The Oodu’a Investment Company Limited says the entrance of Lagos into the group is courageous and will engender a positive impact on the socio-economic development and advancement of the South West region due the state’s commercial viability, uncommon resilience and resourcefulness.
Tajudeen Bello, a director in the Group, made the observation during a courtesy visit to the Lagos State governor, Akinwunmi Ambode, at the Lagos House, Ikeja, on Monday.
Lagos joined the Oodua Group in 2018 to bring the number of the states in the group to six. The original states include Oyo, Osun, Ogun, Ekiti and Ondo.
According to Bello, who spoke on behalf of the chairman of the Group, Lagos’s decision to join was critical towards further actualising of the goals of the Group.
Bello lauded Ambode for seeing through the Lagos State membership of Oodu’a with the epoch making signing of the share purchase agreement in March 2018, saying it was indeed a soothing reunion with Lagos joining forces with the other five states, which would have significant economic benefits for the region in the long run.
“We will like to put in on record the overwhelming support and excitement of Yorubas across the Length and breadth of Nigeria and indeed in the Diaspora on that landmark event within the cherished concept of regional economic development and integration last witnessed during the hay days of Western region.
“It is our cherished desire and commitment in Oodu’a Investment that this membership will unleash a geometric impact on the socio-economic development of our geo-political zone as a result of mutual benefits arising from the synergy of the ebullience of the commercial enterprise of Lagos and the uncommon resilience and resourcefulness that the Yoruba hinterland is reputed for since immemorial,” he said.
The Oodu’a chief added that the group would continue to explore collaborative opportunities including the Lagos State embedded power supply act structured to guarantee 24-hour power supply for the state, rice mill at Imota as well as other investment opportunities in the state.
Bello, who presented the state’s shares certificate to the governor, said the group was confident that the six states in the region which make up the investment company will leverage on its comparative advantages and work together for the betterment and development of the entire region and its people.
Ambode said that the desire to see the total economic integration of the South West region propelled his administration to join the group, saying that it would be a win-win situation for not just every state in the zone but also the nation at large.
“My belief in the total economic integration of the south west arising from our vision of the South Western Governors Forum that there is a need for all of us to come together as a regional force to be able to help each other in the areas of our comparative advantages was what drove me to make sure that we become partners in the Oodua Investment Group and I am happy we were able to do it with the support of the state executive council, we are happy also that we would be bringing in part of our own competences and expertise to grow this investment group.
“We are very proud that it is the only regional investment group that is existing in this country right now and because of that I am very happy that I was able to do this at least to lay down the foundation and the framework that would allow the bigger economic integration to take place even with the kind of infrastructure that we have tried to put in place also, we believe strongly that in the overall interest of the country, there is need for a regional interplay of competences so that the nation can grow its GDP, while we can also grow our own region,” he said.
Responding to a request to nominate representatives for Lagos on the board of Oodu’a Investment Company Limited, Ambode said he would defer the opportunity for the incoming administration to undertake, saying that it would be a means to ensure that the interest of the state is fully represented and sustained.
“That in itself will propel the payment of the remaining residue for the shares also. You can have our commitment that we would put it in our handing over note so that it becomes something of priority. The whole idea as we have said is to be able to use our God found location in geographical terms to our best advantage and that’s what Oodua Investment Group stands for,” Ambode said.
