Oyo State Government has leased Agbowo Shopping Complex, Ibadan to Whitestone Global Ltd for 50 years.
The lease, which will see the investor inject N4.9billion, is expected to convert the moribund structure into premium commercial real estate and a 4-star hotel.
Governor Seyi Makinde, speaking at the launch of the renovation, reconstruction and remodelling of the structure, said past administrations have tried unsuccessfully to renovate the facility.
He noted that what the last administration could not do right in eight years, he would deliver in two years concerning the 36-year-old structure.
Makinde said: “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 that I would make a definitive pronouncement about what we would do with the complex before the end of my 100 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 to September 26, 2019.