Industrialising Oyo State: A Path to Sustainable Progress

Ethical Leadership as the Cornerstone of Industrialization: Lessons for Oyo State

In the pursuit of sustainable industrial growth, many regions around the world have come to realize that infrastructure and investment are not enough. Ethical leadership—characterized by integrity, transparency, and a people-centered vision—plays a pivotal role. As Oyo State stands on the threshold of industrial rejuvenation, it is imperative to draw lessons from countries that have walked this path successfully. Singapore and Rwanda provide illuminating examples, and Oyo State’s Governor, Seyi Makinde, offers a compelling local case. This piece examines the leadership models that have powered ethical industrialization, contrasts them with instances of compromised justice and institutional failure, and ultimately calls on citizens to champion a culture of ethics.

For my discussion today, Singapore still represents a blueprint of industrial might and ethical governance. Singapore’s transformation from a colonial backwater in the 1960s into a global economic powerhouse today is nothing short of extraordinary. The driving force behind this miracle was the ethical leadership of the late Lee Kuan Yew, the country’s founding Prime Minister.

Lee understood early on, that sustainable economic growth hinged on eradicating corruption and instilling a culture of meritocracy. His government implemented strict anti-corruption laws, empowered independent agencies like the Corrupt Practices Investigation Bureau (CPIB), and emphasized competence and efficiency in public service.

Industrialization in Singapore was not left to chance. Strategic partnerships with multinational corporations were fostered under transparent conditions. The Jurong Industrial Estate, once a swamp, became a model of organized industrial development, thanks to state planning devoid of rent-seeking behavior.

Importantly, the nation’s financial institutions, notably the Monetary Authority of Singapore (MAS), were built on principles of trust and rigorous oversight. MAS set standards that made Singapore one of the safest places in Asia for Foreign Direct Investment (FDI). In a society where leadership showed the way by living modestly and avoiding the trappings of corruption, industrial growth was both rapid and inclusive.

Rwanda, our darling African example has also grown from ashes to aspiration. Few countries have demonstrated the power of ethical leadership in post-conflict industrialization as Rwanda. Under the leadership of President Paul Kagame, the nation emerged from the 1994 genocide with a determined commitment to accountability and development.

Kagame’s administration is often noted for its zero-tolerance stance on corruption and its emphasis on clean governance. The Rwanda Development Board (RDB) and Rwanda’s National Public Prosecution Authority serve as key institutions that ensure investments are vetted transparently and the rule of law is upheld.

Industrially, Rwanda has prioritized technology, manufacturing, and agro-processing sectors, with special economic zones designed to attract investors through simplified and honest procedures. The Kagame government’s refusal to indulge in favoritism or bribery has made Rwanda one of the most attractive investment destinations in Africa.

The National Bank of Rwanda is known for its independence and its role in stabilizing the macroeconomic environment. Through ethical stewardship, Rwanda has achieved sustained growth without the scandals that plague many developing economies.

Gratefully, we have in Oyo State, His Excellency Governor Seyi Makinde who embodies the promise of ethical industrialisation. In Nigeria, Oyo State has quietly begun crafting its own industrial revolution. At the heart of this transformation is Governor Seyi Makinde, a leader whose administration has been widely lauded for transparency, fiscal prudence, and citizen-centered governance.

Makinde’s declaration of assets upon assuming office in 2019 was an unprecedented move in Nigeria’s political landscape. He further distinguished himself by allocating significant portions of the state budget to education, healthcare, and infrastructure without credible allegations of financial impropriety.

Under his leadership, the Ilu TunTun Business District in Ibadan has taken shape, with industrial hubs such as the Fasola Agribusiness Industrial Hub and the rehabilitation of Oyo’s Free Trade Zone poised to stimulate private sector growth. The state’s financial architecture, particularly its relationship with banks and the use of public-private partnerships, has remained largely scandal-free—a rarity in Nigerian politics.

Makinde has also leaned on technology to reduce corruption: implementing biometric verification for civil servants, streamlining revenue collection systems, and digitizing land administration. These reforms have created a business-friendly environment where the rule of law, rather than political patronage, defines economic success.

Accordingly, ethical financial institutions represent catalysts of industrial growth. In both Singapore and Rwanda, ethical financial institutions have provided the backbone for development. Their counterparts in Nigeria, however, often tell a mixed story.

While some banks have historically maintained reputations for relative transparency, others have stumbled after the exit of their ethical founders, under wheeler-dealer greedy executives. A significant case in point is an international Bank in Nigeria. In 2022, a Justice of the Federal High Court in Lagos controversially presided over a case where this bank was accused of unauthorized deductions and customer fund misappropriation. In a rare judicial backlash, the Central Bank of Nigeria fined the bank, and public trust dipped.

