Moshood Adebayo and Gilbert Ekezie 

Lagos State Governor, Akinwunmi Ambode, has explained why the state government finally joined the Odu’a Group, after 42 years, saying it was for the growth and development of South West.

Ambode spoke when he received Board of Directors of Odu’a Investment Company at the Government House, Alausa, Ikeja, yesterday.

The six governors of South West region under the auspices of the Western Nigerian Governors’ Forum last year formally admitted Lagos State into the group.

The admission of the state which acquired 115 million shares, grew the share equity of the company to 690 million. Other member states are Oyo, Ogun, Ondo, Osun and Ekiti states.

Odu’a Investment Company Limited was incorporated as a Limited Liability Company in July 1976, to take over the business interests of the former Western State of Nigeria. It commenced operations on October 1, 1976.

Since inception, it has operated as a conglomerate owning substantial investment in real estate, food and beverages industries, agriculture, manufacturing, financial services, hotel and catering, telecommunication, printing and publishing.

Ambode said: ‘’I must say here that Oda Investment is a creation of the Yoruba hegemony in which the five other states excluding Lagos have actually been propelling until last year when Lagos State was admitted as a member of the Odu’a Group; so this is like one year anniversary of what we have done and also put it on record that since last year, the six states have become members of the Odu’a

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“Just like what you have said, my belief in the total economic integration of the South West arising from our vision of the South Western Governors Forum that there is a need for all of us to come together as a regional force to be able to help each other in the areas of our comparative advantages was what drove me to make sure we become partners in the Odu’a Investment Group. I am happy we were able to do it with the support of the state executive council.”

The governor added: “We have gone ahead to execute the share purchase agreement and all the states now have equal shares and as part of  the shares were fully paid and I am believing strongly also that the remaining part of the shares will be paid by the incoming government.

‘’We are happy also that we would be bringing in part of our own competences and expertise to grow this investment group.

“We are very proud that it is the only regional investment group that is existing in this country right now and because of that, I am very happy that I was able to do this at least to lay down the foundation and the framework that would allow the bigger economic integration to take place even with the kind of infrastructure that we have tried to put in place also.”

Meanwhile, Diocesan Bishop of Lagos (Anglican Communion), Rt. Rev. Humphrey Bamisebi Olumakaiye, has lauded the governor on his performance and assured him that his projects have endeared him to Lagosians.

He called on the Federal Government to save the future of the younger generations by creating more employment opportunities for them.

He gave the call, yesterday, at the first session of the 34th Synod of the Diocese, entitled: “The unfailing faith of our fathers: Ever sufficient”, holding at Our Saviours Church, Tafawa Balewa Square, Lagos.