Omoluabi Holdings recovers over ₦10bn assets, reclaims properties from private holders

By Deborah Oladejo, Osogbo –

The Managing Director of Omoluabi Holdings Limited, Alhaji Taofiq Alimi, has disclosed that the company has recovered assets valued at over ₦10 billion in the last two and a half years.

Speaking with journalists in Osogbo on Thursday, Alimi said that when he assumed office, Omoluabi Holdings’ investments were in a poor state, with the water company shut down, salaries owed and several properties held by individuals who paid nothing to the company or the Osun State Government.

He said the first task of the management was to bring the company’s operations back on track by recovering businesses that had collapsed and resuscitating those that were no longer functional.

According to him, properties have been retrieved from individuals who were holding on to them without remitting any value, stressing that the assets belong to Osun State and must be used strictly for the benefit of the state.

Alimi added that partners handling government investments that are not yielding returns have been reminded of their obligation to remit returns annually, since public funds were committed to such ventures.

The Omoluabi Holdings boss said measures have also been put in place to prevent a return to past practices where businesses were politicised, hijacked or arbitrarily disrupted.

He explained that agreements with investors are now structured to prevent interference, ensure continuity and protect investments from sudden reversals, even with changes in government.

Alimi disclosed that projects such as the drug manufacturing plant are now progressing, with concrete developments expected within the next six months to one year, while discussions with three prospective investors for an integrated farm abandoned for years are being concluded, with operations expected to commence by March.