By INNOCENT Igwe
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.
A public service Announcement signed by the Chief Press Secretary to the Governor, Ukoha Njoku Ukoha, said that,in the development lease agreement, Investment Guarantee Limited, Committed to upgrade and redevelop the Hotel to a 3-Star Protea Standard Hotel and manage it for 25years ,but the company has failed to upgrade and redevelop the Hotel to the agreed standards after 12years and are also in breach of other terms and conditions of the development lease agreement with Abia State Government, prompting the State Government to revoke the agreement.
It said that,in line with it’s 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 and the guesture was aimed at supporting the investor and to enable the state government utilize the facility for it’s intended purpose.
According to statement, 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 it’s citizens.
