Being the text of an address by Ambassador (Dr) Olatokunbo Awolowo Dosumu, Chairman, Odu’a Investment Foundation, at its inauguration in Lagos on Thursday, July 27, 2023.
Protocols
“The legacy of heroes is the memory of a great name and the inheritance of a great example”. (Benjamin Disraeli)
WE are gathered here this afternoon to celebrate the immeasurable value of a good legacy. We are also hereto acknowledge and, with specific reference to Odu’a Investment Company, to applaud the pivotal role that successorsplay in thesustenance of such legacies.
The story of the Odu’aGroup started several decades ago with our founding fathers, led by Chief Obafemi Awolowo, SAN, GCFR. These great visioners wereunequivocalabout what they needed to do to create a solid economic base for the region which God had given them the privilege to administer. They were painstaking in conceptualising a region that would be wealthy enough to wean its people off the ravages of disease, ignorance and poverty. They were also very honest, diligent and methodical in executing the plans they had carefully laid out. To this end, they deployed various strategies, including the establishment of the Western Nigeria Development Corporation (WNDC), the predecessor of Odu’a Investment Company, and many other subsidiary and associated companies. The results of the toils of that promising beginning are what has brought all of us here today.
As I noted two years ago in my goodwill messageat the 45th anniversary lecture of the Odu’a Investment Company, ‘’the Board and Management are gradually piloting the company towards rebirth and regeneration, as it is emerging from its challenging years and is expanding its portfolio into hitherto uncharted business sectors. The company is, indeed, set to move into the future as a global player.”
Today, as we gather to inaugurate the Odu’a Investment Foundation, that ‘stellar Board of Directors’, as I described them in mymessage,have proved, yet again, that they are indeed worthy successors to a noble legacy. I congratulate them, most heartily,fortheir foresight. These congratulations are due because, beyond the role of the conglomerate in the business of adding value to the economy, as well as their statutory obligation of enhancing the revenue of their various shareholdergovernments, theyhave now decided to deploy a further percentage of their income to an initiative that offers a wider latitude to impact lives through creative, inventive and effective philanthropy that cannot be accomplished by other means.
Foundations come into being through deliberate choice and, by their very nature, they are able, not only to choose their areas of intervention, but also the strategies for the actualisation of their mission. Furthermore, because their unique governance structure allows for a significantly shortened time lag between decision and implementation, Foundations are able to respond faster to societal needs. By setting up this Foundation, therefore, this Board has intentionally introduced an additional avenue through whichthe company can further impact the lives of the people positively.In other words, rather than neglect or erase the legacy of our founding fathers, they haveelected to maintain and, even, propagate it. I commend them once again for taking this bold step.
I note with great joy that several decades after the group was set up and more than three decades after the transition of the primelegator, Chief Awolowo, the legacy has remained in very safe hands. The journey may not always have been particularly smooth but it is important to note that in spite of all odds, and as a testament to the solid foundation upon which it was built, coupled with the commitment of its board, management and staff over the years, the house of Odu’a Group is still standing tall, sturdy and safe. Distinguished ladies and gentlemen, I must express my profound admiration for the, evidently, meticulous process that hasresulted in the composition of the pioneerAdvisory Council of this Foundation. It is a most impressive line-up of personages and is, undeniably, made up of some of the brightest and best minds in the land. These arepersons of exceptional knowledge, eminent social pedigree and impeccable integrity. They also possessconsiderable influence and networks, nationally and internationally, which I have no doubt they will fully deploy for the benefit and success of the Foundation.
On a personal note, it is, for me, a great privilege to stand before you today, not only to witness the launch of Odu’a Investment Foundation, but, more importantly, to do so as the appointed pioneer Chairman of its Advisory Council. It is an enormous privilege to be the direct offspring of the sage who was the arrowhead of the legacy that is at the heart of this commendable initiative. I say this with every sense of modesty. This is, of course, by a divine arrangement for which I shall remain eternally grateful. More than that, however, to have been counted worthy to lead this crucial initiative in a Yoruba nation that paradescountless stars in every sphere of human endeavour is significant recognition indeed. I am truly humbled.
In conclusion, although the appointment of the Foundation’s Advisory Council is tenured, permit me to quote in this regard an internationally acclaimed author and consultant of Yoruba descent, Idowu Koyẹnikan, “Even though your time on the job is temporary, if you do a good enough job, your work there will last forever.” The fact that the company has decided to make the Advisory Council the sole governancestructure of the Foundation speaks volumes about the confidence they repose in its members. I, therefore,assure you, on behalf of all the members of this pioneer Advisory Council of the Odu’a Investment Foundation,that we will give this important and historic task our all, in order to lay a solid foundation for its sustainability and future growth.
Distinguished ladies and gentlemen, I thank you all for gracing this occasion with your esteemed presence and I thank you, most sincerely, for your attention.
and then