Gbenro Adesina
Oyo State Governor, Engr. Seyi Makinde has handed over Agbowo Shopping Complex on a long lease concession to Messrs Whitestone Global Ltd for N4.9 Billion.
During the handing over exercise, Makinde pointed out that “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”.
The Governor Stated, “Our administration understands that the only role 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 will continue to do. 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”.
Assuring that the project would be completed two years, he said, “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. And so, in 24 months, that is 104 weeks, this complex will be ready for business. Messrs Whitestone Global Ltd has given us this assurance”.
Makinde added, “At one time, this mall was the biggest shopping mall in Oyo State which not only generated income for the government but also provided thousands of direct jobs for the citizenry. In its heydays, it had a massive arts and film theatre hall, department stores, night club and several large offices. It was one of the visions of the late Chief Bola Ige led administration which served as a unique economic hub”.
“Previous administrations have tried and failed to renovate this complex. For example, the last administration said they signed an MOU with a development company. They were to embark on the “remodelling, redeveloping and rehabilitation of Agbowo Shopping Complex” for N8billion to be completed in 30 months. However, the project never saw the light of day”, he stressed.
