Olubadan inaugurates economic committee led by Onikepo Akande to revive Ibadan’s economy, attract investment, and drive urban renewal

Olubadan inaugurates economic committee in a bold move to restore Ibadan’s lost industrial and commercial vitality.

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The initiative, named the Monarch Investment and Economic Committee, aims to attract investment, stimulate job creation, and promote urban renewal in the ancient city.

At a ceremony held at the Olubadan Palace, Oke Aremo, Ibadan, Oba Rashidi Ladoja announced the formation of the high-powered committee composed of seasoned business leaders, technocrats, and industry experts.

Two-time minister Chief (Mrs.) Onikepo Akande was appointed as the Committee Chairperson, while Prof. Dapo Afolabi, former Head of Civil Service of the Federation, will serve as Co-Chairman.

Other members include Chief Adelodun Olaiya, Dr Sola Adeduntan (former Group Managing Director of First Bank of Nigeria), Chief Dotun Sanusi (Bada Olubadan-Designate), Agbaoye Kola Karim, and Chief Taofeek Adegboyega Adegoke (Aregbe Omo Balogun).

A former Oyo State Head of Service, Chief Tajudeen Aremu, was named Secretary of the committee, which also features distinguished figures such as Alhaji Remi Bello, Chief Yomi Idowu, Chief Owolabi Oladejo, and Pastor (Dr.) Bayo Olugbemi, former President of the Chartered Institute of Bankers of Nigeria.

Speaking at the event, Oba Ladoja said the committee’s mandate is to reposition Ibadan as a major economic hub by reviving moribund industries and attracting new investments.

He lamented the collapse of iconic firms such as Leyland, Exide Battery, and Wire and Cable, which once defined the city’s industrial pride.

“We must bring back the era when Ibadan was a centre of manufacturing, commerce, and employment. The city has the human and natural resources to rise again,” the monarch said.

He expressed confidence in the committee’s capacity to deliver tangible results, noting that members were chosen for their integrity, expertise, and commitment to Ibadan’s progress.

Responding on behalf of the members, Chief Tajudeen Aremu pledged the committee’s full dedication to the Olubadan’s vision.

He assured that the team would design actionable strategies to attract investors, revitalise dormant industries, and create jobs for young people.

He added that the committee would work closely with government agencies and private sector stakeholders to ensure sustainable economic development in the metropolis.

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The Olubadan inaugurates economic committee at a crucial time when Ibadan seeks to reclaim its place as a thriving centre of commerce and innovation in southwestern Nigeria.