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In full compliance with the terms of the agreement that transferred sole ownership of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, to Oyo State, the Oyo State Government has officially paid the sum of ₦5 billion to the Osun State Government.
This payment represents the financial settlement mutually agreed upon by both states following the dissolution of the joint ownership structure that had previously governed the institution.
The agreement, which was reached to resolve longstanding administrative and operational challenges resulting from the dual ownership, stipulated that Oyo State would assume full control of the university, while Osun State would be compensated accordingly.
This was disclosed in a statement signed by Prince Dotun Oyelade, the Honourable Commissioner for Information of Oyo State on 26th May, 2025.
According to the Commissioner for Information, Prince Dotun Oyelade, “The total takeover amount is ₦8 billion and with this payment, the Oyo State Government has been paying ₦1 billion per year and the full payment should be settled before the end of the Seyi Makinde administration in 2027.”
The Commissioner recalled that both States struck a deal on November 20, 2020 to cede LAUTECH to Oyo State.
Prince Oyelade said that, “The joint ownership of LAUTECH was acrimonious between Governments of the two States from 2007 to 2019 when Governor Seyi Makinde took over and surprisingly reached an agreement with his Osun counterpart to make Oyo the sole owner of the Institution.
“Ever since, the Institution has grown in leaps and bounds, reclaiming its position as the Best State University in Nigeria.
“The academic excellence in the wake of this development notwithstanding, LAUTECH has also expanded physically and in scope with the establishment of the LAUTECH Faculty of Agriculture and Natural Resources, Iseyin campus.”
The Commissioner revealed that “Last week Thursday, just as Governor Makinde approved the release of ₦1 billion to the Osun State Government, he also released ₦650 million as a take-off grant for the Teaching and Research Farm at the Iseyin Campus.
“The government has also commenced simultaneously, the construction of health centres and road networks at LAUTECH Iseyin campus, the Abiola Ajimobi Technical University, Ibadan and the Emmanuel Alayande University of Education, Oyo.”