The governor inaugurated the board of Fountain Investment Holdings Limited and the Ekiti State Economic Development Council to help develop the state's economy. He believes these institutions will help harness Ekiti's resources and potentials in a sustainable way to improve lives. The board and council have important terms of reference, including promoting public-private partnerships, investment, employment, agriculture and small businesses. The governor charges the members with using fresh ideas to make Ekiti an economic giant and self-sufficient state.

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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
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