Circular road, Agbowo complex renovation will be completed before May 2023 ― Makinde

Oyo State governor, Mr Seyi Makinde has assured of the completion of the 32 kilometres circular road, East wing as well as renovation and remodelling of Agbowo shopping complex, both in Ibadan, before May 2023.

Makinde gave this assurance at separate events of the turning of the sod for the construction of 360 housing units at Ajoda New Town Estate in Egbeda local government area of the state and concession of the shopping complex to an investor, White Stone Global Investor Limited, held on Wednesday.

Speaking at the Ajoda site, Makinde pointed out that inhabitants of the estate will draw from the various benefits of living around the circular road, to be completed before his present tenure ends, while also having quick access to the Lagos-Ibadan rail corridor.

He stressed that his administration was committed to promoting housing schemes in recognition of the fact that the population of the state capital had continued to grow at a two per cent rate since 2018.

He however assured that the other geopolitical zones of the state will also have similar estates sited to be driven by the private sector investment in collaboration with the state government.

Makinde said, “The Managing Director of Remax Realtors, Mrs Adefunke Adesoji while speaking, asked for a subscription to the housing units. I can be your Chief Sales Officer.

“What you should be telling people is that the Circular road is just behind here and this circular road will be completed during the tenure of this administration.

“It is 32kilometres from here to link up the Lagos-Ibadan express road. It will be a nicely built express road. If you’re driving at 100km/hour, you probably will do the 32kilometres in 20minutes. In 20minutes, you can hit the express going towards Lagos.

“Also, there is a section of the circular road from here to my left is 21kilometres that will take you to the rail corridor. From that place in Moniya, you can get on a train taking you to Ebutte-Metta.

“So, one expects a smart individual to come here to purchase land or build houses as the cost of properties will increase due to coming development here.”

A sum of N2.5 billion is to be expended by the investor for completion of Ajoda estate, in the next nine months.

Speaking afterwards at Agbowo, Makinde said the renovation of the shopping complex will be completed in the next two years, with a capital injection of N4.9 billion by the selected concessionaire.

He added that the concessionaire had a lease period of 50 years to manage the shopping complex.

Within the next two years, Makinde said the concessionaire had a mandate to convert a moribund structure into premium commercial real estate and a 4-star hotel.

Speaking further, Makinde assured tenants of the complex of a scheme to support them in payment of rent.

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He, however, decried the failure of past administrations to renovate the complex, noting that the most recent was an N8billion Memorandum of Understanding signed by the immediate past governor of late Senator Abiola Ajimobi for the renovation of the complex which was not actualised.

“We have taken time to do our due diligence. The Oyo State Government will be working with Messrs Whitestone Global Ltd.

“Our collaboration will be in the form of a long lease concession with a capital injection of N4.9 billion.

“Their mandate is to convert this moribund structure into premium commercial real estate and a 4-star hotel. The long lease is for fifty years.

“I make bold to say that the PPP mechanism of the state has been re-engineered for effectiveness.

And so, in 24 months, that is 104 weeks, this complex will be ready for business,” Makinde said.

Speaking in the same light as Makinde, Chairman, Oyo State Housing Corporation, Chief Bayo Lawal bemoaned neglect of the Agbowo complex by successive governments such that it had fetched negative revenue to coffers of state government since 2012.

Lawal also assured present occupiers of the complex that, upon completion, they will be given an option of “the first refusal’ to take up shops and offices.

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