Oyo govt reviews state-owned small scale industries company to promote growth of SMEs

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At the first Annual General Meeting of Oyo State Small Scale Industries Company Limited, the vision and mission of the company were reviewed with the sole aim of developing, encouraging and promoting the growth of Small and Medium Scale enterprises in the state.


According to ministry of industry, science and technology, the AGM was held at the Boardroom of the Company had in attendance the Oyo State Commissioner of Industry, Applied Science and Technology ; Mr Dapo Lam-Adesina under whose auspices the Company is, the Chairman of the Board; Barrister Iyiola Oladokun, Dr. Okebukola, Hon. Muftau Salau,Chief Pekun Adesokan,Mrs Adeuja,Chief Mrs Bukola Oni,the representatives of Chief Bode Amao and Chief Kola Daisi,Mr Samson Gboyega Olaoye (Former head of service in Oyo State)

The Annual General Meeting which is the first since 2001 when the company was established by the State Government has been long overdue as the Company was established to be the focal point of the Industrialization of the State and also the base for rapid growth of Small and Medium Scale enterprises.

Among resolution made at the Meeting was the rechristening of the Company to cover the scope of Small and Medium Scale enterprises. The Company is now to be known as Oyo State Small and Medium Industries Company Limited.

Also the share capital of the company was increased from ten(10) million Naira to Sixty(60) Million Naira.

The board of directors also resolved at the Annual General Meeting to open up the company to foreign investors who are willing to partner with the company.

The development of the place would help in resuscitating moribund industries; reduction in unemployment as small scale businesses which the complex represents is the bedrock of our economy

It would be recalled that the Company Complex which is located at the Old NTC building was acquired in 2000 and the great dreams the founding fathers had in mind when the facility was acquired has been left unattended to in the last over ten(10) years.

Profit was also declared for the 2013 year at the end of the meeting.

It would be noted that Mr Dapo Lam Adesina made a promise when he resumed at the ministry of Industry,Science and Technology in November 2013 that industrialisation of the state would be one of his key focus so as to create jobs,develop the economy of the state and increase the IGR of the Oyo state government.

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