The Oyo State Government has entered into a concession agreement with SystemSpecs Whatadeal Limited to redevelop the iconic Bower’s Tower into a major tourism destination.
The signing ceremony took place on April 23 at the Ministry of Culture and Tourism Conference Room, Agodi Secretariat, Ibadan.
Providing details of the agreement, the Director-General of the Oyo State Investment Promotion Agency, Folami Olatilewa, explained that the redevelopment will be executed in phases to reposition the historic site as a key tourism and economic asset.
He disclosed that the concession will last for 15 years, with its duration commencing only after the completion of the initial phase of the project, alongside a 24-month moratorium period.
According to him, the concessionaire has been given between 18 and 20 months to carry out a full-scale rehabilitation and modernization of the facility in line with global tourism standards. He added that delaying the commencement of the concession period ensures that the agreement timeline begins only when the site is fully operational and commercially viable.
Olatilewa further noted that the deal includes a revenue-sharing arrangement between the state government and the concessionaire, although specific terms were not made public.
He emphasized that the framework is structured to guarantee sustainable returns for both parties while preserving long-term value for the state.
Highlighting broader development plans, he identified accessibility as a key factor for the project’s success, noting that efforts are underway to improve road networks leading to the site.
“This project will reposition the facility as a world-class destination, attracting visitors from within Nigeria and beyond, while showcasing the rich cultural heritage of Oyo State,” he said.
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He added that the initiative aligns with the current administration’s second-term agenda of linking infrastructure projects to economic growth and long-term development.
Olatilewa also pointed to significant strides in the state’s aviation sector, including the completion of the international runway in November 2025, which has already begun operations.
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He recalled that President Bola Ahmed Tinubu landed on the runway during the Olubadan coronation ceremonies, describing it as a milestone that positions the state as a gateway for tourism and investment.
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He also highlighted ongoing infrastructure upgrades, particularly in road construction and connectivity across the state, aimed at improving the movement of goods, services, and people.
“These combined initiatives are designed to attract investors, tourists, and visitors, while strengthening the state’s economy and creating employment, especially for the youth,” he added.
Speaking at the event, the Managing Director of the concessionaire, Obafela Bank-Olemoh, commended the administration of Governor Seyi Makinde for its transparent and merit-based procurement process.
He noted that his company secured the contract through an open application process without prior personal connections.
Bank-Olemoh explained that the project forms part of the government’s broader strategy to unlock the economic potential of underutilised public assets through public-private partnerships.
He expressed confidence that Bower’s Tower, widely regarded as one of Ibadan’s most prominent historical landmarks, would be transformed into a modern tourist destination capable of attracting both local and international visitors.
Upon completion, the project is expected to boost tourism traffic, stimulate nearby businesses, and create employment opportunities, particularly for young people.
Witnessing the event were the Chief Press Secretary and Special Adviser on Media to the Governor, Dr. Sulaimon Olanrewaju; the Permanent Secretary of the Ministry, Rotimi Babalola and government officials.
