Oyo Government Pegs N10 Billion For Agbool Shopping Complex Remodelling

The Oyo State Government through the executive council has reawarded the contract for the remodelling and rehabilitation of Agbowo Shopping Complex to Plant Projects.

The work when completed will make the shopping complex will have a 4-star hotel, the anchor store, cinema building, event centre/casino and a restaurant through a direct contract model awarded to Messrs Planet Projects, according to details of the council’s approval seen by InsideOyo.com.

The contract duration, according to Oyo Government, is 18 months at the sum of N10.1 billion to be funded by a project specific 7-year medium term bond of N8.5 billion.

The Makinde-led government revealed the bond is to be raised by Messrs SCM Capital Ltd who will provide bridge finance of N4.25 billion to the contractor to be refunded from the proceeds of the N8.5 billion bond.

When the shopping complex became underutilised, in 2012, the state Housing Corporation removed electricity and withdrew the security men, cleaners, gardeners and other service hands.

"The beauty of the shopping complex faded and the sprawling estate became a den of hoodlums.

"Beggars and mentally challenged people also made the complex their home until September 2020, when Governor Makinde flagged off its renovation and remodelling."

In 2020, Governor Makinde leased the popular Agbowo Shopping complex in Ibadan to Whitestone Global Limited for 50 years.

The lease arrangement was to see the massive edifice, which was once an economic hub in the state capital, renovated, reconstructed, and remodelled.

Two years after, some group of sub-contractors staged a peaceful protest at the complex, demanding the urgent intervention of Governor Makinde.

They specifically asked the governor to direct whoever is concerned to pay them money owed for materials they supplied for the reconstruction, rehabilitation and renovation of the Complex.

The protesters were led by Femtech Resource Global International Limited, Rotund Domus Enterprises, Adediran Adefemi Samson, Edo Awayie, Abiodun Popoola and Co, and Omolara Ogunbiyi, among others.