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Judiciary frustrating investors – Odu’a MD

By BusinessNews Staff on May 2, 2014

The Group Managing Director, Odu’a Investment Company Limited, Mr. Adebayo Jimoh, has accused the judiciary of frustrating the Federal Government’s efforts to drive the economy through Public-Private Partnership projects designed to entice foreign and local investors.

Speaking during the visit of the National President of the Institute of Chartered Accountants of Nigeria, Mr. Kalil Mohammed, to the company’s corporate headquarters at Cocoa House, Ibadan on Tuesday, Jimoh said many people were taking advantage of legal loopholes in the PPP arrangement to scare investors away, thereby limiting employment opportunities in the country.

He said, “There are loopholes in the legal system guiding the coming of investors into the Nigerian economy and some people are taking advantage of them. There are many cases in court, which are frustrating the efforts of the investors.

“The judiciary is discouraging them and something must be done quickly to address this. The efforts of the Federal Government to improve the nation’s economy are also at stake.”

Jimoh called on the ICAN president to ensure that members of the institute played active roles in the development of the nation’s economy through their advice to investors.

“Many of your members are financial advisers to these investors. They know what to do to help them succeed and I appeal to you to help in this regard,” the GMD added.

Responding, Mohammed said Odu’a deserved praises for creating huge employment opportunities through its investment initiatives and expansion drive in the last five years, making reference to the development of twin malls in the company’s premises.

He said, “I must praise the management of this company for what it is doing. Thousands of jobs have been created with the establishment of the Heritage and Cocoa malls. Many of ICAN Fellows have also been employed by the company.”

[Punch]

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