Investing in technology holds great prospects – Osinbajo

Vice President Yemi Osinbajo says investment in technology is the way of the future as it holds a lot of prospects.

Osinbajo’s spokesman Laolu Akande, in a statement on Tuesday in Abuja, said the Vice President received a delegation of the Odu’a Investment Company at the Presidential Villa, Abuja.

The delegation was led by the Group Chairman of the conglomerate, Bimbo Ashiru.

The vice president commended the legacy of the conglomerate and the vision that birthed it decades ago.

“Legacy and history have a powerful pull, but it might be that what the future calls for is even greater and this is why we must be investing in technology.

“Look at technology and see how to change and improve the (business) model,” Osinbajo said.

He applauded the model where experts and players were allowed to lead in economic and business matters.

He said that if the private sector ran businesses, it would be far better because it would bring greater dividends.

The vice president cited the example of the Nigeria Liquefied Natural Gas Company (NLNG).

“The NLNG is making a lot of money because the private sector has a controlling share and is making money for the country.

“There is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that government has an interest in,” he said.

Earlier in his remarks, Ashiru said the vision of Odu’a Investment Company was to become a world-class conglomerate, known for its passion for business with a focus on agriculture and industrialisation.

Advertisement

According to him, the company is exploring international investments and partnerships.

He said that the Premier Hotel located in Ibadan, Oyo State, one of the well-known businesses of the conglomerate, would enter into partnership with an international brand.

“In the new arrangement, the hotel will be upgraded to a five-star hotel and will increase its rooms from 87 to 120,” he said.

Ashiru informed the vice president that Lagos State had recently joined Odu’a Investment Company and had been presented its certification as a shareholder.

The Odu’a Investment Company is owned by the state governments in the Southwest.

Other members of the delegation included Adewale Raji, the Group Managing Director and other directors such as Tola Kasali, Seni Adio, and Adebola Osibogun.

Mr Babajide Arowosafe, the Managing Director, SWAgCo Ltd. and Victor Ayetoro, Head, Branding and Communications at Odu’a, were also in the delegation.