Intercontinental Hotels Group (IHG) has threatened to pull out of Nigeria. The company is alleging breach of contract by Messrs Kunle Ogunba, the Skye Bank appointed receiver/manager of Intercontinental Hotel Lagos. The IHG, which went into an international management agreement with Milan Industries Ltd, owners of Intercontinental Hotel, Lagos, in January 2012, had in a notice of termination of the agreement, last week, expressed its displeasure with Messrs Kunle Ogunba who was appointed receiver/manager by Skye Bank following an interim court order. “We had, on various occasions, engaged the receiver/manager to ensure the proper management and operation of the hotel as part of IHG’s global hotel network”, IHG said.
“Despite multiple letters issued to the receiver/manager and Milan dated, inter alia, May 18, 2017; June 1, 2017; June 14, 2017; July 18, 2017; October 31, 2017; November 12, 2017 and December 15, 2017, requesting the cooperation of the receiver/manager with IHG in order to ensure that the hotel maintains its operating licence and to avoid a material breach of the agreement, a significant amount of fees outstanding in the sum of USD 3,142,324/ NGN995,223,818 owed to IHG remain unpaid and continue to accrue on a daily basis.”