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A SPEECH BY THE GOVERNOR, DR KAYODE FAYEMI AT THE INAUGURATION OF BOARD OF THE FOUNTAIN INVESTMENT

HOLDINGS LIMITED AND THE EKITI STATE ECNOMIC DEVELOPMENT COUNCIL ON FRIDAY, 14TH OCTOBER, 2011

IN ADO EKITI

PROTOCOLS

I am indeed happy to welcome you all to this ceremony. The

inauguration of the board and council which has just been performed

with the administration of oath of office by the appointees is a

strategic milestone in our campaign against poverty and want in Ekiti

land.

It is no longer news that our land is naturally and abundantly

endowed with all indices of growth – human and material – both in

quality and quantity. These have been echoed over and over. With

this event today, we are taking critical steps in building virile

structures to harness these endowments for a practical turnaround of

the state economy.

May I admit, distinguished ladies and gentlemen, that selecting the

membership of this board and that of the council is not an easy task.

This, I am sure will not be strange to you as we are all familiar with

the vast deposits of human resources available to us in Ekiti. Yet we

have to get the very best to demonstrate our resolve to get a quick fix

 

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of the weak base of the state economic

development. You would notice that our approach to tackling the

challenge of the state development has been deliberately structural

because of the past failures of superficial romance with the surface.

Our decision to institutionalize the changes being applied arises from

the need to have a non-tenured development that is sustainable with

a capability to outlive our period in government.

It is in this context that the board of the Fountain Investment

Holdings Limited and the State Economic Development Council have

been inaugurated. I do not have any reason whatsoever to doubt the

competence of the Board of the Fountain Investment Holdings Limited

headed by no other person than Mr. Gbenga Oyebode, OFR to chart a

pragmatic course to bring all public companies not only on the path of

immediate recovery but also ignite productive activities in them. Even

though the government is not directly involved in the running these

companies, you would be expected to provide the template for the

successes of the public companies to the good of our people.

With the Holding Company in place, the old ugly story of the popular

Ire Burnt Bricks Ltd, Ikun Diary Farm and ROMACO that had been

recurring on the negative scale as impossible ventures even before

the creation of the State would be gloriously put behind us. We

believe also that the board would be very aggressive in the pursuit of

Private Public Partnership drive of this government to ensure that our

 

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endowments do not remain mere potentials but fully

developed opportunities in the overall corporate interest of the Ekiti

people. Apart from being a business vehicle of the State to widen her

sources of revenue, the company is also to serve as a catalyst to

encourage investments in the viable sectors of the state economy.

It is of equal importance to this government that no time is more

auspicious than now to walk our talk on the much desired turnaround

in our economic fortunes. It is no exaggeration that Ekiti towers far

above any other single group across the country in the concentration

of human resources. One does not need any special skill to draw the

correlation between the effective utilization of the abundant human

resources and accelerated economic growth of any society. However,

what may be a tall challenge is the right selection from the pool of our

great minds on the one hand and securing the acceptance of these

highly mobile, cerebral and well sought after professionals on the

other. While we were confronted with the challenge of the former,

that of the latter was not pronounced because of the readiness of

these compatriots to be identified with the Ekiti Project. I am

convinced beyond doubts that the Council being led by Professor

Sam Aluko would give us a new Ekiti of a sound economic base.

For the avoidance of doubt, the 16-member Council which has four-

year and three-year renewable tenure for the chairman and members

respectively has the following terms of reference:

 

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i. to assist the government in

adopting policies and programmes that will promote available

resource for the accelerated growth and sustainable

development of Ekiti State;

ii. to initiate policies that will promote meaningful public-private

sector partnership conducive to the accelerated commericakl

and industrial development of the State.

iii. to participate actively in the Public-Private Partnership

programmes of the State.

iv. to suggest periodically incentives and policies that will enhance

adequate flow of domestic and foreign investment into the

State;

v. to assist the State in adopting and implementing employment-

driven economic growth strategy and processes;

vi. to assist the government in adopting and implementing fiscal

operations the will crowd-in rather than crowd-out private

investment into the State;

vii. to assist in the revival of the agricultural sector and people-

centred economic activities and programmes in the State;

viii. to initiate ingenious policies and progrmmes geared towards

enhancing the orderly growth and development of the

informal sector, as well as small and medium-scale

enterprises in the State;

 

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ix. to initiate ideas and progrmmes towards

enhancing balanced economic development of the state and

the sustained improvement in the standard of living of her

indigenes.

x. to facilitate the establishment of National and International

Conglomerates in the State for accelerate economic growth

and development.

xi. to promote entrepreneurship development programmes to boost

small and medium scale business in the State.

I want to urge you, our elders and compatriots, that though you have

enormous tasked on your hands, you should demonstrate once again,

that the people’s confidence is not misplaced. Now, it is no longer

enough to tell the world that we have the potentials, this is

sickeningly monotonous and possibly an inner failure of declaring

incompetence. To us in this government, it is enough of self-pity. The

time is now to let the potentials translate to three square meals on

the table of the average Ekiti resident and consequently put poverty,

disease and squalor to a permanent flight. Your core responsibility

therefore is to have deep reflections on the State and come up with

fresh and workable ideas that would make Ekiti not only an economic

giant but also self-sustaining.

May I say with all sense of responsibility that the government will

support your activities and ensure the success of your assignment to

 

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the State. We look on you with a great expectation.

This is a hope that must not be turned to despair. I charge you to

work as if this is the last opportunity we have to bail our dear State

out of the doldrums. I want to use to seize this opportunity to

commend the past Council members for their great contributions to

the economic growth of the State during their tenure. Again, I thank

you very much for accepting to serve the State in this capacity at this

very critical time when a new foundation is being laid for Ekiti. I pray

for continued strength for you to be able to partake in the celebration

of the Ekiti of our dream in your lifetime.

Thank you and God bless