Governor Seyi Makinde of Oyo State, on Tuesday, approved the payment of the sum of N8 billion to Osun State Government as an asset sharing agreement on the ownership of Ladoke Akintola University of Technology (LAUTECH) Ogbomoso.
The approval followed the ceding of the institution to Oyo State government.
Oyo and Osun had last year agreed to share the property of the institution, which was jointly owned by the two states.
It was learnt that Oyo State government reached an agreement to pay some money to the confers of the Osun State government.
Makinde has, however, on Tuesday approved the payment of the sum of eight million naira as parts of ways to fulfil the agreement.
Commissioner for Education, Barrister Olasunkanmi Olaleye, who made the disclosure, added that the payment would be paid in four installments spread over a period of three years.
Olaleye spoke after the Executive Council meeting held on Tuesday in Ibadan.
He said, “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.
“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 billion Naira will be paid in 2022 and the last three will be paid in 2023.
“This was the decision of the council today.”
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