IHG threatens to exit Nigeria, Skye Bank’s receiver speaks

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.”

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