Governor Ademola Adeleke has approved the appointment of Dr Wale Bolorunduro as chairman of Living Trust Mortgage Bank Plc.
The letter of appointment, dated 8th April 2024 and signed by the Secretary to the State Government, Hon Teslim Igbalaye reads as follows:
“I present to you the very warm compliments of the government and people of Osun State. I am pleased to inform you that the executive governor of Osun State, His Excellency, Senator Dr. Ademola Jackson Nurudeen Adeleke has graciously approved your appointment as a director and chairman designate on the board of Living Trust Mortgage Bank Plc.
“It is believed that you will employ your wealth of experience as an experienced banker and finance consultant to steer the bank in its next growth stage.
“The current economic climate of the country and recent development in the banking sector would pose challenges to banks, hence the state government’s decision to be proactive in ensuring someone with your wealth of banking and finance experience leads the bank. Wishing you well in your onerous assignment”, the letter reads.
In a separate letter addressed to the bank’s Company Secretary, the appointment was to take effect from Friday, 19th April 2024.
Dr. Wale Bolorunduro is a banking and finance consultant with over 35 years industry experience in the Financial Service Sector.
He obtained a PhD from the University of British Columbia. He served as commissioner for finance in the state and later as the bank’s chairman, until 2016. He led the team to raise the capital that saved the mortgage bank from losing its license.
Living Trust Mortgage Bank is owned by Osun State Government, Corporate and private individuals. The bank is quoted on the NgX with its shares trading at N3.27 on the last trading day.
Signed: Mallam Olawale Rasheed, Spokesperson to the State Governor.
Governor Ademola Adeleke has signed the budget 2024 bill into law with a promise to ensure full implementation for the benefit of the state and her people.
The total approved budget is Two Hundred and Seventy Three Billion, Nine Hundred and Eight Million, Nine Hundred and Ninety Seven Thousand Naira and Four Hundred and Ten Kobo (273,908,997,410)
In a short statement after signing the appropriation bill into law, Governor Adeleke said the budget tagged “Budget of Reconstruction and Recovery” is crafted to fast track the revitalisation of the various sectors of the state economy.
“Our focus is to put the state on the path of sustainable development, hence we are rebuilding all the sectors namely education, health, sports, roads, agriculture, creative industry, digital economy ,general infrastructure alongside women and youth focussed programmes and policies.
“I commend the State Assembly for prompt processing of the appropriation bill. I also laud my team for their cooperation with the various assembly committees in the budgetary process.
“We will ensure implementation as stipulated to reconstruct the society and ensure recovery of critical sectors”, the Governor noted while signing the bill into law.
Signed Mallam Olawale Rasheed, Spokesperson to the State Governor
I organise this event as a major landmark in our push for the making of a new Osun State. Our administration is using this gathering to prove to the world that a new Osun is possible. The main purpose is therefore to unveil a Multi-Billion Infrastructure plan to address the huge deficit the state is experiencing.
Sound infrastructure is a condition for economic growth and development. The difference between a growing economy and a dormant one has to do with how developed the state infrastructure is. In the case of Osun, I have used the last 11 months to address the over 90 percent infrastructure deficit our administration inherited. But more still needs to be done, hence the ambitious plan to launch this infra plan that covers roads, health, water , schools among others.
Osun as the cradle of Yoruba nation must move quickly on the ladder of development. We can and must surpass those presently leading among comity of states. We should carry first in new age sectors like digital economy, sound infrastructures and others. We must overcome our inherited burden and chart a path of 21st century growth for our people.
By today’s event, our administration is building the confidence of the investing public. Osun state is ready and open for business. By investing so much in infrastructure upgrades, we are laying the foundation for effective public private partnership. We are getting set to key into infra financing opportunities as long as it will not add to the financial burden of the state.
Let me declare here that the infra plan I am about to unveil is purely state sponsored without any loan from financial institutions. I must also add that we are hitting the ground running immediately after this launch. We are complying with all procurement laws and due process.
Very importantly, our administration is ensuring localisation in the implementation process. Local content in terms of sourcing of materials and workforce are key to transfer skills and economically empower our people. This is in line with the five point agenda of our administration which seeks to boost the local economy. High local content is married with a strong maintenance plan to ensure the sustainability of the infrastructure.
With the flagoff of today’s infrastructure development, we are poised to further boost the State Economy as 95% of the Projects shall be executed by local content. Osun Money will be spent in Osun. We are determined to eliminate capital flight as witnessed in the past.
Before unveiling the infra plan, I invite you to watch what we have done in some critical sectors in the last 11 months.
We could show you more but for time constraints. You saw the schools before and after. You saw the medical outreach and how several thousands benefitted. Of course, the roads were captured. You saw the boreholes and how they are serving our people. After showing you a glimpse of what we have done within the infrastructure sector in the last 11 months, it is my honour to unveil new projects and infrastructure for the state.
