The Oyo State Government has completed the ₦5 billion payment to Osun State under the agreement to take over the ownership of Ladoke Akintola University of Technology (LAUTECH) in sole proprietorship.
The payment marks the final move in the process of the two states transferring the ownership, ending a span of years in co-ownership and disputes over funding and administration.
Oyo State Governor Seyi Makinde has sworn to the payment in a press conference. In his words, the payment was made in accordance with the terms as laid down by the National Universities Commission (NUC) when it granted Oyo approval to assume the ownership of the institution in full.
The settlement, said Makinde, brings an end to historical issues that had been affecting the functioning of the university. He also said that the sole ownership will boost development, infrastructure, and academic performance at LAUTECH.
“We have made the ₦5 billion payment to Osun State officially. This makes Oyo the sole owner of LAUTECH,” Makinde added. “This is in the best interest of the students, the staff, and the people of both states.”
Osun State previously accepted the terms of the handover, with the mediation of the NUC. In exchange, Oyo committed to fulfilling all financial responsibilities associated with Osun’s initial investments in the university.
The LAUTECH campus is in Ogbomoso, which is part of Oyo State. The two states had shared ownership of the school for years, usually causing conflicts over teachers’ salaries, capital projects, and students’ affairs.
With the reabsorption now complete, Oyo is to implement radical reforms in LAUTECH’s governance, manning, and funding model. Governor Makinde also promised that the institution would experience more support and enhanced attention under the new agenda.
The move has been welcomed by the staff and the students, with hopes that this will bring about stable stability in the school’s operations.