Over the past decade, this same Bank, a major player in Nigeria’s financial sector and a subsidiary of an international Bank Group, has faced mounting scrutiny for a pattern of regulatory violations. In 2023 alone, the Competition and Consumer Protection Tribunal fined the bank over ₦100 million for failing to reverse a failed instant payment transfer, contravening consumer protection laws. This incident was just one in a series of compliance failures. The Central Bank of Nigeria (CBN) previously imposed over ₦1.5 billion penalty for the bank’s role in issuing irregular Certificates of Capital Importation —an act that exposed critical weaknesses in Nigeria’s foreign exchange monitoring regime. Additional infractions have included late rendition of regulatory returns, failure to report export proceeds, and breaches of Know Your Customer (KYC) requirements. These repeated violations paint a troubling picture of internal controls, particularly in a country where regulatory enforcement remains inconsistent.

Perhaps most strikingly, this same bank has reportedly paid upwards of ₦50 billion in cumulative penalties over a five-year span, including fines for non-compliance with directives on customer complaints resolution. Such systemic issues have eroded public trust, particularly as the bank continues to position itself as a custodian of investor capital and pension assets. In a financial landscape essential to Nigeria’s industrial aspirations, the reputational damage from regulatory sanctions underscores the urgent need for ethical banking standards. Institutions like this bank, which are instrumental to capital mobilization and economic infrastructure, must be held to the highest levels of accountability—not only to protect consumers, but to safeguard the integrity of the nation’s financial system.

The Lagos High Court Justice’s court has since attracted criticism for a series of rulings perceived to favor financial giants at the expense of everyday citizens. Critics argue that such judgments undermine the very fabric of ethical finance—impartiality, due process, and customer protection.

When financial institutions align themselves with opaque practices and are shielded by compromised judicial systems, industrialization becomes a feeding ground for the elite, not a pathway for inclusive growth.

In an examination of contrasts and consequences, the differences between the Singaporean and Rwandan models on one hand, and Nigeria’s erratic institutions on the other, are stark. Where Singaporean judges are shielded from political influence and Rwandan officials are held accountable to anti-corruption benchmarks, Nigerian institutions are often captured by vested interests.

Ethical leadership in industrialization means more than building factories or attracting investment. It involves ensuring that those investments are guided by fairness, subject to laws that protect all stakeholders, and directed toward public good—not private gain.

Oyo State, through Seyi Makinde’s measured leadership, shows that integrity is possible even within the Nigerian context. But the contrast with figures like this Federal High Court Justice in Lagos State, and with institutions like this notorious bank that face allegations of unethical conduct, serves as a cautionary tale.

In conclusion, citizens must demand ethics. Naming and shaming individuals is critical in situations where officials of a financial institution connive to steal customer collateral, commit perjury routinely by lying in court filings, the bank itself pilfers hundreds of millions in funds of hardworking customers, engaging compromised legal practitioners to twist facts in the hallowed temple of justice – this should find no place in our country – but the good news is this will not continue unabated. The masses have now found their voice.

Leadership alone cannot carry the burden of transformation. Citizens must demand and practice integrity in their spheres of influence—whether as public servants, entrepreneurs, or voters.

Singapore did not become a model of excellence by chance; it was built through decades of consistent citizen engagement and trust in governance. Rwanda rebuilt from genocide because its people supported ethical leadership over ethnic division. For Oyo State to fully industrialize, its people must embrace ethics as a daily creed.

Institutions must be transparent. Banks must be held accountable. Judges must dispense justice, not favors. And leaders—like Makinde—who walk the path of integrity must be supported and held up as models. Ethical leadership isn’t just a political ideal; it is the foundation upon which lasting industrial growth is built.

