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SENI ADIO (SAN) Explains
Seni Adio (SAN) is the Chairman, Board Governance and Nominations Committee, Odu’a Investment Company Limited on Thursday 27th July 2023, the Launching and Inauguration of the Advisory Council of Odu’a Investment Foundation was held at the Lagos Airport Hotel, Ikeja. Below is his speech.
It is my distinct privilege and honour to join the Group Chairman Otunba Bimbo Ashiru and other Directors of Odu’a Investment Company Limited to welcome you to this August occasion and, specifically, the launching & Inauguration of the Advisory Council of Odu’a Investment Foundation.
You should not worry that a lawyer has the microphone. This is pro bono, so I will be succinct.
This event is the culmination of the collective efforts of the Directors of OICL to be deliberate about establishing a formal and structured entity to implement the Corporate Social Responsibility objectives of Odua. Odua Investment Foundation is registered Trusteeship under the Companies and Allied Matters Act 2020.
Simply put, the Foundation will focus on 3 key areas, namely: (1.) Education (including e-Iearning, scholarships, and contemporary and dynamic content to equip our youths for a knowledge based and digital economy) (2.) Youth Empowerment (including providing opportunities to participate in socio-economic initiatives to keep them responsibly engaged in commerce and vocational activities); and (3.) Healthcare – as the oft quoted saying goes “health is wealth” so we need to provide readily available primary healthcare for our teeming youths.
The Funding Structure: Regarding funding, we were not being emotive in establishing the Foundation. We have put in place a recurring process for providing some funding for the Foundation by committing one percent [1%] of the Profits After Tax (PAT) of OICL on an annual basis to the Foundation.
However, the contributions by OICL are intended to provide a lift to enable the Foundation take off and become impactful in short order. The objective is that in the medium to long term the Foundation will receive support in cash and kind from development partners, donor agencies, other philanthropic institutions and even bequests from high net worth individuals and so forth.
GOVERNANCE & MANAGEMENT OF THE FOUNDATION
In terms of good governance and to ensure fidelity to best practices, we have carefully identified and selected distinguished personalities who have also demonstrated a propensity for civic activities and giving back to the community as the Founding Members Of The Advisory Council. I will not say more on that save to say that we are rest assured that the Foundation is very safe hands.
Given the preeminence of the very distinguished members of the Advisory Council, namely Her Excellency Ambassador (Dr.) Olatokunbo Awolowo-Dosunmu as Chair, Chief (Dr.) Onikepo Akande, OON, CON, Dr. (Mrs.) Victoria Adunola Samson (otherwise known as BOVAS), Dr Biodun Shobanjo, OON, Dr Segun Olugboyegun, Chief Wole Olanipekun, SAN, OFR, CFR and Mr Remi Makanjuola, OON you can see that we have covered all bases, whether international relations, local relationships, private sector, public sector, law – we have a foremost Senior Advocate of Nigeria, international trade, medical, advertising, communications and branding, oil and gas, aviation, and so forth.
I commenced my remarks by stating that I will be succinct. I intend to keep my word.
In closing, I would like to seize this opportunity to once again express our heartfelt gratitude to the Members of the Advisory Council of the Odua Investment Foundation for not only accepting our invitation to serve but enthusiastically doing so. I thank you for listening.
Seni Adio, SAN
Chairman, Board Governance and Nominations Committee
Odu’a Investment Company Limited
