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The Oyo State Government has approved the payment of N8billion to the Osun State Government as part of the agreement reached for taking over the sole ownership of the Ladoke Akintola University of Technology (LAUTECH), Ogbomosho.
The amount, according to the Oyo State Government, is the outcome of the asset sharing between the two states when the ownership crisis issue was resolved in favour of Oyo State and is to be paid in four instalments, over a period of three years.
The Commissioner for Education, Science and Technology, Olasunkanmi Olaleye, made the disclosure, on Tuesday, during a Press Briefing, after the weekly State Executive Council meeting, the first in the year 2021, presided over by the President of the Council, Governor Seyi Makinde and held at the Executive Chamber of the Governor’s Office, Agodi, Secretariat, Ibadan.
Olaleye said: “The breakdown of the payment is as follows, N1billion is to be paid in January 2021, another N1billion to be paid in December 2021. N3billion is to be paid in 2022 and the last N3billion is in 2023. The money is once and for all. What we are having now is a total package and all other things have been taken care of. If there are liabilities, they have been taken care of at both ends and everything has been packaged into this sharing.”
Recall that the National Universities Commission (NUC), ceded the institution to Oyo State Government in November 2020.
NUC, also ceded the College of Health Sciences, located in Osogbo, to Osun State. Executive Secretary of NUC, Professor Abubakar Rasheed, made the announcement in Abuja, where he clarified that the administrative and other remuneration costs would be borne by the Oyo State Government, while the Osun State Government would bear the financial burden of the College of Health Sciences.
LAUTECH in Ogbomosho was established in 1990 by the old Oyo State Government with the main campus located in Ogbomoso, Oyo State, while the teaching hospital was established in Osogbo, now Osun State capital. The mode of payment was reached after the state’s Executive Council meeting held at the Governor’s Office, Agodi, Secretariat, Ibadan.