OYSG sign N8billion MoU with investors on shopping complex

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By; BAYO AKAMO, Ibadan.
Oyo State Government on Wednesday signed a N8billion Memorandum of Understanding (MoU) with the Agbowo Mall infrastructure Development Company Limited, for remodeling, redeveloping and rehabilitation of Agbowo shopping complex”.
Secretary to Oyo State Government, (SSG), Alhaji Olalekan Alli while speaking at the signing of the MoU declared that the gesture was to give the complex a befitting outlook that would meet international standards with ultra-modern facilities that will promote and accelerate business activities in the state.
According to the SSG, under the proposed arrangement, former occupants of the complex are to be given adequate consideration when the complex is ready for allocation.
“We are trying to shift our strategy from direct applications in our developmental projects to collaborate with investors to redevelop all the moribund outfits fully owned by the government and managed by the Housing Corporation. We believe that we have to do things in modern fashion to ensure that people have access to international facilities in their buying and selling activities in line with the government’s agenda in ensuring the elimination of street trading,” he said.
Alhaji Alli pointed out that “the idea is to redevelop and remodel shopping centres of this nature,” saying,“ this will enable the masses to flow along with their counterparts in the developed country”.
He emphasized that the previous occupants of the “various outlets of the shopping complex are here with us and we appreciate their support and understanding. We assure them that they will be given priority during allocations after the completion of the project”.
In his remark, the representative of the consortium of investors, Mr Tunde Shonekan declared that the rehabilitation of the entire complex is to take about 30months before completion and that the investors are ready to invest N8billion into the project.
“Our aim is to redevelop the complex that was built in 1984 to a modern one. Despite the economic challenges in the country, we are confident that we will transform the complex. We are investing N8billion in order to give it a befitting outlook and we want all the stakeholders of this project to cooperate with us.
Also speaking, the General Manager, Oyo State Housing Corporation, Mr. Adekunle Olajire said the remodeling, redeveloping and rehabilitation of Agbowo shopping complex would boost the economy of the state.
Mr Olajire disclosed that the present occupants of the complex have been given two weeks to vacate the premises so as to give room for immediate development of the complex by the investors.

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