Osinbajo urges Odu’a group to invest in technology

Vice President Yemi Osinbajo on Tuesday charged the Odu’a Investment Company to explore new investment in technology, as a means of strengthening future operations.

Speaking when he received a delegation of the Odu’a Investment Company led by its Chairman, Bimbo Ashiru, at the Presidential Villa, Abuja, Osinbajo commended the legacy of the conglomerate and the vision that birthed it decades ago.

According to the Vice President, “ 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.”

“Look at technology and see how to change and improve the (business) model,” he said.

He had earlier commended the model where experts and players are allowed to lead in economic and business matters, saying “if the private sector runs businesses, it is far better because it will bring greater dividends.”

He 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, Ashiru explained that 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 industrialisation.

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

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, adding that “In the new arrangement, the hotel will be upgraded to a five-star hotel and will increase its rooms from 87 to 120.”

Ashiru informed Osinbajo 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.

Members of the delegation included Adewale Raji, Group Managing Director; other directors such as `Tola Kasali, Seni Adio, and Adebola Osibogun.

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