Daily Independent Online.
*
Thursday, June 17, 2004.
South West governors indict Oduatel management
By ’Gbenga
Faturoti
Special
Correspondent,
Osogbo
Governors of the
owner-states of the Oodu’a Group of Companies have expressed worries over
the huge chunk of fund the management of the conglomerates, committed into the
newly established Oduatel Company.
Oduatel Company is
a subsidiary of the conglomerates with telephony business and a sum of N5
billion has been sunk into the enterprise while a projected expenditure of over
N20 billion would be committed into the company over the next five years.
But the governors
of the owner states were worried that despite the huge fund so far spent; the
company is yet to make its impact felt in the South West states, which are the
targeted areas of coverage of the establishment.
At a recent meeting
of the owner-states, the governors maintained that they would give the issue
and circumstances surrounding the execution of the project a serious thought.
They stated that
the management of the conglomerates has not justified the establishment of the
ambitious project “which has so far gulped a huge sum of money, energy
and time.”
The governors
concern was borne out of the fact that they do not want their names to be
recorded on the negative pages of history of the company’s book.
In his opening
address to his colleagues, Osun State Governor, Olagunsoye Oyinlola, said,
“All could not be said to be well with our Oodu’a Group of
Companies. Some of the subsidiary companies are in a messy state while the
holding company has committed the organisation to huge debts by way of
investments.”
“The newly
established telephony business - Oduatel, gives me a cause for concern
with huge investment on Oduatel, which we have launched with fanfare is yet to
effectively take-off. I know, as a matter of fact, that in Osun State, Oduatel
is not functioning.“I must point out that I have decided to raise this
issue in the interest of the owner-states and posterity. Our people, who have
elected us as governors are watching how we are protecting their interests. I
sincerely do not pray that our names are written on the negative pages of
history following our inability to move to salvage the Oodu’a Group from
possible ruins.” It was further learnt that the owner states’
governors have queried the management of the conglomerates but assured that
something urgent would be done to ensure that the new subsidiary survive the
tide.
Consequently, the management seems to have commenced moves
towards ensuring that the new subsidiary is put into effective use and meet the
purposes for which it was set up.
