Odu’a Investment Company Limited, the conglomerate jointly owned by the six South-West states, is making a bold return to its agricultural roots with a fresh N10 billion cocoa agreement. The deal was revealed during the 60th anniversary of Cocoa House in Ibadan, the tallest building in West Africa at the time of its completion in 1965 and a landmark financed by the proceeds of cocoa.
At the event, Group Chairman Bimbo Ashiru disclosed that the company had entered into a strategic partnership with Africa’s largest cocoa exporter. The initiative, which will begin with cocoa and cassava production, is designed to reposition Odu’a as a central player in agribusiness, with ripple effects across jobs, exports, and food security.
“This marks a significant new chapter for Odu’a. Our history is rooted in agriculture, and we are determined to reconnect with that heritage by creating modern value chains that benefit our people and our states,” Ashiru said. He emphasized that the partnership represents not just financial growth but also a cultural and economic homecoming.
The group’s Managing Director, Abdulrahman Yinusa, reinforced this perspective by linking the anniversary celebration to the region’s past prosperity. He noted that Cocoa House itself was a testament to visionary leadership and the power of cash crops, symbolizing how agriculture once fueled development across the South-West.
Ashiru also issued a challenge to the governors of the region to go beyond policy statements and create tangible legacies tied to agriculture. He proposed that each state erect modern monuments showcasing key crops such as cassava, timber, and rubber, mirroring the historical significance of Cocoa House. According to him, such initiatives would both honor the region’s legacy and lay the foundation for sustainable growth.
The renewed focus on agriculture dovetails with the federal government’s broader drive to expand food production, diversify exports, and reduce dependence on imports. Odu’a’s strategy signals how state-owned enterprises can take a proactive role in this national agenda by mobilizing resources for large-scale agribusiness.
Industry observers view the N10 billion cocoa deal as a signal of growing private-public alignment in reviving Nigeria’s agricultural sector. With cocoa still ranking among the country’s most valuable non-oil exports, the partnership could help Nigeria regain its position as one of the world’s top cocoa producers, while also boosting local processing and value addition.
As the region reflects on 60 years of Cocoa House, Odu’a Investment’s pivot highlights how history can serve as a compass for future growth. By revisiting the crops that once built the South-West economy, the company is betting on agriculture not only as a profitable venture but also as a tool for regional pride and long-term economic transformation.
