The Oyo state government has approved the payment of N8 billion to Osun state as an asset sharing agreement on the ownership of Ladoke Akintola University of Technology (LAUTECH).
LAUTECH was established by the old Oyo state government in 1990, but the creation of Osun state in 1991 resulted to the joint ownership of the institution.
In November 2020, the joint ownership was dissolved as both parties agreed to cede the public university to Oyo.
Meanwhile in a statement issued by Taiwo Adisa, the chief press secretary to Governor Seyi Makinde of Oyo state, said “the payment of N8 billion to Osun is in line with the agreement reached by both states”
He also quoted Olasunkanmi Olaleye, the state’s commissioner for education; who conveyed the approval, as saying the money will be paid in installments over a period of three years.
The commissioner, who spoke with reporters after the state’s executive council meeting, said N1 billion will be paid in January as well as December; while N3 billion will be paid in 2022 and 2023.
“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,” he said.
“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.”