Oyo State Governor, Seyi Makinde, has approved N4.6bn as the first tranche of compensation for property owners affected by the ongoing Senator Rashidi Ladoja Circular Road project.

The governor also reaffirmed the 75-metre setback for built-up areas along the project corridor, addressing concerns raised by residents.

Makinde announced the decisions on Friday during a meeting with affected property owners along the road.

According to a statement issued by his Special Adviser on Media, Sulaimon Olarenwaju, the governor said the compensation would be paid directly into beneficiaries’ bank accounts, with disbursement beginning immediately.

“The government has completed all necessary processes for the payment of the first tranche of compensation. 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.

Makinde said the setback in built-up areas along the corridor had been reviewed to 75 metres, adding that the road corridor would be fenced to improve safety and protect residents.

“Property owners whose buildings fall outside the 75-metre setback have no cause for concern and should continue with their normal activities,” he said.

The governor urged residents not to be misled by rumours, assuring them 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 Circular Road project, describing it as “a critical infrastructure initiative that will improve connectivity, stimulate economic growth, and open up new development corridors across Oyo.”

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

They also appreciated the government’s response to their concerns and pledged their continued support for the administration.