Governor Seyi Makinde of Oyo state, Wednesday, handed over the Agbowo Shopping Complex, Ibadan, to investors who have committed to turning around the fortunes of the abandoned complex in 104 weeks.
The complex, which is located opposite the Main Gate of University of Ibadan, was commissioned in 1984 but abandoned 12 years ago.
Speaking at the flag-off of the renovation and remodeling of the Complex, Governor Makinde stated that the state will work in collaboration with Messrs Whitestone Global Ltd to convert the moribund facility into a premium commercial real estate and a 4-star hotel.
He said the collaboration will be in the form of a long lease concession for 50 years, with a capital injection of N4.9Billion, saying: “Our administration understands that the only business that the government should have in business is to create a conducive environment and the needed support for private enterprises to thrive. And this is what we are doing.
“You will readily agree that the injection of N4.9 Billion into the Oyo State economy is an economic stimulus in the short term which will translate to broader benefits in the long run.
“The process of selecting the concessionaires was also transparent. As everyone knows, the days of getting contracts from the government solely because a person knows the governor is in the past. I make bold to say that the PPP mechanism of the state has been re-engineered for effectiveness.
”The governor assured that shop owners in the complex would have the right of first refusal when the complex is finally remodeled.
He also promised to put up a revolving fund scheme to assist those who may not have the money to pay for the shops by the time the project is completed. In his remarks at the two events, the chairman of the Oyo State Housing Corporation, Barr. Bayo Lawal, said the experience of the corporation in the past has not been palatable, stating, however, that the pains are gradually being addressed by Governor Makinde.
He also appealed to those desirous of owning lands in the state to approach the corporation for reliable landed property.
Also speaking, the Managing Director, Remax realtors Limited, Adefunke Adesoji, said it was an honour to work with the Oyo State governor on the project, which was conceived as a public-private partnership.
In their separate remarks, the Commissioner for Lands and Housing, Barrister Abiodun Abdulraheem and his counterpart in the Ministry of Justice, Prof. Oyelowo Oyewo, enjoined investors and residents of the state to key into the projects, which they described as a landmark initiative.Also speaking at the handing over of Agbowo Shopping Complex, the Managing Director of Whitestone Global Ltd., Mr. Woleola Oluwole, said: “Today is indeed a great day and another landmark in the trending capacity of Oyo State.
This is not surprising because we have a governor that is an honour to follow; we have a governor who is a father to watch. Here we are today marking another trend for others to follow.
“In this place today, as it is, in the next few months, we will know, indeed, that the God of heaven has smiled upon us and the rest of Oyo State.
“This facility, when completed, will have a time level car park that will double as a drive-in Cinema in the evening; a 10-floor first class hotel; 600 capacity 3D Cinema in the evening, an underground gaming arcade; what I call the 22nd-Century E-shopping Mall. All of these will be inside 25,000 square metres.”
