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Makinde nears completion of $100m fund to secure Oyo’s economic future
Oyo State Governor, Seyi Makinde, shared on Thursday that his administration is nearing the completion of a $100 million fund designed to safeguard the state’s economic stability and benefit its people over the long term.
Earlier, Makinde had mentioned this initiative during the previous year, and he now disclosed that the fund already holds more than $6 million in deposits, demonstrating a firm dedication to creating a lasting financial safety net for the region.
This announcement came during a media session on Wednesday, held after a gathering of stakeholders focused on executing the African Continental Free Trade Area (AfCFTA) plan in Oyo State.
READ ALSO: Ohanaeze faction blasts Makinde over alleged smear campaign against Umahi
Makinde described the fund as a key resource for advancing the state’s economic goals in the future, while also strengthening Oyo’s role in the AfCFTA, which is a broad African effort to enhance trade within the continent.
“We are taking deliberate steps to build an economic future that is resilient, forward-looking, and inclusive. The Sovereign Wealth Fund will be a critical part of that future,” Makinde said.
He pointed out that the AfCFTA’s rollout would not only yield economic advantages but also directly aid small-scale farmers, local business owners, and micro, small, and medium enterprises by providing easier access to Oyo’s trade platform, which helps with continental trade involvement.
“Our small businesses and farmers are not left out. With the trade portal now active, they can access new markets across Africa,” Makinde added.
At the same event, Ms Neo Theodore Tihaselo, the Governor’s Special Adviser on International Trade and AfCFTA, praised Oyo as a pioneer in adopting trade policies at the sub-national level.
“Oyo State is the first sub-national entity to sign on to the AfCFTA implementation strategy. This gives us the status of a recognised trading partner under AfCFTA, effectively opening the door for direct international trade and commerce,” she said.
Tihaselo highlighted that this achievement positions Oyo among leading economic entities worldwide, granting better opportunities for trade deals, investments, and partnerships throughout Africa.
The event drew participants from various sectors, including government officials, trade groups, private companies, and global representatives, all working to tap into the advantages of the largest free trade zone by population and country count.
Makinde reiterated his government’s focus on developing an economy that relies on more than just federal funds, emphasizing elements like investments, innovation, and careful planning.
“We are not just thinking about today; we are securing tomorrow. The SWF, AfCFTA strategy, and our digital infrastructure are all pillars of a smarter, stronger Oyo State,” he added.
The echoes of the drums rolled out to celebrate the rescue of the 44 teachers and students, kidnapped from some schools in Oyo State, after 56 days in the bush, would surely be disrupted abruptly, with the divergent echoes of a fresh abduction, this time coming from Kogi State.
Reports indicate that the gunmen, struck on Tuesday at the Government Secondary School, Odo-Ekina, in Dekina Local Government Area of the state, abducting four students, the school principal and a National Examinations Council (NECO) ad hoc staff member.
Authorities of the Kogi State Police Command, who immediately unleashed their operatives in hot pursuit of the abductors, said the attack occurred at about 5:25 p.m. while the students were writing their NECO examination.
Saliu Oyiza Afusat, an Assistant Superintendent of Police (ASP) and spokesman of the command, said a combined team of police personnel and other security agencies has launched a search-and-rescue operation following the incident.
Informing that one of the students was actually rescued immediately, she said efforts were ongoing to secure the release of the remaining victims and apprehend the attackers, adding that Naziru Bello Kankarofi, the state Commissioner of Police, alongside the Brigade Commander and the State Security Adviser to the Governor, Commodore Jerry Omodara (Rtd), were already on the way to the scene for an on-the-spot assessment.
Oil prices are expected to go down now with the announcement of Donald Trump, US President that he will no longer impose a 20 percent “safe passage” fee on ships passing through the Strait of Hormuz.
The POTUS, hinged his reversal of the decision on the intervention from some Gulf countries, who pleaded with him not to toe the line due to the massive economic impact the decision would make on the region.
Indeed, oil prices had shot up immediately Trump announced the new levy on Monday while declaring the US ‘the guardians of the Hormuz strait,’ a measure which he said was to pay for the cost of guarding the volatile area in order keep supply of oil flowing.
Reports said that Gulf allies of the US worked frantically to get Trump on the phone in time to talk him out of the idea altogether, while a flurry of appeals came from Saudi Arabia, the United Arab Emirates, Bahrain and Qatar.
In response, the POTUS, posting on his Truth Social platform, wrote: “Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States.”
Trump, who said the investments would be “MASSIVE but, at the same time, extraordinarily good for them, and their future,” added that the deals would see factories, plants, and equipment pour into the US at “Historic levels.”
The Gulf nations have committed to invest trillions of dollars in the US, though it remains unclear how much of that they will actually spend over the next several years.
Meanwhile, the US continues to bomb Iran in what appears to be a resumption of active conflict between both countries, despite an ongoing roadmap to end the conflict.
Reports say operatives of the Osun State Police Command, and those of the Department of State Services (DSS) had tracking the trail of Adeniyi Adeyemi, controversial Director General of the Presidential Foreign Intervention Promotion Council (PFIPC), for weeks, before he was eventually pulled out of his hole on Tuesday.
However, the duo, were said to have pulled back after failing to track him through his mobile phones, which he had reportedly switched off for about two days, making it difficult to locate him, leaving the stage for the members of the Police Intelligence Response Team (PI-RT) led by Moses Lohor, a Chief Superintendent of Police (CSP).
Lohor, said to have previously served as the Commander of the Anti-Kidnapping Squad of Osun State, and reported to have been involved in high-profile security operations and controversies, after taken over fielded his men to pick up signals from their well-oiled signal networks.
Regarded by many Osun residents as one of the key security officers who contributed significantly to the peace and stability enjoyed in Ilesa and other parts of the state during his tenure, he was said to have relied on his contacts before his transfer out of the state, said to have raised concerns from the public about the security situation he would be leaving behind.
His exit from the state was said to be hinged on an incident in 2024, in which he allegedly shot one Iyanda Alowonle, then Chairman of Osun State Motor Transport System, in the stomach at the police station in the state prompting an order for his arrest by then Inspector General of Police (IGP).
His effort was said to have paid off when he successfully tracked down the controversial PFIPC, boss, who was seen on Tuesday evening, in a shot video on social media undergoing interrogation, and eventually handed him over to Ibrahim Gotan, Commissioner of Police in the state.
The PUNCH quoted one of the sources as saying: “The arrest (of Adeyemi) took place on Tuesday morning by the IRT squad, who immediately moved him to Abuja. After he was arrested, he was taken to Ibadan and from there to Abuja.”
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