Daud Olatunji
In a remarkable fusion of cultural heritage and modern development, the Olowu of Owu Kingdom, Oba Prof. Saka Adelola Matemilola, on Friday, unveiled a community-based financial instrument known as the Olowu Cowry to mark the third anniversary of his ascension to the throne.
PLATFORM TIMES reports that the groundbreaking initiative, launched at the newly renovated Olowu Palace in Abeokuta, is aimed at promoting youth empowerment, stimulating local commerce, and reviving the traditional values of the Owu Kingdom.
The event attracted dignitaries from across the state, including former Ogun State Governor, Senator Ibikunle Amosun, prominent Owu chiefs, religious leaders, and business stakeholders.
The highlight of the anniversary celebration was the formal launch of the Olowu Cowries—specialized, serialized tokens designed for use as a cultural and social development tool.
It was gathered that the Cowries will initially function as meal tokens for primary school pupils within the kingdom, redeemable by certified vendors for their monetary value. Plans are underway to extend their utility as gift or discount instruments in selected supermarkets.
Speaking on the innovation, Oba Matemilola said the initiative was not only a tribute to ancestral trade systems but also a step towards educating younger generations on indigenous value systems.
“Cowries were the medium of exchange used by our ancestors before colonial disruptions. This initiative seeks to reintroduce cultural consciousness while providing practical solutions to community needs,” the monarch stated.
He emphasized that the Cowries are not a replacement for Nigeria’s legal tender but are “complementary tools for cultural preservation, social accountability, and local economic stimulation.
“We traditional rulers must not be content with ceremonial roles. Our mandate includes protecting our people’s heritage, values, and welfare. That is the philosophy behind everything we do,” the monarch concluded.
Former Governor Ibikunle Amosun lauded the initiative as a visionary blend of tradition and innovation.
“What Kabiyesi has done is not only symbolic but also strategic.
He is addressing food security, education, and economic empowerment at the grassroots level,” Amosun said.
He urged other traditional rulers across the country to emulate the monarch’s proactive approach to leadership and community development, describing the Cowry project and associated welfare programmes as models worth replicating nationwide.
Amosun also highlighted the Empowerment Initiative, spearheaded by the monarch, which he said offers monthly stipends, interest-free loans to small traders, and scholarships for indigent students.
The third-anniversary celebration featured several key moments, including: the official hoisting of the Olowu Palace website; the screening of a special documentary chronicling Oba Matemilola’s reign; the formal reopening of the renovated palace, upgraded to serve as a royal administrative and cultural centre; and a cocktail reception attended by royal guests, residents, and development partners.
Chief Abiodun Lasile, the Orunto of Owu Kingdom, described the Cowry launch as “a milestone in cultural innovation,” noting its potential to become a replicable model for other communities seeking to leverage tradition for modern socio-economic solutions.
Dr. Ismail Akindele, the Babaseto and Baba Adinni of Owu Kingdom, described the celebration as “the most impactful yet,” adding that the Cowry currency will benefit not only Owu indigenes but all residents and stakeholders connected to the kingdom.
“This is not just about cultural nostalgia. This is a real financial instrument with the capacity to transform local enterprise and youth development,” Akindele said.
PLATFORM TIMES reports that since ascending the throne in 2022, Oba Matemilola—an accomplished professor and technocrat—has committed himself to reconnecting the Owu people at home and abroad, while introducing people-centred initiatives in education, entrepreneurship, and cultural revival.
PLATFORM TIMES further reports that the third anniversary, themed around “Cultural Renaissance and Community Innovation,” not only celebrated the monarch’s achievements but also offered a glimpse into a future where culture becomes a tool for social advancement.
PLATFORM TIMES observes that the Olowu Cowry initiative signals a fresh chapter in the evolving role of traditional institutions—balancing cultural continuity with developmental relevance in 21st-century Nigeria.
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