Daily Independent Online.
*
Wednesday, July 21, 2004.
Oduatel management sacked over
alleged financial recklessness
By ’Gbenga
Faturoti
Special
Correspondent, Osogbo
Governors of the owner-states of the Oodua
conglomerate sacked its two helmsmen, Kola Bajomo (Chairman) and Remi Omotosho
(Group Managing Director), for alleged financial recklessness, going by a new
insight into the saga.
The governors reportedly took the step
because of the dwindling fortune of the group, which was enmeshed in large
scale fraud and financial mismanagement allegedly perpetrated by the board.
In its heydays, the Oodua group, founded by
the late Chief Obafemi Awolowo when he was Premier of the old Western Region,
was one of the richest government enterprises in the country.
Now, most of its properties are said to
have been mortgaged to fund its new telecommunications arm, Oduatel.
The governors were displeased with the huge
investment without tangible success in terms of installation of communication
facilities in areas Oduatel is to cover, the South West. And they were unhappy
for the low level of performance of the company and its acceptability in the
region.
In a desperate move to halt the dwindling
fortune, the governors initially gave the management up till the end of this
year to clean up its act and move the group forward. But they later changed
their minds after the foreign partners handling the execution of Oduatel
briefed them.
The partners told the governors at a recent
meeting in Osogbo that an additional N20 billion would be needed to instal
Oduatel facilities across the South West.
At the meeting, the governors did not hide
their feelings about the poor finances of the conglomerate and the inability of
Oduatel to begin operations, several months after it was launched with fanfare;
even when they were told that the N20 billion would kick start it.
The governors resolved that it was better
to kick out the top management to sanitise the group, a process that will also
affect other senior managers.
But the management, in a statement,
debunked the claim that the governors ordered the sack of Bajomo and Omotosho.
It insisted that Omotosho was not removed
but proceeded on accumulated leave preparatory to retirement next year.
said.
