Makinde Backs CapitalSage Expansion, Says Ibadan Can Compete With Lagos

Oyo State Governor, Seyi Makinde, has reaffirmed his administration’s commitment to supporting private businesses and entrepreneurs, declaring that Ibadan can compete with Lagos in attracting investments and hosting major business operations.

Makinde, who spoke on Wednesday at the 10th anniversary celebration and commissioning of the global headquarters of CapitalSage Holdings in Ibadan, praised the company for building a diversified business conglomerate in the state.

He said natural resources alone could not guarantee economic prosperity without entrepreneurship, skills, knowledge and increased production, stressing the need for governments to create an enabling environment for businesses to grow.

In a statement issued on Wednesday and signed by his Special Adviser on Media, Dr Sulaimon Olanrewaju, the governor assured CapitalSage and other investors of continued government support through security, investment facilitation and other interventions to promote business expansion.

Makinde said the establishment of CapitalSage’s global headquarters in Ibadan demonstrated the city’s capacity to host major business organisations and attract significant investments.

“For many years, people viewed Oyo State as playing second fiddle to Lagos in terms of business and investment. Today, we are proving that Oyo State can stand shoulder to shoulder with any state in the federation in attracting investment and supporting enterprise,” he said.

The governor described the commissioning as a celebration of entrepreneurship, noting that private businesses play a critical role in job creation, economic opportunities and the development of local industries.

He congratulated the company’s management for taking risks and growing the business into a conglomerate comprising about 20 companies.

Makinde also cited the state government’s support for major industrial projects, including a brown sugar factory and a sorbitol factory, saying the administration would extend similar support to CapitalSage Holdings because of its potential contribution to employment and economic development.

“Our responsibility as a government is to create an environment where businesses can thrive. We have worked to ensure that economic activities continue beyond traditional working hours by providing the infrastructure, stability, and security businesses need to grow,” he said.

In his remarks, CapitalSage Holdings Founder and Group Managing Director, John Alamu, commended Makinde for creating an environment that enabled the company to grow from a small enterprise in Oyo State into a diversified business group headquartered in Ibadan.

Alamu pledged the company’s commitment to strengthening its businesses, developing its workforce, deepening strategic partnerships and delivering greater value to customers.

The anniversary and commissioning ceremony attracted prominent traditional rulers, including the Olubadan of Ibadanland and former Oyo State governor, Oba Rashidi Ladoja; the Ooni of Ife, Oba Adeyeye Ogunwusi; the Soun of Ogbomosoland, Oba Ghandi Olaoye; and the Deji of Akure, Oba Aladetoyinbo Aladelusi.

Financial partners, local and international investors, captains of industry and top Oyo State government officials also attended the event.