Oyo State Government has signed a concessionaire deal with SystemSpecs Whatadeal Limited to transform the iconic Bowers Towers in Ibadan into a tourism site.

The official documents signing took place today, April 23, at the press conference room, Ministry of Culture and Tourism, Agodi Secretariat, Ibadan.

Shedding more light 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.

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 modernization of the facility to meet global tourism standards.

According to him, the decision to defer the commencement of the concession period ensures that the state begins to count the lifespan of the deal only when the site becomes fully operational and commercially viable.

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.

As part of the broader plan, the DG added that the state government has identified accessibility as a critical success factor.

“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.

“Efforts are also underway to improve road networks and access routes leading to the tower, with a view to easing movement for tourists, investors, and other visitors. On the private sector side, execution of the project is being led by SystemSpecs Whatadeal Limited,” Folami said.

In his brief remark, the Managing Director of the private firm, Obafela Bank-Olemoh, who led other members of the company alongside Adekunbi Ademiluyi and Lanre Olagunju, commended the 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.

“Bower’s Tower, long regarded as one of Ibadan’s most prominent historical landmarks, 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 increase tourism traffic, stimulate surrounding businesses, and generate employment opportunities, particularly for young people.

Present at the brief event were the Chief Press Secretary and Special Adviser on Media to the state governor, Dr Sulaimon Olanrewaju, the Permanent Secretary of the Ministry, Rotimi Babalola, and other top management staff.

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