The Oyo State Government has disclosed that it has paid a total of N5 billion to Osun State as part of the agreement for the complete ownership of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso.
In a statement released on Monday, the Commissioner for Information and Orientation, Dotun Oyelade, revealed that the payments have been made in annual instalments of N1 billion since the historic agreement was signed on November 20, 2020.
With the total buyout sum pegged at N8 billion, Oyelade affirmed that the remaining N3 billion will be fully paid before the end of Governor Seyi Makinde’s tenure in May 2027.
He stated, “The total takeover amount is N8 billion. The government has been paying N1 billion annually, and the full payment should be completed before the end of the Seyi Makinde administration.”
Oyelade recalled that the joint ownership of LAUTECH between Oyo and Osun States had been fraught with disputes from 2007 to 2019. He described the 2020 agreement as a “historic deal” that resolved the lingering tensions and handed Oyo full control of the institution.
Since then, he noted, LAUTECH has witnessed significant progress in infrastructure and academic development, reclaiming its position as Nigeria’s top-ranked state university.
Highlighting recent achievements, the commissioner said the university has expanded its academic offerings with the creation of the Faculty of Agriculture and Natural Resources at its Iseyin campus.
He also announced that alongside the most recent N1 billion remittance to Osun, Governor Makinde approved an additional N650 million as a take-off grant for the Teaching and Research Farm at the Iseyin campus.
Furthermore, Oyelade revealed that the state government has embarked on simultaneous development projects — including health centres and road networks — across three of its tertiary institutions: LAUTECH Iseyin Campus, Abiola Ajimobi Technical University in Ibadan, and the Emmanuel Alayande University of Education in Oyo.
