By Iyabo Adebisi
Oyo State Government has signed a concessionaire deal with a private firm to transform the iconic Bowers Towers in Ibadan into a tourism site.
The official documents signing took place at the conference room, Ministry of Culture and Tourism, Agodi Secretariat, Ibadan.
Speaking on the concession agreement for the redevelopment of the iconic Bower’s Tower, the Director General of the Oyo State Investment Promotion Agency, Mr Folami Olatilewa, outlined a phased plan designed to reposition the site as a major tourism hub and economic asset.
Mr Folami said the agreement is structured to run for 15 years, with the concession period set to begin only after the completion of the first phase and a moratorium period of 24 months.
He explained that the selected private firm has been granted between 18 and 20 months to carry out a comprehensive rehabilitation and modernisation of the facility to meet global tourism standards.
The government also confirmed that the arrangement includes a revenue-sharing model between the state and the concessionaire, though specific details of the sharing formula were not disclosed.
The DG noted that the framework is designed to deliver sustainable financial returns for both parties while preserving long-term value for the state.
“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“.
“The initiative aligns with the broader development drive of the present administration, particularly in its second term, where projects have been deliberately linked to economic growth and long-term progress“.
“The state’s aviation infrastructure has also recorded major milestones, with the international runway completed in November 2025 and already in use. This was evident when President Bola Ahmed Tinubu landed on the runway during the Olubadan ceremonies. With the prospect of direct international flights, the state is positioning itself as a key gateway for investment and tourism“.
“In the agricultural sector, the agribusiness initiative is gaining momentum, enabling the state to move beyond exporting raw materials to focusing on value addition. This shift is expected to boost the local industry and create more economic opportunities“.
“Infrastructure development has also remained a priority, with road networks expanded and upgraded to connect various geopolitical zones within the state. Improved connectivity is making the movement of goods, services and people more efficient“.
“These combined efforts are designed to attract more investors, visitors and tourists, ultimately strengthening the state’s economy and generating employment, particularly for young people. The signing of the concession agreement marks another step in this direction, with the investor expected to outline key aspects of the partnership”, Folami said.
In a remark, the Managing Director of the private firm, Obafela Bank-Olemoh, who led other members of the company, commended the Governor Makinde-led government for its merit-based approach to awarding contracts, noting that he never knew nor met anyone outside the advertorial that prompted his company’s applications before it was awarded the deal.
He noted that the concession forms part of the state government’s wider strategy to unlock the economic potential of underutilised public assets through public-private partnerships.
Edited by Maxwell Oyekunle
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