Adegboyega Isiaka Oyetola: Expanding Nigeria’s fortunes on the back of Blue Economy

TUNDE ADELEKE, Osogbo 

 

In the chronicles of Nigerian politics, Adegboyega Isiaka Oyetola triumphs not just for his tenure as the Governor of Osun State but for his quiet yet impactful style of governance that has made him a respected figure in the country’s political terrain.

Born on 29 September 1954 in Iragbiji, Boripe local government of Osun State, Oyetola’s journey through the corridors of power is one of perseverance, diligence, and deep commitment to public service.

Oyetola is a reputable businessman and public servant whose career has included a number of important positions in the insurance industry and other fields. His career started in 1980 when he accepted an Area Manager position with Leadway Assurance Company Limited, a role he kept until 1987.

Subsequently, he went on to work as the underwriting manager at Crusader Insurance Company Limited, where he was employed from 1987 until 1990. His experience in the industry brought him a position as a technical controller at Alliance and General Insurance in 1990, which he kept until 1991.

Oyetola’s entrepreneurial spirit emerged in 1991 when he founded Silvertrust Insurance Brokers Limited, serving as its Managing Director until 2011.

During this period, he also expanded his influence in the business world, serving as Executive Vice Chairman of Paragon Group of Companies from 2005 to 2011 and as Chairman of Ebony Properties Limited. His leadership extended to financial services as well, where he held a directorial role at Pyramid Securities Limited until 2011.

In addition to his business strides, Oyetola is a member of several professional organisations, including the Chartered Insurance Institute in both London and Nigeria and the Nigerian Institute of Management (NIM), which all followed his educational background, including a B.Sc. in Insurance from the University of Lagos in 1978, followed by an MBA from the same institution in 1990. His early academic journey began at Ifeoluwa Grammar School, Osogbo, where he completed his secondary education in 1972.

Oyetola’s career took a significant turn in 2011 when he was appointed Chief of Staff to the then Governor of Osun State, Rauf Aregbesola, marking his transition from the private sector to public service.

This role was a significant stepping stone in his political career, allowing him to gain firsthand experience in governance and public administration. His tenure as Chief of Staff was characterised by a low-key but highly effective approach, earning him the reputation of a “silent worker” who preferred results over rhetoric.

His business acumen and leadership skills have made him a respected figure in both fields, contributing to his reputation as a capable and influential leader.

His sharp analytical skills and meticulous attention to detail became evident as he navigated through various roles, eventually becoming a leading figure in the sector.

In 2018, Oyetola emerged as the gubernatorial candidate of the All Progressives Congress (APC) for Osun State, giving birth to the “Ilerei-Oluwa,” which serves as his camping slogan. His campaign was a reflection of his personality—calm, focused, and deeply rooted in the realities of the people. Despite the challenges and controversies that marred the election, including a tribunal ruling that initially declared his opponent the winner, Oyetola’s resilience shone through. He eventually emerged victorious after a legal battle, serving as the governor from 2018 to 2022.

As governor, Oyetola’s administration was marked by prudent financial management, infrastructural development, and a strong emphasis on health and education. He was known for his ability to balance the books in a state with limited financial resources, ensuring that workers were paid on time and that developmental projects were executed efficiently.

Before Oyetola took office, the internally generated revenue (IGR) of Osun State was N10.3 billion in 2018. The state generated N4.7 billion in the first half of that year and N5.5 billion in the second half, according to data released by the statistics bureau, NBS.

However, in less than 2 years in office, Oyetola grew the state IGR to N19.67 billion, placing it among the top 16 states with the highest IGRs in the country. The state raised N9.6 billion in the first six months of the year and N9.8 billion in the last six months.

Similarly, Oyetola’s dedication to easing the debt burden of the state displayed a commendable event in December 2021, when the state’s foreign and domestic debt declined to $99.9 million and N134 billion, respectively, as against its external debt of $101.5 million in 2018 and domestic debt of N148.1 billion in 2018.

Oyetola, further showcased his managerial ability in the governance of the state by managing the state resources without taking bank loan facilities.

However, he benefitted from the N3 billion monthly intervention from the federal government to all the states for six months to cushion the effect of deductions of budget support facilities and salary bailouts accessed by the previous administration.

Aside from paying a total of N97 billion from the inherited loan facility, Oyetola left behind cash of over N14 billion in the state’s coffers.

This performance earned Oyetola the award of Best Governor on Efficiency of Public Expenditure and TOP Performer on Domestic Revenue Mobilisation by the World Bank’s States’ Fiscal Transparency, Accountability, and Sustainability, SFTAS.

He has also earned numerous prestigious awards and recognitions for his contributions to governance and public service. In May 2023, he was conferred with the Commander of the Order of the Niger (CON) by President Muhammadu Buhari. His leadership as Governor of Osun State earned him several awards, including the Governor of the Year 2021 for Good Governance by Vanguard Newspaper in May 2022, and the Outstanding Leader in Public Service, Citizens’ Welfare by DAAR Communications in December 2021.

Additionally, he was named Best Governor & Man of the Year for his inclusive governance by Nigerian NewsDirect Newspaper in November 2021, and also received the Workers Friendly Governor’s Award from the Nigeria Civil Service Union, South West Zone, in August 2021. His leadership in 2020 was widely recognised with awards such as Governor of the Year from Blueprint Newspaper in June 2021, Man & Governor of the Year from Champion Newspaper in May 2021, and Best Governor of the Year from BusinessDay Newspaper in February 2021.

Prior to his governorship, The Guardian honoured him as the Exceptional Chief of Staff in the Federation in September 2017.

His governance style was often described as “inclusive” and “people-orientated,” as he made concerted efforts to involve various stakeholders in decision-making processes.

In August 2023, President Bola Tinubu appointed Oyetola as the Minister of Marine and Blue Economy, a newly created portfolio that underscores Nigeria’s focus on harnessing its vast maritime resources.

Though his appointment was initially for the Ministry of Transportation, the swift redeployment to head the Marine and Blue Economy Ministry reflects the trust and confidence the administration has in Oyetola’s capabilities.

As the pioneer minister of this critical sector, Oyetola faces the enormous task of developing and implementing policies that will drive the growth of Nigeria’s marine resources, ensure sustainable economic practices, and create jobs.

Outside the realm of politics, Oyetola is a family man, married to Kafayat Oyetola, with whom he has four children. Despite his public life, he has managed to maintain a relatively private and scandal-free personal life, a rarity in the often tumultuous world of Nigerian politics.

As Oyetola navigates the uncharted waters of Nigeria’s blue economy, there is little doubt that his steady hand and keen mind will steer the nation towards greater prosperity.

 

For a better society

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