The National Universities Commission (NUC) has announced the dissolution of the joint ownership of the Ladoke Akintola University of Technology (LAUTECH), Ogbomosho, Oyo state and the College of Health Sciences, Osogbo Osun.
This is as both states have mutually agreed on the terms of settlement while the joint ownership of LAUTECH has been formally dissolved .
While the main University ownership was transferred to the Government of Oyo State, the College of Health Sciences , Osogbo was ceded to the Government of Osun State .
The mutually agreed dissolution was formalised through the signing of a memorandum of agreement by the executive governors of Oyo and Osun States Seyi Makinde, and Gboyega Oyetola respectively.
The agreement dissolution was witnessed by the attorneys general of both states, giving legal effect to the transfer of ownership of LAUTECH.
The Executive Secretary of the National Universities Commission (NUC), Professor Abubakar Rasheed, said the decision was as a result of governance and management challenges which consequently was affecting the appointments of vice-chancellors and other principal officers, as well as irregular payment of staff salaries.
According to him, “Reevaluation and updating of the assets and liabilities of the university by relevant professionals from Osun and Oyo States in order to ascertain their current values.
“Forensic audit of LAUTECH, Ogbomoso, and the University Teaching Hospital, Osogbo from inception to date by the audit firm of Deloitte and Touche: and delineation of assets and liabilities for sharing by the two owner states of Oyo and Osun States.”
LAUTECH was established in 1990 by the old Oyo State with the main campus located in Ogbomoso , while the Teaching Hospital was subsequently established in Osogbo .
When Osun State was carved out of the old Oyo State in 1991 , both states became joint owners of the institution .
However, over the years, the joint ownership arrangement became characterised by governance and management challenges , affecting the appointment of the Vice -chancellor and other Principal Officers, as well as the irregular payment of staff salaries .