Ekiti State Governor, Mr. Biodun Oyebanji, on Tuesday, presented cheques totaling over N1,450,000,000 as compensation to 195 indigenes (landowners) of Ijan, Awo, and Araromi Ekiti, whose land was acquired for the Ekiti Knowledge Zone project.
This was disclosed in a statement on Tuesday.
The compensation is in line with the Ekiti Knowledge Zone initiative, which the government believes is a strategic economic project aimed at creating an innovation-driven ecosystem and a business incubation platform for knowledge-based enterprises in the state.
While presenting the cheques to the beneficiaries at a brief event held at the Conference Hall, Governor’s Office, Ado Ekiti, the Governor stated that the EKZ is projected to deliver over 14,000 jobs, particularly for the youth.
“As a show of appreciation and in line with our promise of justice and transparency, I am pleased to announce that the total compensation package, initially assessed at N1,118,852,813.00, has now been reviewed to reflect current economic realities and stands at N1,450,000,000.00, which is being disbursed today,” he stated.
“As a state celebrated for its intellectual capital, we have chosen to leverage this unique strength to drive inclusive economic growth and create a vibrant hub for innovation and service-driven industries,” Governor Oyebanji said, emphasizing the economic potential of the Ekiti Knowledge Zone and describing it as a catalyst for development.
He further noted that the State Government has also engaged Green Engagement Limited as a consultant to ensure a just and transparent process in implementing the Resettlement Action Plan (RAP) for the Project-Affected Persons.
While expressing his profound appreciation to the Federal Government under the visionary leadership of President Bola Ahmed Tinubu for fostering an enabling environment for the project, and to the African Development Bank for not only funding the project but also providing consistent technical support to the Project Implementation Unit, Governor Oyebanji affirmed that beyond financial compensation, his administration remains committed to providing additional support measures to vulnerable persons.
In 2023, President Muhammadu Buhari approved the Ekiti Knowledge Zone as a Free Trade Zone, making it one of the first service-knowledge business parks approved in Ekiti.
The Ekiti Knowledge Zone (EKZ) is situated on 208.949 hectares of land located along the Ado-Ijan Road, Ado Ekiti, Ekiti State.
During its later years, the Buhari administration signaled Free Trade Zones as a model for economic development in Nigeria.
The Nigeria Export Processing Zones Authority (NEPZA) revealed that free trade zone schemes in Nigeria had attracted cumulative investments of N14.1 trillion.