Odu’a should lead South West development —Omole

Professor Wale Omole, former Vice Chancellor of the Obafemi Awolowo University, Ile Ife, on Thursday, said Odu’a Investment Limited should lead the development of the Yoruba nation.

Omole, who was the Guest Lecturer at the 40th anniversary of Odu’a Investment Limited, held at Premier Hotel, Ibadan, said given the way the conglomerate started, it was imbued with the capacity to build the South West into an economic power house.

According to Professor Omole, who spoke on the topic, ‘Reinvigorating Odu’a Group into a Global Conglomerate’, “In 1976 when the company was registered, its share value was over N500million. This was a time when N1 was the equivalent of $2. In other words, the share value of the conglomerate was worth over a billion dollars at inception. With that, the capacity of the conglomerate to effect a positive change in the lives of the people was huge.”

He, however, regretted that over the years, many of the conglomerate’s subsidiaries had died while others had become enfeebled.

He said, “There is work to be done in order not to turn Odu’a Investment into a decaying heritage.”

He advised the management of the conglomerate to carry out proper oversight on the subsidiaries to avoid waiting till they become comatose before taking steps to remedy the situation.

Professor Omole also called on Odu’a Investment management to avail itself of research findings from universities, adding that the universities and research institutes keep coming out with inventions which the conglomerate could deploy to improve its profitability and the lives of the people.

He stated that “Reinvigorating Odu’a Group into a global conglomerate is dependent on how well research findings are utilized to improve the lives of the people.”

Oyo State governor, Senator Abiola Ajimobi, concurred with Professor Omole’s position on the fortune of the conglomerate when he observed that the company should have gone farther than its current level.

According to the governor, “What we are celebrating now is the survival of the conglomerate, not improvement.”

Governor Ajimobi, who found a nexus between the dwindling fortune of the conglomerate and the nation’s deteriorating value system, called for the rejuvenation of the value system as a precursor for the reinvigoration of Odu’a conglomerate.

The governor, however, observed that the current management had improved on the performance of past management and expressed the view that if the tempo was sustained the conglomerate would become better.

Earlier in his keynote address, Dr Christopher Kolade, chairman of the occasion, said failure of an organization is a consequence of the handling of its vision and mission by the management.

While urging the Odu’a workforce to be passionate about its vision and mission, he said, “Passion is what will protect the future. Without passion success cannot be sustained.”

He also counseled them on the need to uphold the integrity of the organization, adding that “standards and values are susceptible to the law of gravity. It is only those who are determined to uphold standards and values that get to uphold them.”

Other owner state governors, who were represented at the event, gave goodwill messages.

Mr Tunji Bello, the Secretary to Lagos State Government, who represented Mr Akinwunmi Ambode, the governor, said Lagos State would work together with other stakeholders for the realization of the vision of the founding fathers of the conglomerate.

Ekiti State governor, Dr Ayo Fayose, represented by Mr Deji Ajiboye, Permanent Secretary, Governor’s Office, urged the conglomerate to work towards the economic integration of the Yoruba nation. He added that the reinvigoration of the conglomerate would result in the development of the South West region.

Alhaji Moshood Adeola, Secretary to Osun State Government, who stood in for the governor, assured everyone present at the event that politics would not be allowed to affect the fortunes of the conglomerate. He added that the commitment of the owner state governors to this led to the conglomerate recording good performance in the last two financial years.

Ogun State governor, Senator Ibikunle Amosun, speaking through the Secretary to the State Government, Mr Taiwo Adeoluwa, said the major challenge before the management of the conglomerate as well as the owner state governors is adding to the Odu’a legacy. According to him, the Group had been reveling in what was accomplished in the past, adding that it was time to do more than what had been done.

Dr Olusegun Mimiko, Ondo State governor, who was also represented, said the conglomerate should pay more attention to agriculture.

In his welcome address, Chief Isaac Akintade, Chairman, Odu’a board of directors, said, “There is not a better time to prick our conscience on the legacy treasure in our hands than now. Our long years of dependence on Abuja and the monthly dole out of allocation has made us lazy.”

He added that the conglomerate must take a cue from South Korean ‘Chaebols’ like Samsung, Daewoo and Hyundai to accelerate economic development in the South West.

The founding military governors were honoured at the event. The trio of Major General David Jemibewon, (Retired) former Military Governor of the old Oyo State; Group Captain Ita David Ikpeme (Retired) former Military Governor of old Ondo State; and Major General Saidu Balogun (Retired), former Military Governor of Ogun State, were each presented an award by Senator Abiola Ajimobi on behalf of the owner states.

In his response, Major General Jemibewon said the motivation for the establishment of the Group in 1976 was for it to serve as a vehicle for the development of the South West region.

He said the Group had everything it needed to excel, adding that “If you can’t make it in the South West, Nigeria cannot make it.”

Group Captain Ekpeme (Rtd.), who dedicated the award to his Chief of Air Staff and his late wife, said the conglomerate was established to make managing the many businesses easy after the creation of new states in 1976.

He advised those saddled with the responsibility of managing the businesses to manage them well for the benefit of the people.

Major General Balogun (Rtd.) said all hands must be on deck to ensure the success of the conglomerate.

He also called on South West governors to put aside political differences and work for the progress of Yoruba race.

The event was graced by many dignitaries among whom are Professor and Reverend (Mrs) A.B.O.O. Oyediran, Dr. Olatokunbo Awolowo Dosumu, and Mr. Edward Dickson, Managing Director/Editor-In-Chief, African Newspapers of Nig Plc ANN Plc.