A limited liability company, Osun State Investment Company (OSICOL) has announced a change in its name to Omoluabi Holdings Limited (OHL).
The change in name was announced in Osogbo Wednesday by the Managing Director of the company, Dr. Tunde Faleye, who hinted that the change is parts of strategies to reposition it in line with realities of today’s business world.
Faleye, who said through innovative investment, Osun state has grown the balance sheet of its investment in Omoluabi Holdings Limited (OHL) to N3.6bilion.
Dr. Tunde Faleye, said the figure represents an increase of 760% in the last six years, adding that, the opening balance of OHL increased from about N300m it was in 201.
He said through different innovations, Aregbesola’s administration has been able to grow the agency’s balance sheet to a sum of N3.6b in 2017.
Faleye, who noted that the height achieved by the agency would not have been possible, without the support from Governor Rauf Aregbesola, whom he said encourage introduction of various business innovations that have been turning in good returns for government.
He further explained: “To avoid confusion, the same agency the previous government christened Osun State Investment Company (OSICOL) is the same agency that has been renamed by Aregbesola’s administration as Omoluabi Holdings Limited.
“With the new mandate since the present administration came on board in 2010, Omoluabi Holdings Limited has grown from being a state-managed business concern to a conglomerate handling multiple businesses.
“We are able to achieve this relative success with our routing of strategic Investments through application of private sector efficiency and profit focus at handling projects.
“Omoluabi Holdings has subsidiaries
in manufacturing, oil and gas, properties, investment and portfolio management, farming, to mention but few.”
He advised states across the country to engage in business ventures to augument whatever comes from the federation account, since era of oil money seems to be passing.
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