Makinde to Covert Moribund Agbowo Complex Into Premium Commercial Real Estate, a 4-star Hotel

Oyo State Governor, Engr Seyi Makinde on Wednesday flags-off the remodelling and renovation of new Agbowo Shopping Complex which had become moribund over the years.

Speaking at the event, Governor Makinde noted that the mall which 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.

The Governor however revealed that the State Government will be working with Messrs Whitestone Global Ltd with a long lease of concession with a capital injection of N4.9b into the State economy. His words:

Shortly after our inauguration in May 2019, I hosted the council members and management team of the University of Ibadan in my office. One of the issues we discussed was the moribund Agbowo Shopping Complex. I promised them I would make a definitive pronouncement about what we would do with the complex before the end of my one hundred days in office.
Well, in keeping with that promise, within our 100 days in office, we opened a bid for concessionaires giving a four-week window from August 29-September 26, 2019.
And today, we are flagging off the remodelling and renovation of the new Agbowo Shopping Complex.
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.
But something they could not do in eight years; we are doing in under two years. Also, by the Grace of God, we will have this complex completed within our tenure.
We have taken time to do our due diligence. The Oyo State Government will be working with Messrs Whitestone Global Ltd. Our collaboration will be in the form of a long lease concession with a capital injection of N4.9Billion.
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.
Our administration understands that the only business 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 are doing.
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.
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.

On his part, the Chairman, Oyo State Housing Corporation, Barrister Bayo Lawal says Governor Makinde during his campaign made a social contract with the people of Oyo State to restore the lost glory of this edifice, by rebuilding, renovating and modernizing it.

Lawal added that concerted efforts were made to source for credible investors with technical expertise, experience and financial standing to handle the project.

Speaking on behalf of Association of Agbowo Shopping Complex tenants and traders, Olajire Agbowo, he lauded Makinde’s determination and political will to remodel the complex.

Olajire said the edifice has over 500 people made up of retirees, Graduates, traders whose livelihood depend solely on the complex. He urged the Governor for consideration upon completion.