Osun Grows Investment In Omoluabi Holdings By 760%
The Osun state government has disclosed that it has grown the balance sheet of its investment agency called Omoluabi Holdings Limited (OHL) to N3.6bilion.
Speaking to newsmen Thursday in Osogbo, the Managing Director of Omoluabi Holdings, Dr. Tunde Faleye, said that the figure represents an increase of 760% in the last six years.
According to him, the opening balance of OHL increased from about N300m in 2011 and through different innovations, Aregbesola’s administration has been able to grow the agency’s balance sheet to a sum of N3.6b in 2017.
Faleye, who noted that the height achieved by the agency would not have been possible without the support from Governor Rauf Aregbesola, whom he said encouraged the introduction of various business innovations that have been turning in good returns for government.
He further explained: “To avoid confusion, the same agency the previous government christened Osun State Investment Company (OSICOL) is the same agency that has been renamed by Aregbesola’s administration as Omoluabi Holdings Limited.
“With the new mandate since the present administration came on board in 2010, Omoluabi Holdings Limited has grown from being a state-managed business concern to a conglomerate handling multiple businesses.
“We are able to achieve this relative success with our routing of strategic Investments through application of private sector efficiency and profit focus at handling projects.
“Omoluabi Holdings has subsidiaries in Oil and gas, modern poultry and establishment of Agro-Allied Companies. We also have interest in quarry business and Cocoa plantation farms, to mention but a few.”
Speaking further, Faleye advised states across the country to engage in business ventures to augument whatever comes from the federation account, since the era of oil money seems to be passing.
