IMSG denies sale of Imo Hotels.

NO SIGNImo State Government has refuted recent media reports that a popular hospitality firm Gee Plaza Hotel Limited has taken over the ownership of Imo Hotels Limited, explaining that there was no court judgement to that effect.

The state Attorney General and Commissioner for Justice, Chukwuma Machukwu Umeh (SAN), who made the refutal while briefing newsmen, blamed the immediate past administration in the state for hurriedly entering into an agreement with Binez Hotels Limited to transfer a purported 60 per cent holding into the Imo Hotels to Gee Plaza Hotels Limited. This, he said, was in violation of an agreement which the state government entered into with the hotel management (BINEZ), proposing that it (BINEZ) would only acquire 60 per cent shares of the Imo Hotels Limited, if it makes N500 million) capital investment within three years of the date of the agreement (May 26, 2005) into Imo Hotels Limited.

According to the Attorney General, by March 31, 2008, BINEZ Hotels Limited did not make the expected N500 million investment into the Imo Hotels Limited even up to May, 2011. Umeh, however, expressed shock that 13 days to leaving office, the immediate past governor of the state, Chief Ikedi Ohakim, despite the failure of the BINEZ Hotels to make the required N500 million investment into the Imo Hotels Limited six years after the stipulated three years, on May 16, 2011 entered into an agreement for BINEZ Hotels Limited to transfer a purported 60 per cent holding in Imo Hotels Limited to Gee Plaza Hotels Limited.

Admitting that the Gee Plaza Hotel went to court, praying ot to declare that the agreement dated 16th May 2011 still remained valid and which was granted by Justice . I Agugua on 8 November, 2012, Umeh regretted that since then, Gee Plaza Hotels had not made any effort to fulfill its contractual terms in the agreement of making N500 million investment into the Imo Hostels Limited despite an extension of time.

“It, therefore, on its own,reneged on its terms of the agreement of 16th May 2011 as well as the order of the Hon. Court and the state had to more on with its well known Rescue mission”, he stated.



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