A SPEECH BY THE GOVERNOR, DR KAYODE FAYEMI AT THEINAUGURATION OF BOARD OF THE FOUNTAIN INVESTMENT    HOLDINGS LIMITED AN...
 of the weak base of the                    state               economicdevelopment. You would notice that our approach to...
 endowments do not remain                   mere   potentials   but fullydeveloped opportunities in the overall corporate ...
 i. to          assist          the                                  government          in          adopting policies and...
   ix. to initiate ideas and                      progrmmes towards        enhancing balanced economic development of the ...
 the State. We look on you                     with a great expectation.This is a hope that must not be turned to despair....
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Governor fayemi's speech at the inauguration of board of the fountain investment holdings limited and the ekiti state ecnomic development council

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Governor fayemi's speech at the inauguration of board of the fountain investment holdings limited and the ekiti state ecnomic development council

  1. 1.   A SPEECH BY THE GOVERNOR, DR KAYODE FAYEMI AT THEINAUGURATION OF BOARD OF THE FOUNTAIN INVESTMENT HOLDINGS LIMITED AND THE EKITI STATE ECNOMIC DEVELOPMENT COUNCIL ON FRIDAY, 14TH OCTOBER, 2011 IN ADO EKITIPROTOCOLSI am indeed happy to welcome you all to this ceremony. Theinauguration of the board and council which has just been performedwith the administration of oath of office by the appointees is astrategic milestone in our campaign against poverty and want in Ekitiland.It is no longer news that our land is naturally and abundantlyendowed with all indices of growth – human and material – both inquality and quantity. These have been echoed over and over. Withthis event today, we are taking critical steps in building virilestructures to harness these endowments for a practical turnaround ofthe state economy.May I admit, distinguished ladies and gentlemen, that selecting themembership 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 withthe vast deposits of human resources available to us in Ekiti. Yet wehave to get the very best to demonstrate our resolve to get a quick fix 1    
  2. 2.  of the weak base of the state economicdevelopment. You would notice that our approach to tackling thechallenge of the state development has been deliberately structuralbecause of the past failures of superficial romance with the surface.Our decision to institutionalize the changes being applied arises fromthe need to have a non-tenured development that is sustainable witha capability to outlive our period in government.It is in this context that the board of the Fountain InvestmentHoldings Limited and the State Economic Development Council havebeen inaugurated. I do not have any reason whatsoever to doubt thecompetence of the Board of the Fountain Investment Holdings Limitedheaded by no other person than Mr. Gbenga Oyebode, OFR to chart apragmatic course to bring all public companies not only on the path ofimmediate recovery but also ignite productive activities in them. Eventhough the government is not directly involved in the running thesecompanies, you would be expected to provide the template for thesuccesses of the public companies to the good of our people.With the Holding Company in place, the old ugly story of the popularIre Burnt Bricks Ltd, Ikun Diary Farm and ROMACO that had beenrecurring on the negative scale as impossible ventures even beforethe creation of the State would be gloriously put behind us. Webelieve also that the board would be very aggressive in the pursuit ofPrivate Public Partnership drive of this government to ensure that our 2    
  3. 3.  endowments do not remain mere potentials but fullydeveloped opportunities in the overall corporate interest of the Ekitipeople. Apart from being a business vehicle of the State to widen hersources of revenue, the company is also to serve as a catalyst toencourage investments in the viable sectors of the state economy.It is of equal importance to this government that no time is moreauspicious than now to walk our talk on the much desired turnaroundin our economic fortunes. It is no exaggeration that Ekiti towers farabove any other single group across the country in the concentrationof human resources. One does not need any special skill to draw thecorrelation between the effective utilization of the abundant humanresources and accelerated economic growth of any society. However,what may be a tall challenge is the right selection from the pool of ourgreat minds on the one hand and securing the acceptance of thesehighly mobile, cerebral and well sought after professionals on theother. While we were confronted with the challenge of the former,that of the latter was not pronounced because of the readiness ofthese compatriots to be identified with the Ekiti Project. I amconvinced beyond doubts that the Council being led by ProfessorSam 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 membersrespectively has the following terms of reference: 3    
  4. 4.  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; 4    
  5. 5.   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 haveenormous tasked on your hands, you should demonstrate once again,that the people’s confidence is not misplaced. Now, it is no longerenough to tell the world that we have the potentials, this issickeningly monotonous and possibly an inner failure of declaringincompetence. To us in this government, it is enough of self-pity. Thetime is now to let the potentials translate to three square meals onthe table of the average Ekiti resident and consequently put poverty,disease and squalor to a permanent flight. Your core responsibilitytherefore is to have deep reflections on the State and come up withfresh and workable ideas that would make Ekiti not only an economicgiant but also self-sustaining.May I say with all sense of responsibility that the government willsupport your activities and ensure the success of your assignment to 5    
  6. 6.  the State. We look on you with a great expectation.This is a hope that must not be turned to despair. I charge you towork as if this is the last opportunity we have to bail our dear Stateout of the doldrums. I want to use to seize this opportunity tocommend the past Council members for their great contributions tothe economic growth of the State during their tenure. Again, I thankyou very much for accepting to serve the State in this capacity at thisvery critical time when a new foundation is being laid for Ekiti. I prayfor continued strength for you to be able to partake in the celebrationof the Ekiti of our dream in your lifetime.Thank you and God bless   6    

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