By Kehinde Adejumo
The 27th Annual General Meeting (AGM) of Araromi-Ayesan Oil Palm PLC which took place last week was one that would linger in the memories of people for a long time to come.
Shareholders’ turnout and the number of guests who attended the meeting was an indication that the company has the goodwill of the general public
It was success stories all the way which include improvement in investment in physical assets of the company from N1.62billon in 2016 to N1.737billon in 2017. The improvements in the company’s assets have great impacts on its operations
The testimony of its success which was testified to at the meeting was enough proof that the company is ready to compete with its peers anywhere in the country.
Speaking at the AGM, the Chairman of the company, Prince Adetola Adedeji said the company is doing tremendously well.
He reiterated the company’s readiness to become one of the best Oil Palm companies in the country, saying every machinery has been put in motion to achieve this.
“Our target is to pay the dividends of our Shareholders in hard currency , and earn foreign income not only for Ondo State, but Nigeria in general.
He cited Okomu Palm Oil Company and Prisco in Edo and Delta States which export their products and earn foreign currency for their respective states and pay their shareholders in hard currency, stressing that “these companies are our mentors, they are the ones we want to emulate and in no distant time, we will be there”.
The Chairman said the turnover increased by 26 per cent and profit before tax of 2.6 per cent of the company in the year under review showed that the company will hit its target in no distant future.
He commended the Shareholders for not being in a hurry to receive dividends, assuring that their patience will soon be rewarded.
Adedeji said the company has positively contributed to the development of the state through jobs creation as over 500 youths of the state are now in the pay roll of the company, saying this has helped to reduce unemployment rate in the state.
He commended the Arakunrin Oluwarotimi Akeredolu, SAN, led administration for its cooperation and expressed the company’s determination to continue to be alive to its corporate social responsibilities.
The immediate past Chairman of the company, Bar.Femi Okuniyi expressed happiness that the company is making progress and that the company has “ensured that it does everything as stipulated under the law, saying that the benefits of the company to the state cannot be over-emphasised.
Also speaking, Mr Williams Adebayo commended the Board of Directors for a job well done, while recommending that the company should recapitalise and get more fund.
He thanked the present administration for its cooperation and pleaded with the government to do more.
He said the state government should take up their 11 per cent rights to put more money in the company.
He called on other Shareholders too to bring more money, stressing that: “With the prospects ahead of the company, if more money can be pumped into it, we can also be like Okomu & Prisco who pay their Shareholders in hard currency “.
The Ajobu of Araromi Obu, HRM Oba Aderemi Adelola commended the company for what he called a great improvement compared to previous years.
The monarch affirmed that the company can still do more.
Also speaking, the Permanent Secretary, Ministry of Commerce, Industries and Cooperatives, Mrs C. Oyebade who represented the government reiterated the commitment of the Arakunrin Akeredolu-led administration to create jobs through Agriculture.
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