In 2014, Facebook acquired WhatsApp for a whopping 19billion US Dollars and about 15.3billion US Dollars of the total amount was captured as the estimated value of the Goodwill of the WhatsApp Company. That amount worths more than half of Nigeria’s total budget in the same year 2014. In accounting, GOODWILL is an intangible asset that is reported on the balance sheet as a long-term asset. That is, an asset that is non-physical but offers long-term value.
Under the International Financial Reporting Standards, goodwill is recognized as an intangible asset with a useful life that is indefinite and not to be amortized. It is therefore evaluated on yearly basis for possible impairment. Just as in accounting and business, every individual, society, state or nation has goodwill that can be quantified and be subsequently impaired, eroded, squandered or built, grown and developed.
Let’s take a brief look at the Osun State mining sector development as a case study:
In 2006, former Governor Olagunsoye Oyinlola was futuristic enough to obtain 17 mining licenses and titles over the gold and other mineral resources in our dear state and some other parts of the country from the Federal government. He was indeed a leader that saw far into the future.
Ogbeni Rauf Aregbesola came in 2010 with the understanding that favourable and quality infrastructure is a necessary precondition for economic development and diversification. Hence, he invested massively in roads and other infrastructures in and around the state’s gold fields and other parts of Osun to prime the state for industrialization and development. He was indeed a leader with great depth and insight.
Since assumption of office in November 2018, Governor Gboyega Oyetola has displayed high level of competence and resourcefulness in governance by successfully combining the state’s capital stocks to unlock the age-long mining potentials of our dear state through commercialization of the state’s mining licenses under public-private partnerships arrangement. With the test-running of commercial exploration and refining facilities in Atakunmosa today, Osun is set to put Nigeria on the global map of gold producing countries through Governor Oyetola’s leadership. He is truly an ingenious leader with clear focus.
The Osun mining sector development is just one out of the many success stories about our state that formed part of its goodwill. All the governors of Osun state since the creation of the state till date, regardless of their party affiliations, including our military administrators and through the supports and sacrifices of every citizen have added value to the goodwill of our dear state.
For the records, Gen. Leo Ajiborisha (rtd), as a military administrator, established the Osun State Broadcasting Corporation (OSBC). Alhaji Isiaka Adeleke established the Osun State Polytechnic, Iree and the college of technology at Esa-Oke, among other laudable achievements. Chief Bisi Akande completed one of the best state government secretariat with 560 office spaces and the governor’s office complex on about 97,600 square metres of land. He built hundreds of roads, hospitals and schools within 4 years without borrowing a kobo. He was indeed phenomenal. Governor Olagunsoye Oyinlola established the Osun State University with six (6) campuses, embarked on rural electrification projects and contributed to the socio-economic development of our state for seven and half years.
Ogbeni Rauf Aregbesola among many achievements rehabilitated and completed 230 states roads spanning 368 km, about 216km roads across the 31 local governments and over 200 km rural roads. His contributions to development of our state was massive and revolutionary. Governor Gboyega Oyetola has within 35months reconstructed and revatilised about 300 primary health care centers across the State, constructed over 200Km of roads and an overhead bridge about to be completed. He is successfully transforming and diversifying the state’s economy by attracting big capital investments into minning, agriculture, tourism,trade and commerce. His managerial acumen and fiscal discipline has greatly helped our state to navigate the trouble waters of economic downturn.
The value of our state’s goodwill today is the aggregate of the collective achievements, successes, skills, values, pride, contributions and sacrifices of every citizen and resident of our dear state, including both the living and the dead, since its inception till date.
Unfortunately, politics, ethnicity and religion are parts of the major factors that always erode the goodwill of societies, states and nations, particularly in third world countries. Either as APC, PDP, SDP, or as Christians, Muslims, traditionalists or as Ifes, Igbominas, Oyos, Ijeshas and so on, the freedom of association and speech is our inalienable right as citizens that nobody can question. Again, the line between the expression of these rights and the impairment of our collective goodwill is not always an easy one to draw. Therefore, we must not allow personal ideologies, stereotypes and dirty politics to rub us of our goodwill, for our goodwill will not only be for our benefit but for the benefit of posterity.
Good is good just as bad is also bad, no matter who does it. Let’s be patriotic and objective enough to always recognise our successes as successes, not minding under whose leadership it is or it was, the political party, gender or tribe.
As patriotic citizens and lovers of Osun state, let’s not forget to celebrate the beauty of our diversity, our collective greatness as a people and also preserve our goodwill for this is the backbone of our dear state. Let’s ensure we do not squander, erode or compromise the goodwill of our dear state on the altar of playing politics.
God bless our dear state!
‘Tunde Lekan Olatunji
Office of the Chief Whip
Osun State House of Assembly
Teacher | Economic & Financial Expert | Legislator
www.tundeolatunji.com
