The Managing Director of Omoluabi Holdings Limited, Dr. Tunde Faleye has hinted that the administration of Governor Rauf Aregbesola’s introduction of various business innovations has been yielding good returns for the state government.
Dr. Faleye, made the revelations on Wednesday while speaking with newsmen in Osogbo on the recent change in name of the company from the previous Osun State Investment Company (OSICOL) to Omoluabi Holdings Limited.
He posited that through innovative investments by government, more revenue could be raised to further boost funds at the disposal of government.
Speaking in the change in name, Faleye averred that through innovative investment, Osun state has grown the balance sheet of its investment in Omoluabi Holdings Limited (OHL) to N3.6bilion.
He said “through different innovations, Aregbesola’s administration has been able to grow the agency’s balance sheet to a sum of N3.6b in 2017.
He added that the figure represents an increase of 760% in the last six years, adding that, the opening balance of OHL increased from about N300m it was in 2001.
Faleye, who noted that the height achieved by the company would not have been possible, without the support from Governor Rauf Aregbesola, whom he said encourage 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 Company. We do not have interest in poultry rather we have interest in manufacturing, oil and gas, properties, investment and portfolio management, farming among others.
He however, advised states across the country to engage in business ventures to augument whatever comes from the federation account, since era of oil money seems to be passing.