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Agusto & Co has given “A” rating to Odu’a Investment Company Limited (OICL). The rating was based on an assessment of the financial condition of OICL as a stand-alone entity.
The rating 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.
Agusto & Co said: “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.”
Commenting on the rating, the Group Chairman, 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”.
The Group Managing Director, Mr. Adewale Raji remarked that “this is the result of the consistent hard work of the past few years of the board, management and staff. We are really excited.”
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