By Eric Teniola
The South West governors have reconstituted the board of administrators of Odua Firm Restricted. The brand new board is headed by Dr, Lawrence Olusegun Aina (65), previous President of West Africa Bankers Affiliation and former President of Otan-Ayegbaju Growth Affiliation in Osun state. Different members of the brand new board are Chief Segun Ojo, a former Commissioner for Finance, Price range and Financial Planning in Ondo State; Dr. Tola Kasali who served as Commissioner for Rural Growth in Lagos State between 2003 and 2007; Barrister Seni Adio, SAN, the Managing Companion of Copley Companions (Solicitors & Barristers); Mr. Olusegun Olujobi, who’s ex-Accenture and Power Business participant, and Otunba Bimbo Ashiru, a famend banker and instant previous Commissioner for Commerce and Business in Ogun State. The Group Managing Director of the Firm is Mr. Adewale Abiodun Raji, a former Managing Director of PZ Cussons Nigeria Plc., who was just lately reappointed for one more time period.
The inauguration of the brand new board is a welcome growth, for Odua Funding Firm is among the three regional groupings within the nation. The opposite two our bodies are the Interim Widespread Companies Company for Northern Area and Japanese States Interim Belongings and Liabilities Company (ESIALA), which we don’t hear of, lately. Profitability was achieved by Odua Firm between 2014 and 2018, an unprecedented dividend of N1.2billion was paid. The fulcrum of credible strategic partnership is regularly taking form with the latest strides within the Imeko Tomato to Paste Mission and the Westlink Iconic Property JV at Alakia, Ibadan. These and lots of extra just like the Energy Era Mission at Ikeja, The Farming Firm Restricted JV at Oke-Ako Ekiti, the Vitalo Model Mission are initiatives which are unfolding to develop the income base of the corporate.
The Odua Funding Firm is an offshoot of an Financial physique of the Motion Group, which got here to energy in 1952 in Western Area.
The Motion group (Egbe Afenifere) led by Chief Obafemi Awolowo was fashioned on March 21, 1951 on the Oke-Bola residence of Chief Awolowo in Ibadan. The home nonetheless stands at this time. I keep in mind with nostalgia after I was a reporter within the Nigerian Tribune in 1972, I used to gather tales on telephone in that home on the Oniru land case dispatched by the Nigerian Tribune correspondent in Lagos, Mr Bayo Osiyemi. It was that point I met Chief Awolowo for the primary time in my life. I virtually fainted seeing the person taking into account the parable I grew up with about Chief Awolowo in my residence city in Idanre in Ondo state. Chief Obafemi Awolowo, its chief, later acknowledged that the get together had been fashioned by himself and 7 others at a gathering in his home in Ibadan on March 26, 1950. The seven others who fashioned Motion Group with Chief Awolowo have been Chief Samuel Olatunbosun Shonibare (1920-1964), then supervisor, UAC (Technical) Ltd, Lagos, later Managing Director of the Amalgamated Press of Nigeria Restricted and Federal Publicity Secretary of the Motion Group; Chief Abiodun Akerele, a lawyer; S.T. Oredein, Secretary of the British-American Tobacco Firm (BATC) Staff’ Union, later Principal organizing Secretary of the Motion Group within the Western Area; Olatunji Dosunmu, a journalist, later Administrative Secretary of the Motion Group within the Western Area; J. Ola Adigun, a journalist; Adeniga Akinsanya, Supervisor of the African Press Ltd, Ibadan and Ayo Akinsanya, a chemist and a druggist. On the conference of the get together later, the next have been elected—Chief Obafemi Awolowo (President), Dr. J.A. Doherty (Vice-President, West), Dr. E.O. Awduche (Vice-President, East), Alhaji Sule Maito (Vice-President, North), Mr. Ayotunde Rosiji (Federal Secretary), Alhaji S. O. Gbadamosi (Federal Treasurer), Mr. S.O. Shonibare (Federal Publicity Secretary), Mr. A.M.O. Akinloye (Authorized Adviser, West), Mr. A. Adeoba (Authorized Adviser, East), Rev. E.O. Alayande (Celebration Chaplain), Malam M.S. Yabagi (Celebration Imam), Dr. Akinola Maja (Father of the Celebration), Chief S.L. Akintola (Deputy Chief), Mr. S.T. Oredein (Principal Organising Secretary), Mr. O. Agunbiade- Bamishe (Celebration Supervisor) and Mr. Olatunji Dosunmu (Administrative Secretary). The opposite members of the get together on the conference have been Chief F.R.A. Williams, Chief Anthony Enahoro, Chief T. A. Odutola, Chief G. Akin Deko, Mr. M.A. Ajasin, Prince Adeleke Adedoyin, Chief S.A. Tinubu, Mr. S.O. Ighodaro, Mr. Nduka Eze, Mr.O.N. Rewane, Mr. E.O. Eyo, Mr. S.G. Ikoku, Prince R.N. Takon, Mr. A.J.U. Ekong, Mr. S.J. Una, Mr. Okoi Arikpo, Mr. J.A. Agba, Chief Okim Okwa Ahang, Mr. George Lawson, Miss R.T. Brown, Mr. B.E. Mbalu, Mr. J.S. Olawoyin, Chief D.O. Sanyaolu, Mr. D. Adesina, Mr. M.O. Ikongbe, Mr. O.Olu Pinnock, Mr.J.S. Tejuoso, Mr. G.B. Olowu, Alfa Ok.S. Oba, Mr. D.O. Ogunmade, Mr. Omoniyi Olanipekun, Mr. Peter Onu and Mr. Alex Peters.
