Osun drugs pharmaceutical company to resume operations soon – OSSICOL MD

The Managing Director and Chief Executive Officer of Omoluabi Holdings Limited, Mr Taofiq Alimi, has assured residents of Osun State that the long-abandoned state-owned drugs pharmaceutical company will soon return to full operation.

Alimi gave the assurance on Thursday while featuring on News Point, a programme organised by the Osun State chapter of the Nigeria Union of Journalists (NUJ) Correspondents’ Chapel in Osogbo.

He disclosed that arrangements had been concluded with investors who are ready to partner with the Osun State Government to revive the pharmaceutical company, which has been moribund for several years.

“We already have an agreement with the investor. The delay we experienced was due to the unpredictability of the dollar exchange rate. Now that the rate is more predictable, things should work out. In the next six months to one year, we expect to have something concrete on ground,” Alimi said.

He explained that the project involves specialised machinery that must be custom-designed and imported, noting that such equipment cannot simply be purchased off the shelf.

“These are machines that have to be specifically designed for the purpose. You don’t just go to the supermarket to buy them. The manufacturers have to come in, and they have already taken measurements of the locations where the equipment will be installed,” he added.

Alimi assured the people of the state that visible progress would be recorded within the next six months.

Speaking on the monitoring and protection of government investments, the OSSICOL boss said measures were being put in place to prevent political interference or takeover of state-owned assets.

According to him, the agency is pushing for a strong legal framework that will safeguard government investments and ensure accountability.

“The best safeguard is the legal framework, and that is what we are working on. All agreements we enter into with investors are structured in such a way that nobody can just come in and do whatever they like with state investments,” he said.

He revealed that a new legal agreement had been drafted to prevent arbitrary takeover or misuse of government assets.

“The agreement on the pharmaceutical company is very solid. Nobody can tamper with it, at least within the first 10 to 15 years of the business. The investors are assured of stability, and the state is guaranteed its profit. Once the law is in place, nobody can just wake up and hijack public investments. Anyone who tries will have to contend with the courts,” Alimi added.