Makinde Approves ₦4.6bn Compensation For Circular Road Property Owners, Reduces Setback to 75 Metres
MAKINDE APPROVES ₦4.6BN COMPENSATION FOR CIRCULAR ROAD PROPERTY OWNERS, REDUCES SETBACK TO 75 METRES
Oyo State Governor, ‘Seyi Makinde, has approved ₦4.6 billion as the first tranche of compensation for property owners affected by the ongoing Senator Rashidi Ladoja Circular Road project.
The Governor also reaffirmed the reduction of the setback in built-up areas along the corridor to 75 metres, addressing concerns raised by residents.
Governor Makinde disclosed this on Friday during a meeting with affected property owners, assuring them that payments would be made directly into their bank accounts, with disbursement commencing immediately.
He explained that all necessary processes for the first phase of compensation had been completed.
“We have processed ₦4.6 billion for the first phase of compensation payments. The money will be paid directly into beneficiaries’ accounts, and recipients should begin to receive payment alerts from tonight or by tomorrow morning,” the Governor said.
Makinde further clarified that property owners whose buildings fall outside the 75-metre setback have no cause for concern and should continue their normal activities.
He added that the affected corridor would be fenced to enhance safety and protect residents.
The Governor urged residents not to be misled by rumours and misinformation, assuring them of his administration’s commitment to protecting their interests and wellbeing.
“This is your government. Do not allow anyone to deceive you. I promised that compensation would be paid before the end of this month, and I considered it important to meet with you personally before the payment process commenced,” he stated.
Describing the Senator Rashidi Ladoja Circular Road as a major infrastructure project, Makinde said its completion would improve connectivity, stimulate economic growth and open up new development opportunities across Oyo State.
Speaking on behalf of the affected property owners, Mr. Ahmed Abiodun, Mr. Kayode Oyejobi, Mrs. Risikat Raji and Mrs. Banke Adeyanju commended the Governor for approving the compensation and reviewing the setback to 75 metres in built-up areas.
They expressed appreciation for the government’s response to their concerns and pledged their continued support for the successful implementation of the project.