), announced a landmark move: the signing of over ₦10 billion ($6–7 million) worth of joint-venture agreements focused on cocoa and cassava production, signaling a strategic renewal toward agricultural investment.
According to OICL’s public statement, the group unveiled a ₦4.6 billion cocoa plantation JV with Starlink Global & Ideal Limited and PETAGULS, targeting an initial 100 hectares, to be scaled to 1,000 hectares over five years at development hubs in Ekiti or Ondo State. Simultaneously, a ₦5.2 billion integrated farming partnership with Food LockerNG will span maize, soybean, sorghum, and beef production at OICL’s agro-industrial hub in Imeko, Ogun State. Additionally, a ₦65 million maize smallholder support program with the BAT Nigeria Foundation will empower 100 farmers across Ekiti State with inputs, training, and credit facilities .
OICL is no stranger to agriculture. Its subsidiary Westlink Integrated Agriculture Limited, incorporated in 2018, already operates commercially scalable farming and processing models, cultivating tomato on 300 hectares and cassava on 2,500 hectares, while producing tomato paste and food-grade starch . The company also launched an Agro-Industrial Hub in Ekiti State in June 2025 through its arm SWAgCo, in partnership with British American Tobacco Nigeria Foundation (BATNF). The hub is designed to support maize micro-enterprises, drive youth engagement, and integrate value-chain participants, from land development to logistics .
Founded in 1976, OICL is a regional conglomerate owned by Nigeria’s six South-West states, Oyo, Ogun, Ondo, Osun, Ekiti, and Lagos, whose operations span real estate, hospitality, financial services, ICT, and agriculture. It has been awarded an A+ credit rating by Agusto & Co in 2024 and upgraded to Aa- with a stable outlook in July 2025 .
The company’s renewed agricultural strategy is part of its broader “Sweat, Revive, Create (SRC) 2025” plan, aiming to optimize existing assets and expand into priority sectors including agri-business, power, healthcare, and logistics .
Bimbo Ashiru also used the Cocoa House @60 event to propose symbolic monuments for each of the South-West states, “Cassava House,” “Timber House,” and “Rubber House”, to honor the region’s agricultural heritage and evoke the pioneering spirit of the founding fathers. He highlighted the relevance of Cocoa House, the first skyscraper in West Africa, as a testament to regional resilience and prosperity .
In his remarks, Group MD Abdulrahman Yinusa echoed this vision, describing the celebration as more than a milestone, it is about honoring an idea born from the efforts of founding figures and the sweat of farmers. The restoration of Cocoa House, Nigeria’s first skyscraper completed in 1964, stands as both a historic symbol and functional hub, reflecting OICL’s intent to preserve legacy while modernizing for the future .
Why It Matters Internationally
Cocoa remains a critical commodity globally, and such agribusiness investments by a regional entity reflect Africa’s shift toward value-chain development.
Comparable recent investments, such as a $40.5 million injection into Johnvents Group to boost Nigerian cocoa processing, underscore a growing trend of scaling domestic agribusiness capabilities .
Nigeria’s renewed focus on agriculture supports food security, youth employment, and industrial diversification, areas of high interest to international investors and development partners.
