We are committed to making South-West more economically viable — Chairman OICL, Bimbo Ashiru 

In this interview, Chairman of Odu’a Investment Company Limited (OICL), Otunba Bimbo Ashiru speaks to Nigerian NewsDirect on the ambitions of the conglomerate to boost the economic growth of the South-West and the factors that have contributed to the longevity of the company since inception.

Can you shed light on your career so far?

I started my career with the then Chartered Bank in 1989. Over the years, I have served in various capacities of management as Head, Private Banking Unit; branch manager; Head, Institution and Professional Banking; Regional Coordinator; Country Director, Personal and Business Banking; and Director, Corporate Affairs and Corporate Social Investments. The last position I held was as Group Head, Public Sector, Stanbic IBTC Bank.

Also, I am a Fellow of the Chartered Institute of Bankers, Institute of Strategic Management of Nigeria, National Institute of Marketing of Nigeria, and the Chartered Institute of Commerce of Nigeria.

When I was in the banking industry, I did not believe in boss-subordinate relationships. I believed in peer relationships. I remember we introduced a 360 degrees measurement performance system. One would be rated by one’s colleagues, peers and bosses; and one would also rate oneself. I think I scored 97 percent. Till today, if I pick up my phone and I call Stanbic IBTC for anything, it will be done for me; because I created that environment.

What inspired you to pursue a career in marketing, management and banking?

I chose banking and management, because I believe banking is a career where one needs to help people. I would have loved to be a doctor or a lawyer. There are three professionals that cannot be lied to. You cannot lie to a banker, lawyer or doctor. Those were the areas I looked at, and I felt it would not be a problem if I would always be there for my people.

With your experience in the private sector, what do you think the Government can do to alleviate the rising hardship in the country?

I recall when I was a representative of the Ijebu Development Initiative on Poverty Reduction, our focus was to help growing businesses in the agricultural sector by funding them. And today, they are doing well. If you go to Eruwe today, one of the biggest fish ponds in Africa is there.

To alleviate poverty, substantial investment must be made in small and medium scale enterprises. There is a limit to what one person can do, and a tree cannot make a forest. We did our best, and are still trying our best when it comes to poverty alleviation.

However, the only way to alleviate poverty is to create loans and allow businesses thrive. SMEs are the largest drivers of the world economy. They form about 85 percent of every country’s economy. So, we have to make funds available to them at a lower rate. They should also be given funds to fund their businesses.

Also, as the Chairman of Odu’a Investment Company Limited we set up a foundation to be able to help people. I am also going to set up my own foundation at the appropriate time to alleviate poverty and help people. Those are some of the initiatives I am working on. Meanwhile, it is not just about me; but as a group. There are so many initiatives the board is bringing into place, and our priority is poverty alleviation.

What prompted your foray into public service?

I was invited by the then Ogun State Governor (Ibikunle Amosun), who was my friend, to come and serve my people, and I believed the only way to serve was by holding a public position. One cannot continue criticising without being a part of the government. So, I went to serve in my own capacity, and we achieved a lot during that time. I am happy that Ogun State is now the industrial hub of Nigeria, and I was one of the people that worked towards that. One of the things I did as a commissioner was to lay the foundation for that.

What role do you see Odu’a Investment playing in the development of other South-West states?

Odu’a was created by the Government of all six South-West governors. Our role is to make the South-West an economic hub and bring the world to do business with us. This has inspired the diversification of our group to invest in major sectors such as hospitality, oil and gas, ICT, Agriculture and a few others.

We believe that we must revive agriculture, and we must be able to produce in excess of what we need, and export goods. We have oil, cocoa, cassava and other products so we must invest in the type of agriculture that will lead to industrialisation. We should be an export-driven economy. To do that, we must be able to create the necessary infrastructure. The farmers must have good roads and modern tools. We also have so much land that we can produce on. That is why at Odu’a we are focused on encouraging bilateral relationships between states to boost export of farm produce and earn foreign exchange.

Being owned by the fourth- largest economy in Africa, we are well positioned to ensure that the South-West is economically viable.

Odu’a recently invested in the oil and gas sector, what should stakeholders and investors alike from this investment?

With our investment in oil and gas, we are perfecting the technical partner, we should be able to go to the field very soon, once it starts, we are going to be exploring oil and gas.

So we can’t really make any specific promises yet until we start drilling.

OIC has been around for a long time, probably one of the longest surviving and thriving government owned businesses in the country. What are the factors that have contributed to its prolonged longevity?

One of the factors that has contributed to our longevity is that we are highly focused and the pedigree of our Board. Following the example of the Late Obafemi Awolowo, we are still to make it to be permanently sustainable and that is the culture we are imbibing. We are setting a standard with corporate governance. All the South West governors gave us free hand without interference although we get necessary approvals and support that is needed and we are happy that they also want the best for the South-West and that is one of our success factors. They’ve continued with the reason why it was established in the sense that they want us to be the economic hub of the South-West and that is what we are doing.

Business is global. Does OICL have intentions to be more active in the global market?

We want to be called a World class conglomerate which is why we went for road shows all over the world in countries such as Canada, London, America. We are doing this to attract global attention to our services and to also encourage Nigerians in the diaspora to come home and invest.

Oduduwa investment has a blueprint to achieve 500% revenue in five years and the deadline is next year, is this still feasible?

With God on our side, we prayed and believed that this would be possible when we were planning and steering these targets. However, we are all aware of the current situation of the economy. You can’t use the statistics and figures you used to plan five years ago today, the tides have changed.  Having said that, we are still up and running to ensure that we achieve that. What we are actually giving to investors beyond the target is profitability and that is why we are encouraging investors to come in to partner with us.

Speaking of bilateral relationships between states, do you believe Ogun State is taking enough advantage of its proximity to Lagos contrary to speculations?

The present government of Prince Dapo Abiodun is doing a good job in taking advantage of its proximity to Lagos. One of which is the proposed establishment of a cargo airport and development of road infrastructure.

The problem is that some companies are not socially responsible for the areas where they operate. The government cannot do everything alone. It is those companies that are being selfish. If the people that planted the companies there messed up the area, would they have been able to set up there in the first place? When you are in a place and you are making profit, you should be able to take care of your environment.

What will you want to be remembered for when you retire?

I remember when I joined the Ogun State government as Commissioner and I was meeting with colleagues and directors. We were talking and I said the only collateral I was bringing was my integrity, and that I wanted to leave with it intact. Because of that, I planned to do things the right way. I told them I would be just, equitable and fair. When I was a child, my father used to tell me to always remember the child of who I was, and those values are still there. It is always important to let people know what one is bringing to the table, because money is not everything. I worked in a bank for almost 30 years with unblemished track records. As a commissioner for eight years, I also left Ogun State with unblemished track records. Nobody can say they bribed me. I don’t compromise on my values. There are sometimes people would come to me and say they want to get certain things done, and I should name my price; and I would decline.

I tell people that customers are their greatest assets. In the banking sector, the clients are the assets, because it is the commission and charges that come from all their transactions that are used to pay salaries, So, when you get your salary, you want to make sure you are loyal and committed. I did not allow myself to be influenced by peer pressure, and I don’t compromise. When one does not compromise one’s values and one has the fear of God; one will do well.

Those are the values I live by. And as long as I live, that is the legacy I want to be remembered for.