Oyo State Governor, Seyi Makinde, has approved the payment of ₦4.6 billion as the first tranche of compensation to 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 project corridor to 75 metres, addressing concerns raised by residents over the scope of the road project.

Makinde disclosed this on Friday during a meeting with affected property owners along the Circular Road, assuring them that payments would be made directly into their bank accounts.

He said all necessary processes for the disbursement of the first tranche had been completed and that beneficiaries would begin receiving payment alerts.

“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,” he said.

The governor explained that the 75-metre setback applied to built-up areas, adding that the corridor would be fenced to enhance safety and protect residents living within the vicinity.

He assured property owners whose buildings were outside the revised setback that they had no cause for concern and could continue their normal activities.

Makinde urged residents not to be misled by rumours and misinformation, insisting that his administration remained committed 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 said.

He reaffirmed his administration’s commitment to completing the Senator Rashidi Ladoja Circular Road project, describing it as a major infrastructure initiative expected to improve connectivity, stimulate economic growth and open up new development corridors across the state.

Speaking on behalf of the affected property owners, Ahmed Abiodun, Kayode Oyejobi, Risikat Raji and Banke Adeyanju commended the governor for approving the compensation payment and reviewing the setback in built-up areas to 75 metres.

They expressed appreciation for the government’s response to their concerns and pledged their continued support for the successful execution of the project.