The State Government of Osun on Thursday signed a concession agreement with All Works of Life (AWOL) International Limited for the completion of the MKO Abiola International Airport, Ido-Osun.

The signing of the concession agreement which is to annex the infrastructural development of the state was held at the State secretariat, Abere.

AWOL International Limited in partnership with a Turkish company, Biray Group are expected to complete the project within the span of 8 months.

The Chief Executive Officer, AWOL International Limited, Amb. Nurudeen Ogunlade, said the agreement is of great significance to both the concession and concessionaire.

According to him, the airport when completed will open the doors of trade and investment among neighbouring states in the southwest as well as add to the state’s economic value globally.

Enumerating facilities to be expected at the Corporate Airport, Amb. Ogunlade who heads the concessionaire held that aside the first phase to be completed before the last quarter of 2018, other amenities that befits the location and geographical area of an airport will be facilitated within 2 years.
His words “On the completion of the construction of First Phase of the Airport within the period of 8months, it will take off with five aircraft, three passengers helicopter and one cargo by AWOL International Company. To complete the entire establishment of the Airport with 5 Star Hotels including all amenities like Cultural center, Water Park Recreation Center and Garden, Butterfly Museum and Casinos, it will take the period of 2 years.”

“According to the airport’s design, it will facilitate the smooth movement of the people and goods from one point to other and serve as a channel way for tourism, hanger and cargo.”

He noted that the concession agreement was not in any way detrimental to the economy of the State as it will run for 30 years before it will be fully handed over to the State government commending the Governor for his efforts in giving the state enviable legacies for the future.

In his remarks, Governor, State of Osun, Ogbeni Rauf Aregbesola, said the government had wished to embark on the project and deliver at the appropriate time but was hampered by the financial situation of the country.

Giving a thorough breakdown of the state of the Airport before the concession arrangement, Ogbeni Aregbesola said the project at inception was financed through “flexible funding” with an appreciable level of the payment to the tune of N3.6bn.

The Governor said like other infrastructural projects, the airport financing method was effectively fashioned out to ensure its completion just as he expressed appreciation to the Turkish Firm for believing in the multi-various merits attached to the Airport if eventually completed.
Aregbesola said “We are doing something that is really extraordinary to make this state a light bearer of Nigeria. When I began the entire project; the airport, roads, the schools and other social infrastructures I was so sure that if there is no problem with the scheme of income definitely all these project will be completed. The arrangements we put on ground is to ensure effective completion of those project after all we did not use the conventional method of financing our project rather we brought to bear what we called ‘flexible funding’ which we pay the contractor as at when due through bank.”

“However, it was the change of the income scheme that constrained financially which made it impossible for us to continue with the project. But before the fund initiation from our scarce income we have expended on the project the sum of N2,926, 27,948.5 billion. The contractor handling the project has done certified work amounting to N3,667,178,112.15 billion meaning that outstanding for the contractor against the state is the sum of N640, 970,164.10 million and these amounts includes retention of N170, 609, 64.16million.”

According to the agreement, the concessionaire is expected to take 100% financing of the project.

The signing agreement was witnessed by the Chief of Staff to the Governor, Alhaji Gboyega Oyetola, Head of Service, Dr Oyegbade Olowogboyega, Attorney General and Commissioner for Justice, Dr Ajibola Basiru and the Economic Adviser to the Governor, Dr Teju Fagbeja among others.

source:http://www.pressnewsng.com.ng/2017/10/osun-concessions-mko-international.html

ogbeni Aregbe keep piling up series of debt to the incoming generation that will resume the duties of leadership. government should be tranquility and transparency. not piling up debt in government.

it will take 3 decades for osun state government will pay their debt. so so pathetic situation we find ourselves. baba Awolowo of blessed memory doesn't stockpiled debt to this extent.

cc lalasticlala cc mynd44 cc seun cc oamj4

pity, the next generation of the state


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For christ sake what do you need an I'ntl airport for in oshogbo?!! The airport would only be used once a year during the oshogbo festivals. Building an intl airport in ajegunle wont necessarily bring FDI/development to it!COMMON SENSE!

One lonesome Turk flown here for 419

The mod Don high
Give me some if that weed you're smoking
Preferably osogbo weed

The same article posted twice on fp
I think this is a white elephant undertaking
Anyway, I hope they did their feasibility study before embarking on the project
I hope the ROI will be justified

Lol..osun get airport?

Islamic countries are taking over airports

so bubu go The D8 to sign agreement so that our oyel money will be taken by turkey? this is one of the fruit of such visit.

Make i call Farouk

Governor concessions airport to AWOL
Everything will soon go AWOL

They say, so people can get to the top
In truth, they wanna milk us to the last drop.

funny

Leading more than 3 million into exile

419
Concession has become an escape route for our terrorist governors.

Elephantiasis

I thought Concessions do not directly mean debt piling. The Turkish firm can run the airport with their investment for some years until the S/W or Osun is ready to acquire which means they can pay off the outstanding debt or simply run down the waiting time. MMA2 has been on concession for a while and it appears there is no debt piling.

johnnyvid:
ogbeni Aregbe keep piling up series of debt to the incoming generation that will resume the duties of leadership. government should be tranquility and transparency. not piling up debt in government.

Watching in 3D

good news from osun at last

The so called leaders of this country are systematically selling off our choice assets esp.to islamic investors while we stand aside and look.Too bad.

x

Aregbesola I hai thee ooooo...after embarking on a project with the state money initially, you now turn state back out of the project for your company to run the remaining finance of that project so that your company/family can owns the state project for 30years abi? I understand you Aregbesola....continu...

Very useless and unwarranted project

Useless project, even our Ibadan airport no dey see patronage

It is only in Nigeria we obtain loans to execute projects then concession the same project

we don't need air port in Osun. Thief. what a useless APC governor.