Legacy companies need to invest in technology, says Osinbajo

Vice President Yemi Osinbajo on Tuesday in Abuja said that despite existing business models in most industries today, maintaining relevance will require investment in technology.

"Heritage and history have a strong pulling power, but what the future may call may be even greater and that's why we need to invest in technology “, Osinbajo said when he received a delegation from Odu’a Investment Company at the Presidential Villa, Abuja.

The President's Senior Special Assistant for Media and Publicity, Laolu Akande, disclosed on Tuesday in a statement titled "Investing in technology is the way of the future, says Osinbajo" .

Starting operations in October 1976, Odu'a Investment Company Limited holds interests in integrated textile mills, breweries, commercial banks, insurance, real estate, animal husbandry , fishing, hospitality, oil and gas, among others.

While praising the conglomerate's legacy and the vision that gave birth to it, Osinbajo said, "Heritage and history have a powerful pull, but it could be that what the future calls for is even greater and that is why we must invest in technology."

"Look at the technology and see how to change and improve the (business) model," Osinbajo told company president Bimbo Ashiru.

Advocating for proper privatization and its dividends to the government, Osinbajo said, "If the private sector is running businesses, it's much better because it will bring bigger dividends.

"The NLNG makes a lot of money because the private sector owns a majority share and brings money into the country.

"There is a need to promote the model of using smart and experienced people from the private sector to manage companies and businesses in which the government has an interest."

Ashiru, who briefed State House correspondents after the meeting, said that despite being major shareholders in his company, governors of southwestern states do not meddle business of the company.

This, he said, has ensured the company's expansion into a world-class company over its 47-year history.

He said the company was run like a conglomerate that paid dividends due to shareholders; attract foreign investors in the areas of hospitality, agriculture, real estate, IT, among others.

He said, "We have six states that are shareholders, they don't run Odu'a. They appoint the board members, but Odu'a is run like a conglomerate, c is a big conglomerate and what we have done is to make Oodua a world-class conglomerate, which we want to compete with all over the world.

"So that's really what we're here for; to let the vice president know that this isn't a regional thing. It's a national thing. So the fact is that we now operate as an international entity.

"I commend the governors of the South West. They have no interference, no micro-management. They gave us carte blanche to execute it. But normally we always have to refer to it and I'm happy to tell you that we are paying dividends to shareholders.

Ashiru further explained that the company is considering international investments and partnerships.

For example, he revealed that the Premier Hotel in Ibadan, Oyo State, one of the conglomerate's best-known businesses, was now to partner with an international brand.

In the new arrangement, he said the hotel would be upgraded to a five-star hotel and increase its number of rooms from 87 to 120.

He also informed the Vice President that Lagos State recently joined Odu'a Investment Company and received its certification as a shareholder.

Members of the delegation included the Group Chief Executive; Mr. Adewale Raji, other administrators such as Dr. Tola Kasali, Mr. Seni Adio, SAN and Adebola Osibogun.

The others were the Managing Director of SWAgCo Limited, Mr. Babajide Arowosafe and Mr. Victor Ayetoro, Head of Branding and Communications at Odu'a.