Chairman of the Governing Council Ladoke Akintola University of Technology (LAUTECH), Professor Deji Omole on Sunday disclosed that governor Seyi Makinde-led government has concluded plans to pay Osun State government N2 billion for the sole ownership of the institution.
Omole said the state government would pay another N1 billion on or before the first week of December to make a total of N2 billion out of the 8billion contained in the asset sharing agreement.
According to him, the governor has also released the sum of N500 million to LAUTECH as grant for the smooth take-off of the College of Agricultural Sciences and Renewable Natural Resources in Iseyin campus of the university.
“Oyo State became the sole owner of LAUTECH on November 20, 2021 following an agreement reached between the defunct owners of LAUTECH: Oyo and Osun States.
“Oyo State had already paid one billion naira to Osun State and earmarked another one billion to be paid on or before the first week of December, 2021.
“Oyo State has liquidated five out of the eight months salary arrears being owed to workers of the University. In addition the Oyo State government had released the sum of N500 million to the institution as a take- off grant for the smooth running of the school.
“Indeed the capital expenditure for infrastructure development of the school has been budgeted for in the 2022 appropriation Bill. This is happening for the first time in the history of the institution.”
The chairman of the LAUTECH Council hinted that the council had been monitoring the finances of the University Transparently to ensure prudent management of resources and reporting the same to the visitor which is Governor Seyi Makinde.