Abia State Government has revoked the Certificate of Occupancy and retaken possession of Abia Hotels, Umuahia, from Investment Guarantee Limited, the lessee, due to the company’s failure to fulfill the terms and conditions of the Development Lease Agreement signed with the State Government in 2013.
A press statement signed by Ctz. UKOHA, NJOKU UKOHA, Chief Press Secretary to Abia State Governor, noted that in the development lease agreement, Investment Guarantee Limited committed to upgrading and redeveloping the Hotel to a 3-Star Protea Standard Hotel and managing it for 25 years. However, the company has failed to upgrade and redevelop the Hotel to the agreed standards after 12 years and is in breach of other terms and conditions of the development lease agreement with Abia State Government, prompting the State Government to revoke the agreement.
In line with its investment-friendly policies, the Abia State Government offered and paid compensation to Investment Guarantee Limited to cover costs incurred in the development of the hotel complex. The gesture was aimed at supporting the investor and enabling the State Government to utilize the facility for its intended purpose.
The statement affirmed that the Abia State Government remains committed to creating a conducive environment for businesses to thrive while ensuring that the assets of the State are utilized in the best interest of its citizens.
