How reform, restructuring saved Ondo Oil Palm firm—Adewole | The Guardian Nigeria News - Nigeria and World News

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“Three months into our engagement, there was a total breakdown of law and order in the company.”

It is about one year that a new management team was dispatched to revive the ailing Okitipupa Oil Palm Plc., Ondo State. The new Chief Executive Officer, Taiwo Adewole spoke with GBENGA AKINFENWA on the recovery efforts so far.IT has been an interesting experience for me in the last one year. It has been a mixed bag of blessing because a lot of changes have been put in place since we arrived in 2018.

Today, we have taken full control of the company, it is on an accelerated path to recovery and we believe in the options that are opened to us in terms of key management decisions that have been taken, as far as getting that place right. Without any doubt, since April last year, the company has not handled cash; we don’t do any transaction in cash. There are records of all receivables and payables through the bank.

The company has equipment and tools for workers to work with and our major labour force that used to be direct workers of the company are no longer there, the services have been outsourced to competent hands, harvest contractors. It was a very sad story when we got there last year. We were indebted to so many creditors, either financial institutions, customers that bought our products, there were some judgment debts as well.

We have worked out the repayment plan with them and we started payment this month and we have structured it in such a way that the totality of what is due to them in 30 years up till 2019 will be paid before December.

 

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