1. Rehabilitation of 345 Health Centers in the 332 Wards in Osun State: Rehabilitation will include, Provision of Potable water, new toilets, and bathrooms, Beds, Mattresses, Bedsheets, renovation and painting of buildings, new curtains, and Solar panels/Inverters for 24 hours electricity etc. Our approach is to take medical services to the doorstep of our people wherever they may be.
2. Phase two of Portable Water Provision in 332 wards of Osun State. Which includes, Overhead Tanks, dispensing taps, generators, or solar panels. Under Phase One as you have seen, 332 water projects were completed. They are all functioning. Under the new plan, another set of underserved areas across the 332 political wards will be served with water projects.
3. Phase two of rehabilitation of 31 schools in the 30 mother local governments of Osun and Area Council. This includes portable water, new roofs, new toilets, renovation and painting of buildings, and Provision of desks and chairs. As you have seen in phase one of the school rehabilitation, our approach is to take a school and completely rehabilitate the buildings completely with desks and other learning facilities.
4. As a follow up to the completed rehabilitation of selected schools, the government has commenced the process of recruiting new teachers to address teachers’ shortage in our schools. Currently, a need assessment is ongoing to determine the teachers’ requirements across subjects and schools. This will help to determine the number of teachers to recruit.
5. Construction/ Rehabilitation of 45 roads of at least one kilometer in each of the 30 mother local governments, making a total of 45 Kilometers. As you saw in the preview, we have earlier completed about 45 kilometers of roads across the LGAS. These new roads are fresh projects for phase two.
6. Dualisation of Roads: In a bid to ease traffic jams and reduce road accidents, we are dualising some roads in some major towns to start with. The listed towns include Osogbo, Ede and Ilesha.
7. Construction of five Flyovers to ease traffic accidents and traffic jams. The identified projects are as follows:
● Osogbo – two namely Okefia and Lameco junction ● Ikirun- One ● Ife- one, Mayfair ● Owode Ede- One
8. Street Lightning: We are to install street lights in all major towns, especially Osogbo as the State Capital. This is important to enhance security surveillance and boost the night economy.
9. Imole Medical Outreach
Two medical outreaches were conducted in two locations in each of the three Senatorial districts in the last ten months. Various surgical procedures, including cataract eye surgeries, were done during the outreaches. The outreaches will be conducted once per quarter in the years ahead
Ladies and Gentlemen and my good people of Osun, all these projects shall be completed within 12 months by the grace of God.
It is therefore my honour and privilege to flag off the multi- Billion Naira Infrastructure Development of Osun. I implore the good people of the State to cooperate with the Contractors that will be handling these projects with the best of hospitality.
For further technical details on these infra plans, I will now call on team lead for each of the sectors to speak on costing and other requisite details
● Senator Ademola Adeleke Executive Governor of Osun State delivered his speech at the unveiling of the multi billion naira Osun State Infrastructure plan.
The Executive Governor of Osun State, Sen. Ademola Jackson Nurudeen Adeleke has on Tuesday welcomed Chinese foreign technical delegation led by Carbon54 Limited to further deepen his industrialisation drive in the State.
The Governor also assured the people of Osun State that the Free Trade Zone, which has been abandoned for years, will soon be resuscitated by his administration.
Carbon54 Limited has concluded arrangements to invest in exploration, extraction, processing and supply chain management (export) of new energy metals including hard rock lithium (spodumene), in Osun State.
The investors are seeking to secure exploration and mining licenses for lithium deposits across the State and are also planning to attract further foreign investment and collaboration in the State by setting up solar mini grids and Energy Storage Systems (ESS) to power industrial development in Osun State.
Presenting the investors to the Governor, the Commissioner for Commerce and Industry, Rev. Bunmi Jenyo explained that Carbon54 and their foreign technical partners partner’s objective is to boost Osun State Internally Generated Revenue (IGR) and create jobs by driving the State’s economic diversification, boosting energy capacity and industrialisation transition through extensive lithium ore extraction, processing of lithium concentrate, lithium exports, solar mini grids for power generation, Energy Storage Systems (ESS), solar portable power generators and charging stations for SMEs as Osun State continues to cushion the energy transition post fuel subsidy removal.
He emphasised that other states within the federation wanted to hijack the Chinese investors but for the tenacity of the governor, who assured the partners that Osun State is strategically positioned to become the new hub of industrial manufacturing activity in Nigeria due to its solid mineral resources, human intellectual capital, the existing power infrastructure and business enabling environment policies enacted by the Governor’s Administration.
Carbon54 Limited will be attracting foreign investment and technical partners to upgrade the Living Spring Free Trade Zone to a Sustainable Green Economic Zone through a PPP vessel. The Free Trade Zone will serve as the new hub of industrialisation in Nigeria powered by clean energy while accommodating solid mineral treatment and refinery facilities, battery and electronic manufacturing facilities, assembly plants for automobiles, buses and solar generators, agro-allied industries, food processing and preservation facilities, textile manufacturing factories amongst others.
