Oyo Government Signs 15-Year Deal to Transform Bower’s Tower into Major Tourism Hub
The Oyo State Government has formalized a concessionaire agreement with SystemSpecs Whatadeal Limited aimed at revitalizing the historic Bower’s Tower in Ibadan into a prominent tourism destination. The signing of the official documents occurred on April 23 at the Ministry of Culture and Tourism’s press conference room located in the Agodi Secretariat, Ibadan.
Details of the Concession Agreement
Mr. Folami Olatilewa, the Director General of the Oyo State Investment Promotion Agency, provided insights into the concession agreement, which is structured to span 15 years. The concession period will commence only after the completion of an initial phase, which includes a 24-month moratorium. The selected private firm has been allocated a timeframe of 18 to 20 months to undertake extensive rehabilitation and modernization of the facility to align with international tourism standards.
Olatilewa emphasized that delaying the start of the concession period allows the state to measure the agreement’s duration only after the site becomes fully operational and economically viable. The arrangement also incorporates a revenue-sharing model between the state and the concessionaire, although specific details regarding the sharing formula remain undisclosed.
Economic Implications and Accessibility
The Director General highlighted that the framework is designed to yield sustainable financial returns for both parties while maintaining long-term value for the state. Accessibility has been identified as a crucial factor for the project’s success. Olatilewa stated that the concession aims to transform Bower’s Tower into a modern, world-class destination, attracting both residents and visitors from Nigeria and beyond.
This initiative aligns with the broader development goals of the current administration, particularly in its second term, where projects are strategically linked to economic growth and long-term progress. The state has also made significant advancements in its aviation infrastructure, with the completion of an international runway in November 2025, which is already operational. This development was notably highlighted when President Bola Ahmed Tinubu utilized the runway during the Olubadan ceremonies, reinforcing the state’s position as a gateway for investment and tourism.
Broader Development Strategy
In addition to tourism, the Oyo State Government is focusing on enhancing its agricultural sector through agribusiness initiatives that prioritize value addition over raw material exports. This shift is anticipated to bolster local industries and create additional economic opportunities.
Infrastructure development remains a priority, with ongoing upgrades to road networks intended to improve connectivity across various geopolitical zones within the state. These enhancements are expected to facilitate the efficient movement of goods, services, and people.
Olatilewa noted that these collective efforts aim to attract more investors, visitors, and tourists, ultimately strengthening the state’s economy and creating employment opportunities, particularly for the youth. The concession agreement is viewed as a significant step in this direction, with the investor set to outline key aspects of the partnership.
Project Execution and Future Prospects
Efforts are also underway to improve road networks and access routes leading to Bower’s Tower, facilitating easier movement for tourists, investors, and other visitors. The project will be executed by SystemSpecs Whatadeal Limited, with Managing Director Obafela Bank-Olemoh leading the initiative. He acknowledged the merit-based approach of the Makinde-led government in awarding contracts, stating that he had no prior acquaintance with anyone involved in the process before his company was awarded the deal.
Bank-Olemoh remarked that the concession is part of a broader strategy by the state government to unlock the economic potential of underutilized public assets through public-private partnerships. Bower’s Tower, a significant historical landmark in Ibadan, is expected to be transformed into a modern destination capable of attracting both domestic and international visitors.
Upon completion, the upgraded facility is projected to enhance tourism traffic, stimulate surrounding businesses, and generate employment opportunities, particularly for young people.
Present at the signing event were Dr. Sulaimon Olanrewaju, Chief Press Secretary and Special Adviser on Media to the state governor, Rotimi Babalola, Permanent Secretary of the Ministry, along with other senior management staff.
Source: www.zawya.com
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Published on 2026-04-24 11:28:00 • By the Editorial Desk
