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Oyo, investors sign N8bn MoU to rehabilitate shopping complex


Oyo State government Wednesday signed a Memorandum of Understanding (MoU) with a consortium of investors, Agbowo Mall Infrastructure Development Company Limited, for the remodeling, redeveloping and rehabilitation of Agbowo shopping complex that will cost the investors about N8bn.

Secretary to the State Government, SSG, Mr. Olalekan Alli, while speaking at the signing ceremony,which took place at the Governor’s Office, Ibadan, said the action of the state government is 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.

He said the negotiation with the investors did not exclude the former occupants who were also present at the signing of the MOU, stressing that they (former occupants) would also be given adequate consideration when the complex is ready for allocation.

The representative of the investors, Mr. Tunde Shonekan, said the rehabilitation of the entire complex would take about 30 months before completion, adding that, they are ready to invest the sum of N8bn into the project.

He said the aim is to redevelop the complex that was built in 1984 to a modern one, stating that despite the economic challenges in the country, they are confident that they will transform the complex as they are investing N8bn in order to give it a befitting outlook.

General Manager, Oyo State Housing Corporation, Mr. Adekunle Olajire, expressed delight at the development in the shopping complex, stating that, the development would help to boost the economy of the state.

He said the corporation met the previous occupants, who also witnessed the signing of the MoU, and they have been given two weeks to vacate the premises for immediate development by the investors.

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