The get together held its first inauguration in Owo within the current Ondo state on 28 April, 1952 and so they have been hosted by the legendary Olowo of Owo, Sir James Titus Olateru Olagbegi II (1910-1998). The motto of the get together was “freedom for all, life extra considerable”. It was the get together’s perception that “the folks of Western Nigeria particularly, and of Nigeria on the whole, would have life extra considerable after they take pleasure in freedom from British rule, freedom from ignorance, freedom from illness and freedom from need”.
In organising the Motion Group, Chief Obafemi Awolowo, GCFR, had two broad targets in thoughts, one was political, and the opposite was economical. Chief Awolowo believed at the moment that political get together funding are the strategies {that a} political get together makes use of to boost cash for marketing campaign and routine actions.
As for the political, he enlisted Chief Akintola, Chief Enahoro and others. That political association broke down later. As for the financial, he enlisted Chief Samuel Olatunbosun Shonibare (1920-1964), Chief Sule Oyesola Gbadamosi from Ikorodu and Chief Alfred Ogbeyiwa Erewarone Rewane (1916-1995) alias Osabokolo from Warri, who later grew to become Chairman Western Nigeria Growth Firm. By way of managing enterprise, Chief Shonibare, Chief Rewane and Chief Gbadamosi have been gifted. They have been able to turning something to an asset.
It was the identical situation that performed out in South Africa in 1994 when President Nelson Rolihlahla Mandela (1918-2013) inspired the then Vice President Thambo Mvuyelwa Mbeki (77) to be in command of authorities whereas the current President of South Africa, Mr. Matamela Cyril Ramaphosa (67), then secretary of the Nationwide Union of Mine Staff to be in command of the companies for the African Nationwide Congress. The association labored then in that it diminished rivalry. It paid off for Mr Ramaphosa who has an estimated web value of $450million as of 2018, with 31poperties and previously-held notable possession in firms comparable to McDonald’s South Africa, chair of the board for MTN and member of the board for Lomnin.
Chief Shonibare and his group established the Nationwide Funding Firm together with Chief Rewane and Chief Gbadamosi. It was this firm that constructed the Western Home in Lagos, Cocoa home in Ibadan and Bristol lodge in Lagos. It was the identical firm that constructed a lot of the firms which are beneath Odua Funding Firm at this time. It was this group that was behind the Western Area partnership within the institution of worldwide redifusion in Ibadan, Nigerian Plastic Firm (1954), Ibadan, Nidogas, Lagos, Nigersol Development Firm (1959), Nigerian Water Sources Growth Firm (1959), Ibadan, Nigerian Pre-Pressed and Concrete Firm, Abeokuta, Crittal Hope Nigerian Ltd., Mushin, Vono (West Africa) Mushin, Tower Aluminium Ltd Ikeja, Asbestos Cement, Ikeja, Nigerian Sugar Firm, Apapa, Nigerian Mosaic and Glass Manufacturing Firm, Ikeja, Pioneer Biscuit Firm, Apapa, West African Portland Firm, Ewekoro, Nigerian Textile Mills Ltd., Ikeja
Let’s take Chief Shonibare for instance. His profession started in 1936 as a clerk for U.A.C in Ibadan the place he labored from 1936 to 1942, he was then promoted Chief Clerk and book-keeper at Ijebu-Ode in 1942. He rose to turn into workplace supervisor, technical division earlier than leaving the agency in 1952. Upon leaving UAC, he joined Amalgamated Press, publishers of the Every day Service which was then a political mouth-piece of the Motion Group. Throughout his tenure, the corporate launched the Sunday Specific an apolitical weekly journal and likewise launched Every day Specific in partnership with the Thomson Group. Beneath his management, Amalgamated Press had editors like Chief Victor Olabisi Onabanjo (1927-1990) and Alhaji Lateef Jakande( 90), who later grew to become governors. In 1958, Shonibare grew to become managing director of the Nationwide Funding Property Firm, he was invited to be the MD by S.O. Gbadamosi, a board member. Whereas working for U.A.C. in Ijebu Ode, his supervisor was Mr Samuel Olukoya. At get together in 1942, he was launched to his daughter Ms Alice Olukoya, they received married in 1946.
