The Oyo State Government has confirmed the remittance of ₦5 billion to Osun State as part of the ₦8 billion agreement reached in 2020 for the full ownership of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso.
The disclosure was made on Monday by the Commissioner for Information and Orientation, Dotun Oyelade, in a statement detailing the state’s fulfilment of the transfer terms.
The ownership arrangement, formalised on November 20 2020, ended years of joint control and governance disputes between Oyo and Osun States by ceding the sole proprietorship of LAUTECH to Oyo State.
Oyelade stated that the current administration had paid ₦1 billion annually since the agreement was signed, totalling ₦5 billion to date. He added that the remaining ₦3 billion would be settled before the end of Governor Seyi Makinde’s tenure in 2027.
“The joint ownership of LAUTECH had been fraught with administrative and financial challenges from 2007 to 2019. However, under Governor Makinde’s leadership, a historic resolution was reached with the Osun State Government, which led to the full transfer of ownership to Oyo State,” the statement read.
Following the resolution, LAUTECH has reportedly recorded marked academic and infrastructural improvements. It is now ranked the best state university in Nigeria, with progress noted in governance, academic offerings, and campus development.
Oyelade highlighted the government’s continued investment in the university, including the establishment of the Faculty of Agriculture and Natural Resources at its Iseyin campus. He confirmed that, alongside the recent ₦1 billion payment to Osun, the governor approved ₦650 million as a take-off grant for a Teaching and Research Farm project in Iseyin.
Additional infrastructure projects, including roads and health facilities, are underway at the Iseyin campus. Similar initiatives are ongoing at the Abiola Ajimobi Technical University in Ibadan and the Emmanuel Alayande University of Education in Oyo.
“These projects align with the administration’s strategy to reposition the state’s tertiary education landscape and create a sustainable academic environment that supports innovation, research, and economic development,” Oyelade added.
The acquisition of LAUTECH is widely regarded as a significant milestone for the Makinde administration, with stakeholders commending the state’s fiscal discipline and strategic planning.
With a clear roadmap in place, Oyo State is expected to complete the outstanding payments before 2027.
