Governors of the six Yoruba States comprising Oyo, Ogun, Ondo, Osun, Ekiti and Lagos States on Thursday in Ibadan bemoaned the dwindling fortunes of Odu’a Investment Company Limited.
They have started a Rejuvenation Agenda to re-invigorate the business empire into a global conglomerate.
It was on the occasion of the 40th Anniversary commemorative lecture and awards presentation to the three founding military Governors of Odu’a Conglomerate namely Major-General David Medaiyese Jemibewon (Rtd), Group captain Ita David Ikpeme (Rtd) and Major-General Saidu Ayodele Balogun (Rtd), under whose tenure in 1976 the idea was conceptualized.
The Yoruba governors lamented that some of the hitherto prosperous subsidiaries of Odu’a Investment including Nigeria Wire and Cable Plc, Lafia Canning Industry, Epe Plywood Limited, Sungas Limited and Odu’a Telecoms Limited (O’Net), among others, are presently in comatose due mainly to the economic recession in the country.
Oyo State was represented at the occasion by Governor Isiaq Ajimobi while the Secretaries to the State Government (SSG) of the five other States stood in for their respective governors as they all expressed grave concern over the future of Odu’a Investment Company Limited.
In his address, Governor Ajimobi lamented the deteriorating state of Odu’a Conglomerate which he blamed partly on the loss of the value system by the stakeholders.
Ajimobi said: “The problems we are having now is that we have left many things we ought to do undone. We are only celebrating survival today as this is not the level the Conglomerate ought to be. Our value system is gone. Our value system must be rejuvenated. Odu’a Investment must be re-invigorated.”
Representatives of the other State Governments spoke in the same vein and called for massive investment in other sectors of the economy particularly hi-tech Agriculture in which the teeming unemployed youth from the geo-political zone could be gainfully absorbed.
Earlier in the commemorative lecture themed “Reinvigorating Odu’a Group into a Global Conglomerate”, the guest lecturer, Professor Wale Omole, former Vice Chancellor of Obafemi Awolowo University, Ile-Ife urged the stakeholders to see the present challenges as call to duty and map out positive strategies to move forward.
Professor Omole picked loopholes in the present management of the Odu’a Conglomerate some of which he identified as absence of Audit Committees that would have ensured transparency in the day to day administration, absence of Finance and General Purpose Committees as well as absence of Strategic Planning unit that would have been saddled with the future of the investment group.
Nigeria’s former Ambassador to the United Kingdom, Dr. Christopher Kolade, who presided over the event paid glowing tributes to the founding fathers of Odu’a Conglomerate and charged the present helmsmen as well as the stakeholders to do everything humanly possible to re-write the dwindling fortunes of the investment company, for posterity.
Source: Daily Trust
Social Media Links
Facebook – www.facebook.com/osundotlife
Instagram – www.instagram.com/osundotlife
Twitter – www.twitter/osundotlife