He was managing director of Nationwide Funding and Properties Company, a personal firm that was linked with AG and the regional authorities and whose administrators have been get together members. The corporate was fashioned in 1958.
When a state of emergency grew to become efficient within the Western Area, Chief Shonibare was restricted to Ondo city. He died in January 1964. Previous to his demise, he based Shonny Investments which was within the technique of growing Maryland Property in Lagos. He was additionally concerned in a cellular movie unit and a printing enterprise.
As for Chief Rewane, he began his profession as a supervisor trainee with UAC and have become the seaside grasp, Lagos Customs Wharf for the agency. Within the 1940s he left UAC and centered on importing items, particularly cow bones and black pepper after which within the 1950s, he was additionally into the timber commerce and he owned the Rex membership in Yaba, Lagos the place Chief Olabinjo Bobby Benson (1922-1983) was a daily musician. In the course of the pre-independence period in Nigeria, Rewane was affiliated with the Motion Group, he grew to become the chairman of the Western Nigeria Growth Firm.
Chief Gbadamosi was a family identify in Ikorodu, particularly by way of enterprise which remains to be the centre of commerce within the current Lagos state. The speed at which Chief Obafemi Awolowo was growing the Western Area at the moment was unbelievable and at a really quick interval. His achievements have been laudable. Therefore the envy. 1962 was the worst yr for the Motion Group with political landmines planted by the get together’s adversaries. In February 1962, the get together was engulfed in a critical crises in Jos throughout its annual congress.
On Could 29, 1962, a state of emergency was declared by the Prime Minister, Sir Abubakar Tafawa Balewa. The movement was permitted by 209 votes to 36 within the Home of Representatives and within the Senate by 32 votes to 7 with two abstentions. He then appointed Senator Adekoyejo Moses Majekodunmi (1916-2012), CFR, the Mayegun of Lagos and Otun balogun of Egba Christians, because the administrator of Western Area. The next day he arrived in Ibadan together with his ADC, Captain Murtala Mohammed (1938-1976). The primary act of Dr. Majekodunmi on arrival was to order the restrictions of the main political personalities within the Western Area together with Chief Obafemi Awolowo, GCFR, (1909-1987), Chief Samuel Ladoke Akintola (1910-1966), Chief Ayotunde Rosiji (1917-2000), Chief Dauda Soroye Adegbenro (1909-1975), Chief Frederick Rotimi Alade Williams (1920-2005) and the chief of opposition at the moment, Chief Victor Babaremilekun Adetokunbo Fanikayode (1921-1995).
On June 20, 1962, Sir Abubakar Tafawa Balewa, the Prime Minister of the Federation, appointed a fee headed by Justice George Baptist Ayodola Coker, to inquire into the monetary and funding insurance policies and practices, the administration and the enterprise operations of six statutory companies in Western Nigeria since October 1, 1954.
The affected firms are Western Area Advertising and marketing Board, the Western Nigeria Growth Company, the Western Area Finance Company and the Western Area Housing Company. Different members of the panel have been Mr Oladiran Booyamin Kassim, Appearing Decide of the Excessive Courtroom of Japanese Nigeria, and Mr. Akintola Williams (100), a Lagos Chartered Accountant. The Fee sat for 92days and had 50witnesses. Chief Awolowo who on November 2, 1962, had been charged once more with conspiring to overthrow the Federal Authorities by power had refused to offer proof earlier than the Coker Fee of Inquiry. From Lagos Jail, when ready trial, he despatched a letter to the Chairman of the inquiry, Dr. Coker saying that he had come to conclusion that no helpful goal could be served by his additional participation within the inquiry. The enquiry didn’t discover Chief Awolowo responsible. They made solely two suggestions that the Western Nigeria Advertising and marketing Board ought to take over instantly all properties of the Nationwide Funding and Properties Firm Ltd, that the Board ought to take steps to recuperate from the Motion Group a sum of N8, 000,000 which Motion Group had acquired from the Nationwide Funding and Properties Firm between April 18, 1958 and Could 31, 1962. In a White Paper issued with the report, the Federal Authorities endorsed it. In a press release signed by Chief Awolowo, the Motion Group rejected the report. The get together alleged that it was “produced with unprecedented ruthless pace and wanton disregard for info.”
