LAUTECH Takeover: Oyo Takes Full Ownership, Pays Osun N8bn as Assets Sharing Negotiation

LAUTECH Takeover: Oyo Takes Full Ownership, Pays Osun N8bn as Assets Sharing Negotiation

Edugist earlier reported the transfer of ownership of LAUTECH to Oyo state government in November.

As a sequel to that, OYO State Government, yesterday, approved the sum of N8billion to be paid to the Osun State Government.

The payment is said to form part of assets sharing negotiation reached between the two states during the negotiation for the sole ownership of Ladoke Akintola University of Technology (LAUTEH), Ogbomoso.

It should be noted that the crisis of interest between the two-state government over the ownership of the university, was finally resolved, as the National Universities Commission (NUC), ceded the institution to Oyo State Government in November 2020.

Similarly, the intercessor, NUC, also ceded the College of Health Sciences, situated in Osogbo, to Osun State. The Executive Secretary of NUC, Professor Abubakar Rasheed, announced it in Abuja, where he clarified that the administrative and other remuneration costs would be borne by the Oyo State Government.

He also said the Osun State Government would bear the financial burden of the College of Health Sciences.

Recall that 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, however, reached after the state’s Executive Council meeting held at the Governor’s Office, Agodi, Secretariat, Ibadan.

Updating the Governor’s Office correspondents after the meeting, the Commissioner for Education, Science and Technology, Barrister Olasunkanmi Olaleye, disclosed the mode of payment to the Osun state government.

In his words, “On the issue of LAUTECH, the Oyo State Government at its Executive Council Meeting has approved N8billion to be paid to the Osun State Government which formed part of assets sharing negotiation reached.”

“We will pay N1bn in January 2021, another N1bn in December 2021, while N3bn will be paid in 2022 and the remaining N3bn will be paid in 2023.”