The Director-General, Oyo State Investment and Public, Private Partnership Agency (OYSIPPPA), Hon. Segun Ogunwuyi has revealed that Oyo State Government would begin the process of rebranding the popular Agbowo Shopping Complex, situated opposite University of Ibadan (UI). this week.
Revealing this in Ibadan to newsmen, Ogunwuyi, who noted that soon, the shopping complex would wear a new look, pointed out that OYSIPPPA has concluded plans to hand over the moribund Complex to a concessioner, who has the capacity to turn-around the complex for better.
Ogunwuyi further pointed out that work was progressing on the Ibadan Dry Port, which is a tripartite investment opportunity involving the Nigerian Shippers’ Council (on behalf of the Federal Government) the government of Oyo State and a private investor.
According to him, “I am happy to say that this week, Governor Seyi Makinde will hand over Agbowo Shopping Complex to an investor on a concession basis. We have touched on basically all aspects of our mandate. We are primarily in charge of concessioning government assets and we have done four major concessioning Let me mention two that will be well known to people. We made a consession of the asphalt and quarry plant that we have in Ijaiye, Moniya a private investor. A private investor is running it profitably and the government of Oyo State gets a percentage of the revenue when sales are made”.
The Director-General also said that the state government would not commit state funds to assets that have been awarded to private investors for management, saying that it was the business of the investor to source for funds to turn around whatever asset handed over him or her and ensure that such assets bring money for the government.
His words, “Because it is a concession, Oyo State did not put one naira into the project (Asphalt Plant), it costs government nothing. What we did was to get investors that can run the business profitably and we negotiated with them based on the quantum of investment they want to put in, How long they will have the concession and the revenue that is accruable to Oyo State from that. Currently, you can buy all manners of stone-based granite and asphalt there. We are also happy to say that the operation no potholes being carried out by the state government currently is done mostly with the asphalt gotten from the plant. So it is a win-win situation for government. The government is doing its duty in terms of infrastructure and still getting revenue because for anything that is bought at that asphalt plant, we get a cut of that as a government. So it is a win-win for Oyo state”.