The Abia State Government has revoked the Certificate of Occupancy and retaken possession of Abia Hotels, Umuahia, from Investment Guarantee Limited.
The government accused the company of failure to fulfill the terms and conditions of the Development Lease Agreement signed with the State Government in 2013.
According to a statement on Sunday morning by the Chief Press Secretary to the Executive Governor of Abia State, Ctz. Ukoha Njoku Ukoha, the company had committed to upgrade and redevelop the Hotel to a 3-Star Protea Standard Hotel and manage it for 25 years, but failed to do so even after 12 years.
The statement read, “The 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.”
The government had offered and paid compensation to Investment Guarantee Limited to cover costs incurred in the development of the hotel complex, as part of its investment-friendly policies. The gesture was aimed at supporting the investor and enabling the State Government to utilize the facility for its intended purpose.
The Abia State Government said it is 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.
NewsNGR reports that the revocation of the Certificate of Occupancy and retaking of possession of Abia Hotels, Umuahia, is seen as a bold move by the State Government to protect its assets and ensure that investors fulfill their obligations.
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