In full compliance with the agreement of sole ownership of the Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Oyo State government has paid a total of ₦5 billion to the Osun State government.
Commissioner for Information in the state, Prince Dotun Oyelade, disclosed on Monday, that the total takeover amount was ₦8 billion and that with this payment, Oyo State government had been paying ₦1 billion per year with the full payment expected to be settled before the end of Governor Seyi Makinde-led administration in 2027.
According to Oyelade, both states struck a deal on November 20, 2020 to cede sole ownership of the institution to Oyo State.
Oyelade recalled that the joint ownership of LAUTECH was acrimonious between both states from 2007 to 2019, but when Governor Makinde took over, agreement was surprisingly reached with his Osun counterpart to make Oyo State 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.
“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,” Oyelade said.
The Commissioner further revealed that just last week Thursday, Governor Makinde approved the release of ₦1 billion to the Osun State Government with additional released of ₦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”, he said.
