Now That Shares in Dangote Refinery Are on Sale, Oyo State Can Benefit From This Rare Opportunity
My brother, I greet you in the name of God, and I respectfully wish you success in your presidential ambition.
I would like to draw your attention to what I consider a significant opportunity for Oyo State to invest part of its available funds in strategic and profitable ventures, particularly now that shares in the Dangote Refinery are reportedly available for purchase.
There have been reports and public discussions surrounding the controversial ₦50 billion intervention fund said to have been kept by the Oyo State Government in one of the commercial banks operating in the state. If such funds are available and legally permissible for investment, I believe the state should consider putting a portion of them into carefully selected assets capable of generating long-term returns.
Such investments could strengthen the state’s financial position and provide an additional source of revenue if federal allocations decline significantly in the future.
Some opposition presidential candidates have been campaigning for a return to fuel subsidy.
Whatever one’s political position on the matter, a reversal of the current policy could have significant implications for government finances. States therefore need to continue preparing for periods when available resources may become tighter.
Before President Bola Ahmed Tinubu assumed office, the cost of paying civil servants and meeting other recurrent obligations placed considerable pressure on the finances of many state governments. With the increase in federal allocations in recent times, Oyo State has also experienced improved revenue inflows.
This, in my view, makes it even more important for the state to save and invest wisely rather than rely entirely on favourable economic conditions continuing indefinitely.
May I also suggest to Your Excellency, sir, that the state should review the cost-effectiveness of its aerial security surveillance arrangements. If the surveillance aircraft currently operated by the state can be sold without compromising security operations, the government could consider investing part of the proceeds in unmanned surveillance drones.
Modern surveillance drones can provide extended aerial monitoring and transmit information to a central command system, potentially reducing operational costs and limiting the risks associated with putting personnel in the air for certain surveillance assignments.
Beyond Dangote Refinery, Oyo State could also consider investing in a diversified portfolio of carefully selected companies and financial instruments with strong long-term prospects. Such investments, subject to proper financial, legal and professional advice, could create additional revenue streams for the state.
I know that your love for Oyo State is immeasurable, but nobody knows it all. We need to remain open to ideas and be practically involved in major decisions that will affect our state and its people in the long run.
Your Excellency, this is not intended as criticism but as a suggestion from a concerned stakeholder who believes that Oyo State can do even more with the resources at its disposal.
Thank you very much, Your Excellency.
Enjoy your weekend, sir.
Yours faithfully,
Mogaji Wole Arisekola
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