OYSG Will Revamp Moribund Companies, Sell Off Wasting Assets – Commissioner

By; BAYO AKAMO, Ibadan
Oyo State Government is now set to revamp and sell off some of its moribund companies and other wasting assets to enable the assets yield revenue rather than being waste pipes.
The Commissioner for Information, Culture and Tourism, Mr. Toye Arulogun who dropped this hint at the weekend, declared that already,all the moribund and wasting assets owned by the state government are being reviewed  by a committee that will make recommendations for such assets under three main categories after a thorough determination of their current viability and  prospects of future economic benefits.
“The Oyo State Government’s conviction is that instead of having these moribund assets lie idle across the state, we want to revamp those that can be revamped,concession  some, put some on the PPP platform and sell others outrightly”he said.
Mr Arulogun added that “however,the government will not rush into taken decisions on these moribund assets”,saying, “the input of relevant stakeholders, shareholders and the general public will be needed and the committee is consulting widely and still open to more contributions”.
According to the Commissioner,the planned actions on the Oyo state-owned moribund companies and other wasting assets was to “relieve government of excessive liabilities and unnecessary government expenditure”.
While emphasizing that “this step is in line with the spirit of the government’s 2017 Budget of Self-Reliance”,Mr Arulogun disclosed that “some of these assets still cost government huge expenditure despite their moribund or wasting state”.
“The theme of the 2017 appropriation is “Budget of Self-Reliance. The government wants its assets to yield revenue rather than being waste pipes. We therefore need to stop the  hemorrhage. Under any of the three main categories, government will earn revenue and the fortunes of the assets will turn around with strong multiplier effects on the Oyo State economy”.
He however maintained that the committee has been mandated to follow the principles of “due diligence in discharging its responsibilities” as the “moribund assets will be subjected to proper inventory, appraisal and valuation before actions are taken on them”.
He gave list of some of the moribund companies and wasting assets being reviewed as Conpole Limited, Cultural Centre, Nigeria Paper Mill Ibadan, Trans Motel Jericho, Trans Motel Iseyin, Ado Awaye Lake, Bowers Tower, Cashew Ind. Limited, Fasola farms amongst others”.