The Managing Director of Omoluabi Holdings Limited, Dr. Tunde Faleye has suggested that states across the country should supplement federal allocation with business ventures.
As the agency formerly called Osun State Investment Company (OSICOL) was rechristened to Omoluabi Holdings Limited on Wednesday in Osogbo, Faleye while addressing journalists, said, “Through innovative investments by government, more revenue could be raised to further boost funds at the disposal of government.
Faleye who is a strong advocate for more business ventures asserted that the practice in the State has grown the balance sheet of its investment in Omoluabi Holdings Limited to N3.6billion.
He said, “the figure represents an increase of 760% in the last six years. The opening balance of OHL increased from about N300m it was in 2010.”
“Through different innovations, Aregbesola’s administration has been able to grow the agency’s balance sheet to sum of N3.6b in 2017.”
Faleye further said, “The feat achieved by the agency would not have been possible, without the support from Governor Rauf Aregbesola, who has being encouraging introduction of various business innovations that have been turning in good returns for government.”
He however announced that the Aregbesola administration as renamed the agency.
According to him, “To avoid confusion the same agency which the previous administration christened Osun State Investment Company (OSICOL) is the same agency Aregbesola’s administration renamed Omoluabi Holdings Limited.”
He noted that since 2010 when Aregbesola came on board, the agency has being handling conglomerate and multiple businesses for the state like a private company.
“Omoluabi Holdings Limited has subsidiaries in Oil and Gas, mordern poultry and establishment of Agro-Allied Company. We also have interest in quarry business and cocoa plantation farms, to mention but few” Faleye concluded.