Technology key to Nigeria’s future – Osinbajo  

Vice President Yemi Osinbajo has commended the model applied by the Odu’a Investment Company where experts and players are allowed to lead in economic and business matters, saying that “if the private sector runs businesses, it is far better because it will bring greater dividends”.

Speaking while receiving a delegation of the firm in his office at the Presidential Villa, Abuja, he lauded the legacy of the conglomerate and the vision that birthed it decades ago.

Osinbajo said, “legacy and history have a powerful pull, but it might be that what the future calls for is even greater and this is why we must be investing in technology”.

He told the delegation led by the Group Chairman of the conglomerate, Otunba Bimbo Ashiru, that they should “look at technology and see how to change and improve the (business) model,” as according to him, investment in technology is the way of the future.

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The Vice President cited the example of the Nigeria Liquefied Natural Gas Company (NLNG) saying “the NLNG is making a lot of money because the private sector has a controlling share and is making money for the country”.

He advised that “there is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that government has an interest in”.

Earlier in his remarks, Otunba Ashiru said the vision of Odu’a Investment Company now is to become a world-class conglomerate, known for its passion for business with a focus on agriculture and industrialization. 

He explained further that the company is exploring international investments and partnerships.

For instance, he disclosed that the Premier Hotel located in Ibadan, Oyo State, one of the well-known businesses of the conglomerate is now going to be in partnership with an international brand. In the new arrangement, the hotel will be upgraded to a five-star hotel and will increase its rooms from 87 to 120.

Otunba Ashiru informed the Vice President that Lagos State has recently joined Odu’a Investment Company and has been presented its certification as a shareholder. 

The Odu’a Investment Company is owned by the State governments in the Southwest of Nigeria.

A statement issued by the Vice President’s spokesman, Laolu Akande, informed that members of the delegation included Mr. Adewale Raji, Group Managing Director; other directors such as Dr Tola Kasali, Mr Seni Adio, SAN, and Otunba Adebola Osibogun. 

Others were Mr Babajide Arowosafe, the Managing Director, SWAgCo Ltd and Mr Victor Ayetoro, Head, Branding and Communications at Odu’a.