By Ismail Azeez, Osogbo
The Managing Director of Omoluabi Holdings Limited, Taofiq Alimi, has said the company has recovered over N10billion in assets over the past two and a half years.
Alimi reveal this on Thursday, in Osogbo explained that his first priority was to restore operations and reclaim all misappropriated assets.
According to him, My first duty was to get everything back on track. Businesses that had collapsed have been recovered, and those that were down have been resuscitated. We thank God we are getting there.
Alimi stressed that the recovery process has been carried out in line with legal and regulatory frameworks, ensuring that all recovered assets now serve the interest of Osun State and its people.
“When I came in, the investment was in a terrible state, the water company was down, salaries were unpaid, and some properties were held by individuals who contributed nothing to the company or government,” Alimi said.
Speaking on partnership with investors, Alimi revealed plans to create legal framework aimed at protecting investments from political interference and policy reversals.
He stressed that the move is part of its efforts to restore investor confidence and ensure sustainability of public–private ventures in the state.
Alimi noted that the agency, through its consultants in collaboration with the Ministry of Justice, drafted agreements designed to prevent arbitrary termination of investment arrangements.
He said “People managing the business will not go back to where they used to do it, or politicians hijacking the place and treating it like a political thing.
“The best we could do is the law, the legal part of it, which is what we are doing today. All agreements we make or plan to make with any investor are designed to guarantee that nobody comes in and just do anything. It is the law.
“We are using our consultant and their legal consultants and then even the Ministry of justice they have been, they have been collaborating with us very well on this, that whatever agreement we are having with people, nobody comes in and just rubbish it.
“We have drafted a new legal agreement that nobody can come in and just say go away, or somebody can just say go away, because investment requires money and even lots of commitment.
“The same thing with the drug company, we have an agreement with the investor. The agreement is so solid that nobody can tamper with it, at least in the first ten or fifteen years of the business.
“So that whatever they are bringing, they are sure that at least by that time our profit is guaranteed and everything. I think in the next six months or one year, we should have something concrete on the ground there,” he said.