Oyo makes total payment of N5bn to Osun in LAUTECH ownership deal
Ladoke Akintola University of Technology front gate
Oyo makes total payment of N5bn to Osun in LAUTECH ownership deal
The Oyo State Government has announced that it has so far paid a total of N5bn to the Osun State Government, as part of the agreement for the sole ownership of the Ladoke Akintola University of Technology, Ogbomoso.
The state Commissioner for Information and Orientation, Dotun Oyelade, in a statement on Monday, said the state has been paying the sum of N1bn yearly since the agreement was reached on November 20, 2020.
With the total takeover amount being N8bn, Oyelade said the state was on track to settle the remaining N3bn before the end of the Makinde administration in May 2027.
The commissioner said the state governor, Seyi Makinde last Thursday approved the latest release of N1bn to the Osun State Government.
It will be recalled that on November 20, 2020, both states reached an agreement for Oyo to assume full ownership of the institution.
Oyo makes total payment of N5bn to Osun in LAUTECH ownership deal.
He said, “The total takeover amount is N8bn. The government has been paying N1bn annually and the full payment should be settled before the end of the Seyi Makinde administration in 2027.”
Oyelade noted that the joint ownership of LAUTECH had been marked by years of acrimony between the two states from 2007 to 2019, the Makinde government reached a historic deal with his Osun counterpart to transfer full ownership of the university.
“Since then, the institution has grown in leaps and bounds, reclaiming its status as the best state university in Nigeria,” Oyelade said.
He boasted that LAUTECH has expanded in both scope and infrastructure, citing the establishment of the Faculty of Agriculture and Natural Resources at the Iseyin campus.
“Last Thursday, as Governor Makinde approved the release of N1bn to Osun, he also approved N650m as a take-off grant for the Teaching and Research Farm at the Iseyin campus,” the commissioner added.
Oyelade further stated that the state government had commenced the simultaneous construction of health centres and road networks at the LAUTECH Iseyin campus, the Abiola Ajimobi Technical University, Ibadan, and the Emmanuel Alayande University of Education, Oyo.
