Lagos State government, at the weekend, signed a Build, Operate and Transfer (BOT) agreement with six private property developers to deliver 8,272 units of hostel in 18 months at the Lagos State University (LASU) campus thus making it a residential institution after 36 years of existence.
The deal will lead to the construction of six blocks of hall of residence under the Public Private Partnership (PPP) policy of the state and the concessions will run for 35 years.
When delivered in 2021, it is expected that 30 per cent of the school’s 26,000 student-population will be served, thereby reducing the pressure resulting from over subscription of privately owned off-campus residences.
Signing the BOT agreement on Friday night at the Lagos House, Marina, Governor Babajide Sanwo-Olu said the development further underscored his administration’s objective of driving up quality output across the state-owned schools through provision of infrastructure critical to facilitating better-quality teaching and learning.
When LASU changes its status to a residential institution, Sanwo-Olu said there would be improvement in students’ academic performance, while the school would also move up in its global rating.
According to him, the investment will not only provide comfort to students, but also make positive impact on the future of the youths. “If we agree that the youth are tomorrow’s leaders, we should not pay a lip service to things that will mentally prepare them for the future. It is only when we make investments like this in citadels of learning, such as Lagos State University and other higher institutions, that we can help the youths activate the tomorrow they desire.
Sanwo-Olu told the developers not to default on the agreement deadline nor deviate from the terms of the agreement, stressing that the state government would monitor the development of the halls of residence at every stage of their construction to ensure compliance with the agreement.
Special Adviser to the Governor on Education, Tokunbo Wahab, whose office facilitated the contract, said Sanwo-Olu had created a legacy that would outlive him with the approval of the BOT agreement, reiterating that there would be more private sector-led infrastructure development programmes to be initiated across the state-owned tertiary institutions.
Wahab pointed out the six concessionaires were selected through a transparent bidding procedure fully handled by a reputable management-consulting firm, Pricewaterhouse-Coopers (PwC).
LASU Vice-Chancellor, Prof. Lanre Fagbohun, who was at the ceremony, described the development as “significant”, saying the agreement would radically change the landscape of the institution.
The concessionaires are Costa Del Sol Limited, Seamless Integrated Limited, Aircom Nigeria Limited, Clay Hall Limited, First Investment Development Company Limited, and Advent Integrated Services Limited.
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