LAUTECH ownership: Oyo to pay N8 billion to Osun in 3 years as asset sharing agreement

Oyo state government has approved the payment of the sum of N8 billion to Osun State government as an asset sharing agreement, a follow-up to the earlier agreement reached between Oyo and Osun state governments on the ownership of the Ladoke Akintola University of Technology (LAUTECH).

The approval, which was conveyed  by the Commissioner for Education, Barrister Olasunkanmi Olaleye, would be paid in three installments spread over a period of three years.

According to a statement signed by Taiwo Adisa, Chief Press Secretary to Governor Seyi Makinde, on Tuesday, the Commissioner  for Education,  Olaleye disclosed this while briefing journalists shortly after the Executive Council meeting held at the Governor’s Office.

“As a follow-up to the agreement reached with the Osun State government on the issue of sole ownership of LAUTECH, the Executive Council of Oyo State approved today the payment of the sum of N8 billion to Osun State government. It will be paid over a period of three years.

“The breakdown of the payment goes as follows: one (1) billion Naira will be paid in January 2021 and another one (1) billion Naira will be paid in December 2021. Three (3) billion Naira will be paid in 2022 and the last three (3) will be paid in 2023. This was the decision of the council today”, the commissioner explained.