Bleeding the Commonwealth: An Assessment of Odu’a Investment Company Limited, 1985-2008

Abimbola Oyarinu

Abstract


Corruption is a scourge destroying public enterprises in Nigeria but the idea that corruption is the major reason why public enterprises fail might be far from the truth. Enormous corruption occurred in Odu’a Investment Company Limited between 1992 to 2008, which led to the obliteration of the Yoruba patrimony. While associated companies, which are run by private hands are making profits and paying dividends, the subsidiary companies are being bleed white owing to massive corruption stemming from a dysfunctional structure. A historical method is adopted as data were collected from archives, interviews, private records, company journals, newspapers, books and internet materials. The study is both descriptive and analytical and data is analysed using content analysis. This work concludes that corruption is not the major reason why public enterprises fail but the structure like neorealism postulate. The structure of public enterprises is discovered to lack Agency. 


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