Salvaging Economies, Businesses

Driven by the belief that business should be a force for good, Cavista Holdings appears not deterred by the current economic challenges as it consistently unites capital, expertise and partnerships to unlock opportunities in the world’s most undeserved regions, writes Raheem Akingbolu

In the last two years, perhaps the most disturbing news in Nigeria has been about multi-national companies exiting the market. The most recent being Kimberly-Clark, which, last week, announced it has made the decision to exit its business in Nigeria after almost 15 years. The company stated that the decision was as a result of  its recently refocused strategic priorities globally as well as economic developments in the country. 

While the news of a few companies’ exit has given stakeholders concern, the effort of Cavista Holdings to turn businesses around in Nigeria and Botswana as pilot countries to fulfil its mission to be the most successful investment and holding company in Africa, has remained like a light at the end of the tunnel.  

With the support of its global partner, Axxess, a leading innovator in home healthcare technology around the world, Cavista’s presence in Nigeria has led to various strategic investments in agriculture, energy, hospitality, mining, and technology. 

During a recent visit to the company’s Ilupeju, Lagos office, the management took this reporter through the process of providing software solutions to an array of clients in various sectors of the nation’s economy, using some of the world’s best technology solutions. It was stated that Cavista ensures the highest level of client satisfaction through a global network of innovation, adding that its software solutions are custom-built to accommodate each of the client’s needs and requirements. 

Perhaps the best way to appreciate the company’s impact in the Agriculture and Hospitality sector is the volume of its investment in Ekiti State. Two years ago, Cavista came to the rescue of the state to give a facelift to, and reposition the multi-billion naira worth Ikogosi Warm Springs Resort and Conference Center. Within a few months,  Ikogosi became a beauty to behold. 

Today, the result of the investment is already bearing fruits; attracting patronage and clinching awards. For instance, last month, the Cavista Conference Hall at the resort wore a new look for the Nigerian Institute of Architects General Meeting which took place there. Earlier, it has played host to Speakers from the various states of the federation, the Ekiti State House of Assembly members as well as hosting a conference of the state’s traditional rulers, among others.

Last year, it won the Best Holiday Resort in Nigeria  at the Hotel Managers Conference, held in Owerri, Imo State. The Executive Director, Cavista Holdings, Dele Odufuye, had declared while briefing Journalists after the award that Cavista was committed to making Nigeria attractive for hospitality through its investment in Ikogosi Warm Springs Resort.

Through Agbeyewa Farms, a division of the investment company, a partnership arrangement is currently ongoing between Ekiti State Government and Cavista to enhance food security and job creation in the state.

To this end, it has embarked on agribusiness through what it tagged, ‘cassava revolution’ –  a multi-billion-naira Memorandum of Understanding (MOU) signed between Agbeyewa Farms and the Ekiti State Government to cultivate cassava on a large scale in the state (with an initial target of 100,000 hectares) through an out-grower program. Among other objectives, this is expected to boost employment, improve food security, encourage sustainable farming methods and reduce post-harvest losses for farmers. In the previous years, post-harvest losses for farmers in the area was said to be around 50%.

At the 2024 US- Africa Business Summit, which was attended by global business leaders, heads of national and sub- national governments, policy makers, investors and institutions, Cavista and its parent company, Axxess, were celebrated for their contribution to the world’s economy. Though Nigeria Vice President, Kashim Shettima, who was to lead Nigerian delegates to the summit, canceled at the last minute, due to logistic reasons, top government functionaries from Nigeria, including the Ekiti State Governor, Abiodun Oyebanji participated in the three-day summit.

For Oyebanji and his team, the US trip provided a fresh opportunity for the state and the investment company to consolidate their business relationship. Of course, the summit, which was organised by the Corporate Council on Africa, provided an ample opportunity for Governor Oyebanji to further push the narrative about Ekiti development to a global audience. 

The governor was quoted to have declared Ekiti as a state with huge potential waiting to be tapped as he cited the success stories of the turnaround of Ikogosi Warm Springs by CAVISTA Holdings; the Ikun Dairy Farm by Promasidor, as well as other successful investments in the state. These were also attested to by other speakers.

On the sideline of the summit, Oyebanji signed a multi-billion-naira 100,000 hectares Cassava Revolution MOU with Agbeyewa.  He described the new deal as a game changer that would provide massive job opportunities for the youths and drive industrialization in the state. He urged other investors to consider investing in the state’s knowledge zone, the Special Agric Processing Zone among other areas.  The Chairman/ CEO Cavista Holdings, Mr John Olajide, corroborated the position of Oyebanji by declaring that job creation was the main focus of the multi-million dollar investment in Ekiti. He described Ekiti as a good place to invest. After the summit, the governor was also said to have paid a working visit to the corporate headquarters of Axxess, (the parent company of Cavista in Dallas, United States of America. He also held a series of other meetings with other development partners including Power Africa, DFC and UNFA. 

 Meanwhile, Cavista has continued to emphasise that it has no regrets investing in Nigeria and Ekiti State in particular, pointing out that its decision has been driven by the desire to create thousands of jobs for Nigerians. In a strategic move to extend the hand of fellowship to the Federal Government and Ekiti State,  the Chairman of Cavista Holdings and the Corporate Council on Africa Chairman, Mr. John Olajide, had joined top officials of the American Embassy led by the Charge d’Affaires, David Green, and the Consul General, William Stevens to the President of Nigeria, Bola Tinubu in the State House Abuja and the Ekiti State Governor, in Ado Ekiti. The purpose of the Ekiti meeting was to solicit support and partnership in achieving the state’s development goals in some areas, such as agriculture, renewable energy, investment, and healthcare delivery. 

According to a source within the Ekiti Government House, the state’s interest, especially in the area of healthcare delivery, was fueled by the accomplishments of Cavista’s global partner -Axxess in the US, where it has continued to create value and transform lives while promoting global economic development. Axxess offers a variety of solutions, including home healthcare software, revenue cycle management, patient engagement tools, data analytics and coordination platforms. The group’s goal is to empower healthcare professionals with innovative technology, enabling them to deliver high-quality care and exceptional patient experiences.