Oyo State Governor, Seyi Makinde, has approved ₦4.6 billion in compensation for property owners whose buildings and properties are affected by the ongoing Senator Rashidi Ladoja Circular Road project.

The payment, which represents the first phase of the compensation exercise, is expected to reach beneficiaries directly through their bank accounts, with disbursement scheduled to begin immediately.

Makinde announced the approval on Friday during a meeting with residents and property owners affected by the road construction. He said the state government had completed the necessary arrangements to commence payment.

According to the governor, beneficiaries should begin receiving payment alerts from Friday night or Saturday morning.

Beyond the financial compensation, Makinde also addressed concerns surrounding the distance between the road corridor and existing buildings. He confirmed that the setback requirement in built-up areas had been reduced to 75 metres.

He further disclosed that the government would fence the affected corridor to improve safety and protect residents. Property owners whose buildings fall outside the approved 75-metre boundary, he explained, should continue their normal activities without fear of demolition.

The governor urged residents to disregard misleading information about the project, insisting that his administration was committed to addressing their concerns and ensuring that affected property owners received what was due to them.

Makinde said he had chosen to meet with the residents personally because he wanted to fulfil his promise of paying compensation before the end of October.

The Circular Road project, named after former Oyo State governor Senator Rashidi Ladoja, is expected to improve transportation links, open up new areas for development and create more economic opportunities across the state.

Some representatives of the affected property owners, including Ahmed Abiodun, Kayode Oyejobi, Risikat Raji and Banke Adeyanju, welcomed the governor’s decision. They commended the government for approving the compensation and reviewing the setback requirement, while expressing support for the continued execution of the project.