Odu’a Investment receives AA-(NG) credit rating from GCR Ratings

Odu’a Investment Company Limited (OICL) has been assigned an inaugural national scale long-term issuer rating of AA-(NG) and a short-term issuer rating of A1+(NG) by GCR Ratings, an affiliate of Moody’s. The rating carries a stable outlook and recognizes the company’s strong investment portfolio, conservative financial profile, and disciplined capital management.

Group Chairman Dr. Tola Kasali stated that the rating affirms the resilience of the Group’s investment model, which utilizes strategic holdings in listed equities alongside contributions from operating subsidiaries. Kasali also noted that the rating reflects the Group’s high governance standards, which remain independent of undue shareholder influence despite its state government ownership structure.

Group Managing Director Abdulrahman Yinusa highlighted the company’s strong liquidity, noting a coverage of approximately 2x over the next 24 months. This is supported by a liquid listed portfolio valued at over N80 billion and N4.8 billion in unencumbered cash. Yinusa added that the balance sheet remains largely ungeared, with the N3 billion bond at subsidiary Wemabod Limited remaining well within servicing capacity.