Ife monarch, others float N1b investment firm for indigenes

The Adagba of Iyanfoworogi, Ile-Ife, Oba Adetayo Oladele, has commissioned a N1 billion investments company to provide financial support for indigenes of the town.

The company, Ife Heritage Investments Ltd., which already has some indigenes as shareholders, was launched with the cultivation of a 30 acre maize and cassava farm in Iyanfoworogi, Ile-Ife during the week.

Oba Oladele, who is the chairman of the company, explained that the firm’s share capital will progress to N1 billion with time. He disclosed that the firm would invest in mining, agriculture and businesses in the agric value chain starting from his kingdom, Iyanfoworogi.

He said: “our goal is to raise N1 billion but we are starting off with the take-off funds of N100 million. Some of us who are entrepreneurs and indigenes of Ile-Ife in the UK, US and other Western countries thought there is a lot of good things we can do collectively. To start big company might be difficult for individuals. That is why we pulled resources together to start something big in Ile-Ife.

“We chose Iyanfoworogi as a pilot. We are still going to other communities in Ife. Being the Adagba of Iyanfoworogi, it is easier to start from where you know the terrain very well. We would start with the planting of cassava and maize. We are going to dwell into animal husbandry, piggery and fishery. We just acquired another 10 acres of land for animal husbandry.

“Our goal is not to plant and sell. We want to be planting and processing in commercial quantities. That would create more jobs for the people in the community and other adjourning towns. We are extending our frontiers even beyond Osun State as we progress. This is one of our sites here, but at least no fewer than 100 people will be employed as we are starting with launching and more individuals would be employed as we blossom,” Oba Oladele explained.

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