By Michael Ofulue, Osogbo

Effective asset management is a critical tool for wealth creation and long-term sustainability in governance.

This underscores the importance of government at all levels properly managing its assets to ensure overall development and the sustainability of the state.

Osun State Governor, Senator Ademola Adeleke, made this assertion at a seminar organised by the Osun State Assets Management Agency.

The seminar, themed “Our Assets, Our Collective Wealth and the Development of Our State,” was held at the Local Government Service Commission Hall, State Secretariat, Abere.

Speaking through the Commissioner for Government House and Protocol, Soji Ajeigbe, Governor Adeleke emphasised that all government assets require effective management and regular maintenance to ensure their longevity.

He noted that proper asset management is not only a governmental responsibility but also a collective duty of all citizens, as these assets represent public trust meant for both present and future generations.

In her remarks, the Special Adviser to the Governor on Assets Management, Fausat Sarumi-Adebanjo, along with the Executive Secretary of the Osun State Assets Management Agency, Mr Oyesiku Adelu, stated that the agency operates under the authority of the Osun State Assets Management Law of 2018.

They explained that the agency is tasked with disposing of unserviceable government assets, eliminating resource-draining properties and overseeing asset procurement, installation and long-term utility. Both officials affirmed the agency’s commitment to fulfilling its mandate with integrity.

Sarumi-Adebanjo also disclosed that the agency has created an asset register, which is currently being updated, and is undertaking a comprehensive valuation of all government properties.

Guest lecturers at the seminar, Niyi Olanipekun and Dr Rotimi Olugbohungbe, defined assets as both tangible and intangible resources that enhance a state’s capacity for growth.

They described assets as resources controlled by an entity due to past events, from which future economic benefits are expected.

The speakers identified common challenges in asset management, including corruption, encroachment, abuse, neglect, and poor handling.

They also stressed the need for proper asset management to ensure long-term benefits for future generations.

The seminar drew participants from various Ministries, Departments and Agencies (MDAs) of government, alongside staff and management of the Osun State Assets Management Agency.