LAUTECH: Oyo Properties Valued At N99b As Ownership Dissolution Advances

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Property of Oyo State has reportedly been valued at N99 billion in the assets’ evaluation of the Ladoke Akintola University.

According to LadokitesNg, the evaluation of the estate of LAUTECH on the soils of both Osun and Oyo states, which is part of the dissolution process of the joint ownership of the institution, has been concluded.

The dissolution process of joint ownership of the Ladoke Akintola University of Technology (LAUTECH), Ogbomoso which was initiated by Osun and Oyo State Governments have now reached an advanced stage.

Findings revealed that details of the assets’ evaluation have been disclosed to the governments of the two states.

However, the Chairman of the five-man committee set up by Governor Seyi Makinde of Oyo State to come up with concrete steps to help terminate the joint ownership of the institution with Osun, Prof Deji Omole declined to comment on the evaluation reports.

When contacted on phone, Omole, Professor of Agriculture at the University of Ibadan, said the committee was not authorised to speak with the press, disclosing that the NUC is heading a Technical Committee on the joint ownership dissolution process.

Also, the Commissioner for Information and Civic Orientation in the State of Osun, Mrs Funke Egbemode said the government would soon provide official information on issues affecting LAUTECH, as she declined to comment further.

They argued that the university’s assets’ evaluation does not favour Osun, saying that the state would not have the strength to negotiate appropriately eventually.

They said: “Now, they have done the evaluation, the LAUTECH properties in Oyo are said to worth N99 billion and those in Osun were valued at N7 billion.

Out of the N99 billion, the land domiciled in Oyo is N80bn in the valuation. Oyo will eventually offer Osun a ridiculous amount and set out the terms of payment in instalments.

“We need to tell you that Osun is on the weak side of the discontinuation process because Oyo has taken over the payment of subvention which is supposed to be the responsibility of both states. Osun should have taken over the payment from July, but Oyo has continued, disregarding Osun.

“The staff and the entire system are now seeing LAUTECH as an Oyo State-owned institution.

“At the end of the day, what is going to be the benefit of Osun in the whole arrangement? Osun is short-changed already. Osun had always been short-changed but it is worse now.
“Osun is running at a loss. The LAUTECH assets domiciled here in Osun are said to be worth only N7bn and the assets Oyo has is over N80bn, what is left on the ground to share? You can see the lopsidedness! Those representing Osun in the Evaluation Committee are helpless; they have to value what is on the ground. There is nothing they can do about it.

“We think the best thing to do is to see how we can correct these anomalies before the conclusion of the dissolution process. Even if Osun does not have assets, we can look at other things: after all, we have intangible and tangible assets. The goodwill of the institution is there. We are talking about an over 20-year-old university!

“Those are the technical things I believe Osun would have considered because if you look at the way the entire process is structured, it is so lopsided. The truth of the matter is that there is a misplacement of priorities.”


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