By the way, the affected firms talked about on the Coker Fee of enquiry are at this time the muse upon which Odua Funding Firm was constructed. They’re at this time the goldmines. The stone that the builders rejected has now turn into the nook stone.
Odua Funding Firm was formally established in 1976 when Ondo and Ogun states have been created out of Western state. The corporate was to take cost of the belongings and liabilities of the entire Western Area. As a reporter with THE NIGERIAN HERALD at the moment, I lined the inauguration of the brand new firm at Cocoa home in Ibadan with the governor of Oyo state, Colonel David Medayese Jemibewon (79) from Aiyetoro Gbede in Kogi state presiding with two different governors current particularly, Colonel Seidu Ayodele Balogun (Ogun) from Ido Ani in Ondo state and Wing Commader David Ita Ikpeme (Ondo). The pioneer Group Managing Director of the Firm then was Mr. Christopher Sunday Olatunji Akande. Mr. Akande (1927-2005) from Arigidi, Akoko in Ondo state. The identical city that produced Justice Olakunle Joseph Orojo (1923-2009), the primary indigenous Director of Regulation College, Chief Felix Idowu Ayegbusi (1935-2019), former Nationwide Chairman, Deliberate Parenthood Federation of Nigeria, Pastor T.B. Joshua and Aare Ona Kakanfo, Gani Adams. After Chief Akande was Chief Francis Mogaji from Efon-Alaye in Ekiti state, 1979 to 1983, an Accountant from Ekiti State who beforehand labored with UAC & Meals Specialties now Nestle Nigeria Plc,.Chief Iyowu from Ogun State took over from Chief Mogaji and served from 1984 to 1989. He was beforehand Managing Director of Cocoa Industries Ltd Ikeja, who processed Cocoa beans to Cocoa Butter and Cake and manufactured d VITALO Cocoa beverage that ranked third to Bournvita and Milo on this Class. Chief Olufemi Adewumi additionally from Ekiti State who served as MD of Wemabod Estates Ltd earlier than turning into Group Managing Director from 1989 to 1993, Alhaji Aruna, a Lawyer from Oyo State was Group Managing Director from 1994 to 1997 whereas Sir Remi Omotoso, from Ekiti state, ex-Unilever served from 1998 to 2004, Dr Adebayo Jimoh Ex John Holt was Group Managing Director from 2005 to 2014.
The functioning Corporations of Odua Group are Wemabod Estates Ltd (Actual Property), Glanvill Enthoven (Insurance coverage Brokers), Lagos Airport Resort, Ikeja, Premier Resort and Lafia Resort at Ibadan (Hospitality), E & O Energy & Tools Leasing and Odua Printing & Publishing Co Ltd.
Outstanding Corporations the place Odua Group have Minority pursuits courtesy of being seed investor are Nigerite Ltd, Lafarge Wapco, Wema Financial institution Plc, Tower Aluminum Plc, Nice Nigeria Insurance coverage Plc, Crittall Hope, Ire Clay Merchandise Ltd, SKG-Pharma and so forth
The individuals who flew the flag of Odua Funding Firm particularly the previous and current governors who served within the south west, are appreciated. The flag should not fly half-mast in the course of the period of Arakunrin Oluwarotimi Akeredolu, SAN,(Ondo), Mr. Babajide Sanwo-Olu(Lagos), Mr. Gboyega Oyetola (Osun), Mr. Seyi Makinde (Oyo), Dr. Kayode Fayemi (Ekiti) and Prince Dapo Abiodun(Ogun). I additionally admire Otunba Mohammed Jobi-Fele (1940-2011), a cocoa service provider from Ikare in Ondo state, who had earlier served as Chairman of Odua and who stood his floor throughout his tenure and ensured that the corporate should survive and be sustained.
I perceive that the Odua Funding Firm needs to diversify into agriculture which was the principle objective of Chief Obafemi Awolowo when he established the farm settlements within the outdated Western Area. Efforts have to be made to avoid wasting Odua Funding Firm and the South West governors should be sure that this regional legacy should not solely be sustained however improved upon. So long as Odua Funding Firm exists these clamouring for restructuring and regionalism are on stable floor. If different zones of this nation are inspired to develop on their very own, there shall be much less dependence on the centre. And the best way we’re going now, there could also be nothing left to share once more within the centre. In brief we’re heading in direction of a scenario the place YOU ARE ON YOUR OWN.
*Teniola is a veteran journalist.
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