Oyo Signs 15-Year Concession Deal To Transform Bower’s Tower Into Tourism Hub
•By OYENIYI AWOJOODU
IBADAN — THE Oyo State Government has signed a concession agreement with SystemSpecs Whatadeal Limited for the redevelopment of the iconic Bower’s Tower into a world-class tourism destination.
The agreement was formalised on Thursday at the Ministry of Culture and Tourism, Agodi Secretariat, Ibadan.
Speaking at the signing ceremony, the Director-General of Oyo State Investment and Public-Private Partnership Agency (OYSIPA), Mr. Folami Olatilewa, said the project would be executed in phases and is designed to reposition the historic tower as a major economic and tourism asset.
Olatilewa explained that the concession would span 15 years, with its commencement deferred until after the completion of the first phase of the project and a 24-month moratorium period.
According to him, the concessionaire has between 18 and 20 months to undertake a comprehensive rehabilitation and modernisation of the facility to meet global tourism standards.
“The structure ensures that the concession timeline begins only when the site becomes fully operational and commercially viable,” he said.
He added that the agreement includes a revenue-sharing model between the state government and the private firm, although details of the formula were not disclosed.
The framework, he noted, is designed to ensure sustainable returns while preserving long-term value for the state.
Olatilewa identified accessibility as a critical factor in the project’s success, noting that efforts are underway to improve road networks and access routes leading to the site.
“This concession will transform the facility into a modern, world-class destination, attracting visitors from across Nigeria and beyond,” he said.
He said the initiative aligns with the broader economic development agenda of Governor Seyi Makinde’s administration, particularly in its second term, where projects are being linked to long-term economic growth.
Highlighting ongoing infrastructure improvements, Olatilewa noted that the state’s international runway, completed in November 2025, has already begun operations and is expected to enhance connectivity and attract investment.
He added that complementary efforts in agriculture, road expansion, and industrial development are positioning the state as a key destination for business and tourism.
In his remarks, the Managing Director of SystemSpecs Whatadeal Limited, Mr. Obafela Bank-Olemoh, commended the state government for what he described as a transparent, merit-based procurement process.
He noted that the concession is part of a broader strategy by the government to unlock the economic potential of underutilised public assets through public-private partnerships.
“Bower’s Tower, one of Ibadan’s most prominent historical landmarks, will be transformed into a modern destination capable of attracting both domestic and international visitors,” he said.
Bank-Olemoh added that the project is expected to boost tourism traffic, stimulate surrounding businesses, and create employment opportunities, particularly for youths.
Dignitaries at the event included the Chief Press Secretary and Special Adviser on Media to the Governor, Dr. Sulaimon Olanrewaju, the Permanent Secretary of the Ministry, Mr. Rotimi Babalola, and other top government officials.