‘In­sur­gency takes toll on in­vest­ments in S/West’

Daily Trust - - BUSINESS - From Dele Ogun­yemi, Ibadan

The Odu’a In­vest­ment Com­pany Lim­ited, jointly owned by the gov­ern­ments of Oyo, Ogun, Ondo, Osun and Ek­iti states, has raised an alarm over the ad­verse ef­fects of in­sur­gency in the coun­try on in­vest­ments in the zone and urged the fed­eral and state gov­ern­ments to rise up stoutly to the chal­lenges.

Ris­ing from its 33rd an­nual gen­eral meet­ing held in Ibadan, the con­glom­er­ate lamented that the in­creased num­ber of both in­ter­nally dis­placed per­sons and refugees in the coun­try “had cre­ated a grave hu­man­i­tar­ian sit­u­a­tion.”

Odu’a In­vest­ment, ex­clud­ing its as­so­ci­ated com­pa­nies, had recorded a profit be­fore tax of N759 mil­lion, which is a 53 per cent in­crease over N495m recorded in 2013, while it also de­clared a div­i­dend of N150m for the 2014 fis­cal year.

Ad­dress­ing the AGM at­tended by the Sec­re­tary to each of the State Gov­ern­ments (SSGs) and rep­re­sen­ta­tives of each of the states on the board, the chair­man of the con­glom­er­ate, Chief Isaac Ak­in­tade re­marked that “ad­dress­ing se­cu­rity is­sues re­mains a key chal­lenge.”

He de­clared: “In­sur­gency in the North­east and other parts of the coun­try has neg­a­tive im­pli­ca­tions for in­vest­ment; it also has ham­pered the fight against poverty as well as in­creased crime rate.”

Speak­ing fur­ther, Chief Ak­in­tade said: “Se­cu­rity chal­lenges would not al­low in­vestors to come and in­vest in Nige­ria. We need for­eign part­ners to sup­port us but when­ever they hear bad re­ports about Nige­ria, they will not come. And it is dif­fi­cult for us to do it alone. Se­cu­rity chal­lenges are af­fect­ing us se­ri­ously. The se­cu­rity chal­lenges like Boko Haram, kid­nap­ping, armed rob­bery every­where threaten in­vest­ments. Th­ese are the chal­lenges we have.”

He listed other chal­lenges hin­der­ing in­vest­ments in the coun­try as in­clud­ing in­fras­truc­tural de­fi­ciency, sig­nif­i­cant fall in oil rev­enue, volatile for­eign ex­change mar­ket, un­sta­ble power sup­ply, high op­er­at­ing risks and cost and the

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