Amofin Beulah Adeoye

Lest We forget: With Makinde’s Reform, Pensioners Now Have A New Lease Of Life

by InsideOyo

July 7, 2026

By Sulaimon Olanrewaju On Tuesday, June 26, 2018 in Ibadan, the Oyo State High Court corridors were filled not with lawyers in crisp suits, but with weary and worried pensioners clutching faded documents. Their faces told stories of decades of service in classrooms and council offices, now overshadowed by years of waiting. It was the hearing of a suit filed by the Nigeria Union of Pensioners (NUP), Oyo State Council, against the then governor of the state, Senator Abiola Ajimobi, and five other top officials of the state. The union had dragged the government before the High Court over ₦42.3 billion unpaid gratuities and pensions for retired primary school teachers and local government pensioners. The figure was staggering, but for the retirees, it was beyond mere numbers; it was meals they couldn’t afford, the medication they couldn’t access, the responsibilities they couldn’t meet, and the dignity they had lost. The union’s counsel, Lasun Sanusi (SAN), painted a grim picture of the pensioners’ plight before Justice Maruf Adegbola. He said: “Primary school teachers and local government pensioners are dying almost daily because they cannot afford medications for their health challenges.” The courtroom fell silent, the words echoing the desperation of thousands of senior citizens. Outside, the pensioners gathered in clusters, some leaning on walking sticks, others supported by their children. They spoke of promises broken, of agreements to pay arrears in instalments that never materialised. Representatives of the Nigeria Labour Congress stood with them, amplifying their cries for justice. Speaking at a press conference, the then state chairman of the union, Comrade Gbadegesin Akande, said the decision to institute a suit against the governor and others was a consequence of the roguish disposition of the government towards pensioners’ welfare, which resulted in the hoary heads, who had invested their youthful years in the service of the state, being subjected to agonising hardship and excruciating denigration. He explained that their recourse to the courts became a Hobson’s choice following the failure of the government to attend to the series of letters that had been written, endless pleas that had been made, and even countless protests that the union had embarked upon to get the government to address its plight. But despite their resort to litigation, not much changed for the pensioners; pensions were still owed and gratuities were still unpaid. At another press conference jointly addressed by the Secretary of the NUP, Comrade Segun Abatan, and the Secretary of the Association of Retired Primary School Teachers, Comrade Tunji Ogunwale, on May 4, 2019, the duo lamented the plight of pensioners and accused the outgoing administration of Governor Abiola Ajimobi of owing N62.5bn in pensions and gratuities. Speaking at the press conference, Comrade Ogunwale said: “Today, Oyo State Government is owing us N62.5billion. That is the amount of gratuities left unpaid. I am personally being owed 35 months pension arrears. They are owing some of us 60 months, some 55 and some 40 months. It varies from eight to 60 months. He (Governor Ajimobi) has never paid anybody any gratuity in the last eight years. If we had not gone to court, that means he would not have deemed it fit to pay a dime for eight years.” So, for pensioners in Oyo State, up to May 2019, life was rough, tough and torturous. It was marked by hardship, uncertainty, and indignity. Many retirees who had served the state faithfully for decades suddenly found themselves struggling to survive, as their pensions and gratuities were either delayed or paid in fractions. The government owed billions in arrears, and the elderly were left to bear the brunt of financial neglect. Their plight became a recurring headline, with protests and court actions reflecting the depth of their suffering. For many of these senior citizens already in the twilight of their lives, with children already grown and independent, there was no steady support system. So, feeding became a major challenge and getting money to buy the needed medication for their ailments became a nightmare. Many retirees sold property to survive, and some even died while waiting for what was theirs. The situation robbed many of them of the dignity and honour of old age. They were forced into begging or, for those of them who could muster enough strength, taking up menial jobs as security guards or gatemen. But when Comrades Abatan and Ogunwale held the press conference in May 2019, little did they realise how close the pensioners were to the change they had always wanted. On the 29th of that month, while being inaugurated as the Executive Governor of Oyo State for the first tenure at the iconic Liberty Stadium, Engineer Seyi Makinde made a promise that no longer would pensions be delayed or paid in percentages in the state. He then donated his entire salary as governor to the state for pension payment. He also promised to clear the backlog of unpaid gratuities. That marked the beginning of the end of the woes that retired civil servants had been subjected to over the years. Governor Makinde kept his promise to the pensioners and began the implementation immediately. While full pensions were paid alongside workers’ salaries, the governor, in 2019, approved the release of ₦500m monthly for gratuity. This was later increased to N1bn monthly in 2024, N1.5bn in 2025, and eventually N3bn monthly in January 2026. Till date, over N25bn gratuity backlog has been cleared with almost 5,000 retirees benefiting. Makinde did not stop at that. In 2020, during the COVID-19 pandemic, the governor approved the free enrolment of pensioners into the State Health Insurance Scheme, reaffirming the administration’s commitment to ensuring accessible and affordable healthcare for senior citizens. The governor also raised the minimum pension in the state to N25,000. In addition, Governor Makinde approved that all pension increases since 2007, such as the 33 percent pension increase of 2010 and the consequential adjustment of 2019, be factored into the pensions of affected pensioners. With that, Oyo State pensioners became the highest paid in the country. The consistency in pension payment and commitment to outstanding gratuity defrayment have transformed the life of many a pensioner. For many retirees, the moment they received their gratuity was life-changing. Mrs Modupe Akinola, a retired teacher said, “The day I got my gratuity, I cried.” She added, “It was like a burden lifted off my shoulders. I could finally repair my leaking roof.” Equally transformative was the prompt payment of monthly pensions. Unlike what it was in the pre-Makinde era, retirees no longer have to wait for months to receive fractions of their pension. Salaries and pensions are paid side by side, restoring confidence and stability. “I can now buy my drugs without borrowing,” said Mr. Adewale Oladipo, a retired civil servant. “Before, I used to skip medication because I couldn’t afford it. That nearly killed me.” To express their gratitude to Governor Seyi Makinde for his commitment to their welfare, members of the Nigeria Union of Pensioners, Oyo State Council, organised an appreciation rally in front of the Governor’s Office, Oyo State Government Secretariat in 2025. Speaking at the rally, the Secretary, Comrade Olusegun Abatan, said: "16 years before you took over the mantle of government in Oyo State, pensioners had no government that was sympathetic and empathetic to their plights. Gratuities were not paid as and when due, pensions of those times were withheld or paid in instalments and all entreaties to the governments fell on deaf ears, resulting in massive deaths of our members. "At one point, Oyo State pensioners were referred to as dead people and in actual fact, we were dying like fowls afflicted by Newcastle disease. When you contested for the first term, we just wanted anybody that would liberate us from the shackles of death and we went ahead to vote en masse for you. We did the same thing when you threw your hat into the ring for a second term....