The Oyo State Government has 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 about N8 billion.
The Secretary to the Oyo State Government, Mr. Olalekan Alli, who spoke at the Governor’s office during the signing ceremony on Wednesday, said the state government was determined 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 explained occupants of the complex were also part of the negotiations.
His words: “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.
“The idea is to redevelop and remodel shopping centres of this nature. This will enable the masses to flow along with their counterparts in the developed country. 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.”
The representative of the consortium, Mr. Tunde Shonekan, said that the rehabilitation of the complex would take about 30 months.
He said: “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.”
In his own speech, the General Manager, Oyo State Housing Corporation, Mr. Adekunle Olajire, said the development would help boost the economy of the state.
He added that the current occupants had been given two weeks to vacate the premises for immediate development by the investors.