Osun Owns 14% Equity In Omoluabi Garment Factory

Contrary to popular opinion, the state of Osun owns 14% equity in Omoluabi Garment Factory, located along Gbongan Osogbo road, Ede.

 

 

This was revealed by Mr. Jayeoba Alagbada, a former commissioner for Commerce, Co-Op & Empowerment and also a present commissioner-nominee in the state who held his screening at the state house of Assembly on Tuesday.

Recall a certain highly placed person in government was rumoured to own the garment making company using Sam & Sara Factory Limited as a front.But revealing the true status of government stake in the company, Alagbada revealed that government’s only contribution to the company was land, which secured for it, a 14% stake in the company.

 

 

“Our only contribution to the company is land, nothing more,” Mr. Alagbada stated.

 

Explaining the role of the company in driving the O’Uniform policy, the commissioner-nominee stated the state government acted as an offtaker for 750,000 school uniforms which was distributed for free to students across the state.

 

The arrangement ensured the building of the biggest garment factory in West Africa in the state of Osun. Alagbada further stated that the company has since moved beyond school uniform making in Osun.

 

“Omoluabi Garment Factory, is a thriving Private Public Business Partnership between the government of the state of Osun and Sam & Sara Garments Limited. The company now produces uniforms for the Nigerian Military, Guarantee Trust Bank (GTB), Lagos Internal Revenue Service (LIRS), among several others.” Alagbada stated.

 

It was also revealed that as at February 2017, at least, the sum of N120mn has been made as profits by the textile sellers through the sale of subsidized school uniforms alone.