Governor Seyi Makinde of Oyo State, on Tuesday, approved the payment of the sum of N8 billion to the Osun State Government as an asset sharing agreement on the ownership of Ladoke Akintola University of Technology (LAUTECH) Ogbomoso.
News360 Info gathered that the approval followed the ceding of the institution to the 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 learned that the 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 nairas as parts of ways to fulfill the agreement.
Commissioner for Education, Barrister Olasunkanmi Olaleye, who made the disclosure, added that the payment would be paid in three 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.
“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.”