The Okitipupa Oil Palm Company has bounced back to life and has commenced production after been in comatose for many years.
The new management committee of the Okitioupa oil palm Plc in Ondo state has said that the company had been restructured and repositioned for a better service delivery for its customers.
Addressing journalists in Akure ,the Ondo state capital , Wale Osomo , director and chairman of the management committee ,said about 12,474 hectares of the company has suffered due to bad management ,adding that the new board was undergoing what he described as corporate restructuring.
According to him, technology would be deployed to further enhance the production level of the oil palm company.
Flanked by Taiwo Adewole, chief executive officer the company and Kayode Araloye ,a member of the management committee , Osomo noted that four areas were identified to help return the company to profitability. He gave the areas as finance, operations, personnel and the shareholders.
“When we took over this company few months ago, we quickly noticed four areas that needed to be worked upon. We discovered that the company was lacking adequate funding, no internally generated revenue, Illegal harvesters, breakdown of the mills, and miss-management of fund. You would not believe the company does not have a bank account for six years. Those working there are not effective and do not have the focus of the company at heart.
“In the last 16 years no dividend was declared and we are concerned about it. The survival of the company is paramount for us to make a viable company and compete favourably in the industry.
“What we are doing is corporate restructuring which is going to be continuous. Part of it was to get rid of ineffective and inefficient workers. Over 8.4 million bunches are lost annually. Our IGR has improved over these months and we are getting in touch with our shareholders,” he said.
He added that the company was poised to provide employment opportunities and be a catalyst for economic transformation in the area and the state at large.
SOURCE: BUSINESS DAY
