Oyo pays Osun ₦5bn for sole ownership of LAUTECH

The Oyo State government has paid a total of ₦5 billion to the Osun State government in fulfilment of the agreement for the sole ownership of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso.

According to the Oyo State Commissioner for Information, Prince Dotun Oyelade, the total agreed sum for the full takeover is ₦8 billion. He stated that the state has been paying ₦1 billion annually and expects to complete the payment before the end of Governor Seyi Makinde’s tenure in 2027.

Prince Oyelade recalled that on November 20, 2020, both states reached an agreement for Osun to cede its stake in LAUTECH to Oyo, following years of tension and disagreements over joint ownership from 2007 to 2019.

“The joint ownership was fraught with acrimony until Governor Makinde’s administration made a breakthrough and reached a historic agreement with Osun State to take full control of LAUTECH,” Oyelade said.

According to him, since then, the university has reportedly witnessed remarkable progress, regaining its position as the best state university in Nigeria. The institution has also expanded, notably with the establishment of the LAUTECH Faculty of Agriculture and Renewable Natural Resources at the Iseyin campus.

The Commissioner also disclosed that last Thursday, alongside the latest ₦1 billion payment to Osun, Governor Makinde approved ₦650 million as a take-off grant for the Teaching and Research Farm at the Iseyin campus.

Also, Oyelade noted that the Oyo State Government has commenced simultaneous construction of health centres and road infrastructure at the LAUTECH Iseyin campus, the Abiola Ajimobi Technical University in Ibadan, and the Emmanuel Alayande University of Education in Oyo.