By Rahman Taofeeq,
… Iconic Tourist Site To Be Redeveloped, Transformed In 24 Months
The Oyo State Government has stated that the Bower’s Tower, one of the state’s landmark tourist sites, is set to be redeveloped within months, in line with the commitment of the ‘Seyi Makinde administration to tourism development.
The state government stated this on Thursday, when it signed a concessionaire deal with SystemSpecs Whatadeal Limited to transform the iconic facility, a popular tourist attraction centre in Ibadan.
At the official documents signing, which took place at the Conference Room, Ministry of Culture and Tourism, Agodi Secretariat, Ibadan, Director-General, Oyo State Investment and Public-Private Agency (OYSIPA), Mr. Tilewa Folami, said the redevelopment would be in phases and that it is aimed at repositioning the site as a major tourism hub and an economic asset.
Folami said the agreement with SystemSpecs Whatadeal Limited is structured to run for 15 years, with the concession period set to begin after the completion of the first phase and a moratorium period of between 18 and 24 months.
Explaining that the selected private firm has been granted up to 24 months to carry out a comprehensive rehabilitation and modernisation of the facility to meet global tourism standards, the OYSIPA DG noted that the decision to defer the commencement of the concession period is to ensure that the state begins to count the lifespan of the deal only when the site becomes fully operational and commercially viable.
He added that the arrangement includes a revenue-sharing model between the state and the concessionaire, stating that the framework was designed to deliver sustainable financial returns for both parties while preserving long-term value for the state.
He said: “This concession will transform the facility into a modern, world-class destination. It is expected to create another attraction where residents and visitors from across Nigeria and beyond can come to see, enjoy and experience Oyo State.