Oyo State Government will pay N8 billion to its Osun counterpart to fully own the Ladoke Akintola University of Science and Technology, LAUTECH, Ogbomoso.
Already, it has paid N5 billion out of the total agreed N8 billion to the Osun State government in line with the deal on the university’s sole ownership.
This was disclosed on Monday in a statement by the Oyo State Commissioner for Information and Orientation, Dotun Oyelade.
He said the total takeover amount is N8 billion, and that Oyo has been paying N1 billion yearly to Osun.
Oyelade noted that the full payment should be settled before the end of the ‘Seyi Makinde-led administration in 2027.
The Commissioner recalled that both states struck a deal on November 20, 2020, to cede LAUTECH to Oyo state.
According to the statement, “The joint ownership of LAUTECH was acrimonious between the governments of the two states from 2007 to 2019 when Governor Makinde took over and, surprisingly, reached an agreement with his Osun counterpart to make Oyo the sole owner of the Institution.
“Ever since, the institution has grown in leaps and bounds, reclaiming its position as the Best State University in Nigeria”.
Oyelade said the academic excellence in the wake of this development notwithstanding, LAUTECH has also expanded physically and in scope with the establishment of the LAUTECH Faculty of Agriculture and Natural Resources, Iseyin campus.
“Last week Thursday, just as Governor Makinde approved the release of ₦1 billion to the Osun State Government, he also released ₦650 million as a take-off grant for the Teaching and Research Farm at the Iseyin Campus.
“The government has also commenced simultaneously, the construction of health centres and road networks at LAUTECH Iseyin campus, the Abiola Ajimobi Technical University, Ibadan and the Emmanuel Alayande University of Education, Oyo,” Oyelade said.
