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Osun Govt Rests OSICOL, Omoluabi Holdings Is The New Name

Managing Director, Omoluabi Holdings Limited, Dr. Tunde Faleye has advised states across the country to engage in business ventures to augment whatever comes from the federation account, since era of oil money seems to be passing.

Faleye spoke to newsmen in Osogbo on Wednesday, positing that through innovative investments by government, more revenue could be raised to further boost funds at the disposal of government.

Speaking against the backdrop of the recent change in name by the agency from the previous Osun State Investment Company (OSICOL) to Omoluabi Holdings Limited, Faleye averred that through innovative investment, Osun state has grown the balance sheet of its investment in iOmoluabi Holdings Limited (OHL) to N3.6bilion.

Dr. Tunde Faleye, said 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 201.

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.‎

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 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 also have interest in quarry business and Cocoa plantation farms, to mention but few."

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