While speaking, Mrs Zheng who expressed her happiness also reassured the governor of their readiness to provide technical expertise and support of their company towards Osun State’s industrial drive in the areas of lithium value chain, battery technology, renewable energy, Energy Storage Systems (ESS), Smart hardware, intelligent manufacturing (Automation), Industrial Internet to boost the digital economy, technology transfer, and skills acquisition and training initiatives at the Technology Incubation Centre located at the Living Spring Free Trade Zone.
This by implications, will boost the economic profile of the state and create jobs and improve technical competence of youths in the state.
Earlier, the Commissioner for Commerce and Industry, Rev. Jenyo had taken the Carbon54 led delegation around the Free Trade Zone, Ede and the Central Power Station, Powerline, Osogbo for on-site assessment of the area and facilities.
Receiving the Commissioner and his team in his office, the Principal Manager Transmission, Engr. Lade S. O. A. also assured the investors of the enabling environment, human and natural resources and peace in the state as the cardinal principles of business growth and genuine industrialisation.
The President, Osun State Chambers of Commerce, mines and agriculture, Dr. Olu Olujide who recognized the governor as a lover of local content, urged his administration to promote investment in palm oil and palm kernel oil processing, rice milling, animal feed milling and cassava processing.
According to him “the Osun Trade Fair is one of the sustainable platforms to promote economic development of Osun State. The 2023 edition scheduled to hold between Thursday 16th to Tuesday 28th November 2023 is indeed a trade promotion platform which goes in line with Osun Government policy of promoting Trade Investments in the state”.
“The fair will showcase the abundance of Osun agricultural products with value chain, plenthora of mineral resources, and general goods and services produced in the state”, Dr. Olujide stated.
The delegation of the foreign investors include the former Deputy Head of Mission at the Nigerian Embassy in Beijing, Ambassador Ademola Oladele, Managing Director of Carbon54 Limited, Prince Ademola J. Oladele, Mrs Alice Zheng and Mr. Daniel Yang.
Governor Ademola Adeleke of Osun State has kickstarted the Osun State Business Growth Initiative through strategic partnership with federal and international organisations and agencies.
In line with his commitment to transform Osun from a civil service state to a business and industrial state, the Governor in Abuja in the last two days directed the hosting of two top flight meetings to address business Growth and industrial foundation for Osun State.
While a delegation had far reaching discussions with the Nigeria Export Processing Zones Authority on reviving Osun free trade zone and kickstarting the agricultural processing zones, another team was at the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop a new Memorandum of Understanding (MOU) to strengthen SME growth in the state.
The team that met the SMEDAN management led by Senator Akogun Lere Oyewumi had the Chief of Staff, Hon Kazeem Akinleye and other top government officials in attendance. Organized by the Commissioner for Commerce and Industry, Rev Bunmi Jenyo, the meeting had the full presence of directors and top management of the agency.
Senator Oyewumi who spoke on behalf of the state delegation informed SMEDAN management of the state’s readiness to tap into all the programmes of the agency to develop Osun businesses.
“You can see our delegation is strong and this demonstrates our readiness to grow the Osun business potentials. We seek revival of previous agreements and the creation of new ones. Our government is business friendly”, Oyewumi said.
The Director General of SMEDAN, Olawale Fasanya told the delegation that Osun is receiving full attention of the agency, citing various initiatives such as the proposed training facility within the Industrial Development Centre, Osogbo, ongoing identification for development of small cluster business zones, matching fund programme advertisements and the conditional grant scheme.
“We have had several MOUs with previous Osun state governments. Now is the time to build up a new one that will be very comprehensive”, the SMEDAN boss noted.
At NEPZA, both parties agreed to accelerate the revival of the Living Spring Free Trade Zone which has been moribund for years.
The Osun Government team led by the State Commissioner for Commerce and Industry and the NEPZA team led by the agency Managing Director, Prince Adesoji Adesugba agreed on the following; resuscitation of the Livingspring free trade zone, partnership on the development of the Special Agriculture processing Zone and development of the state investment promotion agency.
Speaking on the ongoing partnership deals which cover the United Nations Training agency, Governor Adeleke noted as follows : “Our administration is working hard to develop the state business sectors, we need new partnerships with several federal and international agencies.
“I have the sense of urgency to change this label of civil service state. We want our industrial sector to grow. Therefore, we have to develop the abandoned free trade zone, this will drive inflow of investment. We hope to get the SME industrial clusters off the ground, need mini-industrial parks all over the Senatorial districts. We are reviewing the Omoluabi economic zone to make it truly functional.
“With the state cabinet in place, I seek to quicken the pace of our delivery. That is why we are hosting several delegations locally and internationally. That is why we are targeting national and global agencies. As a businessman before now, I am convinced that developing our business is the best way to grow the state”, Governor Adeleke affirmed.
Signed Mallam Olawale Rasheed, Spokesperson to the State Governor.
