Connect with us

Travel/Tourism

N13.4b Debt: AMCON Takes Over Kashamu’s Best Western Hotel

Published

on

By Modupe Gbadeyanka

The Assets Management Corporation of Nigerian (AMCON) has taken over Best Western Hotel in Lagos believed to be owned by Senator Buruji Kashamu.

Officials of AMCON, accompanied by some police officers and officials of the Federal High Court in Lagos storm premises of the hospitality centre to take over its management.

It was gathered that the move was made because it allegedly owes Oceanic Bank (now Ecobank) the sum of N13.4 billion.

Best Western Hotel is said to be operated by Suru Worldwide Ventures Nigeria Limited and the Group Managing Director of the parent firm, Mr Edward Akinlade, confirmed that this was not the first time officials of AMCON were storming the hotel.

According to the Head of Communication at AMCON, Mr Jude Nwaisor, Best Western Hotel owed Oceanic Bank N27 billion and only paid just N1.7 billion.

AMCON said it was working according to a court order, dated August 4, 2017 granted by Justice M.B Idris, which confirmed that the corporation had sued the Inspector General of Police, Commandant General of the Nigeria Security and civil defence corps and the Lagos State Commandant of the Corps as defendants and AMCON which gave it as a government agency, the mandate to take over possession of a non performing loan.

The judgment stated that due to the default of the debtor to liquidate its indebtedness to the plaintiff (AMCON) the powers and rights of the plaintiff as a secured creditor under the three Deeds of Legal Mortgage registered as 32/32/2033, 88/88/2032 and 89/89/2028 in respect of the properties earlier listed have arisen and therefore become exercisable.

But Mr Akinlade explained that in 2011, AMCON took over the company’s performing loan in Oceanic Bank and the lender was sued for selling the loan, saying in accordance with the Law, AMCON can only takes over a non performing loan.

“We sued Oceanic Bank for N39 billion for mismanaging our account, AMCON now took us to court before Justice Idris who dismissed the case on the basis that it was a performing loan, AMCON now needs to go on appeal but it did not, instead joined the case with Oceanic Bank, and the case has been going on for six years we have sued Oceanic Bank since 2011, so we are still on the matter.

“AMCON decided to join the case as co-defendants, the last time that case came up in court was about a month ago.

“They have been sitting on this Judgment since last Wednesday and we were not invited as defendants.

“This AMCON take-over is illegal, we were still waiting to go back to court on October 3, 2017 for a case we filed against AMCON at the Federal High Court.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Travel/Tourism

End of Greece’s Golden Visa Could Curb Increasing Migrant Population

Published

on

Greece Golden Visa

The latest analysis from Astons, reveals that Greece has seen a 14.6% increase in migrants settlers over the past 10 years, with almost 25,000 Americans settling in the Mediterranean paradise in 2024 alone. However, this trend could soon reverse, with rumours that Greece is set to call time on its Golden Visa offering.

Astons has analysed International Migrant data from the United Nations* and found that, in 2024, more than 1.4m migrants settled in Greece, marking a ten-year increase of 14.6% since 2015.

The largest proportion of migrants arrived from the European continent (913,652), followed by Asia (372,146), Africa (68,690), and North America (38,416).

On a national level, Greece welcomed the largest number of people from Albania (474,441), followed by Germany (123,912), Georgia (90,365), Bulgaria (90,365), and Russia (78,992).

Meanwhile, 24,748 migrants resettled in Greece from the USA, and 19,156 arrived from the UK, marking a ten-year increase of 8.6% in both instances.

Many migrants looking to settle in Greece opt for the nation’s Golden Visa as a pathway to gaining residency and figures from Astons show that an estimated 8,837 applications were made in 2024 – the highest number seen since 2019.

However, this could be about to change, as Astons has seen a sharp increase in activity so far this year, driven by investor urgency around rumours that Greece is set to withdraw its Golden Visa offering.

Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, said, “Greece has become one of Europe’s most in-demand destinations for migrants from all over the world, but residency in the country is certainly most desirable for the ultra-wealthy due to its investment potential and favourable expat tax rules, which explains why almost 25,000 Americans have chosen to settle there in the past year alone.

“There are some rumors, but no official confirmation. However, we understand that the situation in any country with a Golden Visa program can always change. The European Commission is putting significant pressure on countries offering Golden Visas, and internally, there is growing tension related to the need to address housing issues.

“History shows a clear trend – Ireland’s Golden Visa was discontinued, Spain’s program will officially end on April 3 this year. Last year, Portugal removed the real estate investment option from its program. In 2022, the UK also shut down its Tier 1 investor program.

“For now, Greece is maintaining its program and we can reasonably expect that it will remain in place for at least another year. However, it’s best not to delay making a decision for too long in case they decision is made to call time on Greece’s Golden visa.”

Continue Reading

Travel/Tourism

Mutfwang Renews Support for Strom Infrastructure’s Revamp of Hill Station Resort

Published

on

Hill Station Resort

The Governor of Plateau State, Mr Caleb Mutfwang, has assured full government support for the N8.5 billion Hill Station Resort revitalization project, embarked on by Hillside Hospitality Limited, an investee company of Strom Infrastructure Investments and Management Limited. The renewed commitment came during a high-level stakeholder engagement meeting aimed at accelerating the historic resort’s transformation.

Speaking through the Secretary to the State Government, in Jos, Plateau State, on Monday, Mr Samuel Jatau, Governor Mutfwang emphasized the project’s significance to Plateau’s development agenda.

“The people of Plateau are diligent, hardworking, and committed. We will support and patronise this development to ensure its success,” he said.

The ambitious project, set to commence construction in March 2025, represents a strategic partnership between the Plateau State Government and Hillside Hospitality Limited. Following the signing of the Heads of Terms Agreement in July 2024, the initiative aims to restore the 1938 structure while introducing modern amenities and luxury facilities.

Speaking on the project’s vision, the Director of Hillside Hospitality Limited, Mr Kolapo Joseph, described the Hill Station project as a groundbreaking initiative that seeks to transform hospitality and tourism in Plateau State.

“This project is about more than just revitalisation, it is a dedicated effort to honour Hill Station’s rich heritage while introducing world-class hospitality standards.

“Our vision is to create a destination that seamlessly integrates luxury, culture, and nature, ensuring an exceptional experience for visitors in the heart of Jos.

“We recognise that Plateau State holds immense potential as a hospitality hub, and we are committed to working closely with all stakeholders to ensure this transformation drives economic growth, generates employment, and instils a renewed sense of pride in the community.

“Through collaboration and strategic investment, we aim to develop Hill Station Resort into a landmark destination that reflects the very best of Nigerian tourism,” he stated.

Mr Joseph expressed gratitude for the continued support from the Plateau State Government and private sector partners, adding: “This is not just an investment in infrastructure; it is an investment in Plateau’s future. We are creating a resort that will attract business and leisure travelers alike, unlocking new opportunities for the local economy while preserving the unique identity of this historic site.

“With the right partnerships, we will position Plateau State as a premier global tourism destination, one that showcases its rich cultural heritage and natural beauty to the world.”

In his remarks, another Director of Hillside Hospitality, Mr Hakeem Condotti, highlighted Strom Infrastructure’s deep connection to Plateau State through its involvement with NESCO Nigeria.

“This investment demonstrates our commitment to preserving and enhancing historical landmarks while driving economic growth in the region,” he said.

The revitalized resort, scheduled for commissioning in the fourth quarter of 2025, will feature state-of-the-art conference facilities, premium accommodations, and leisure amenities, positioning Jos as a premier destination for business and leisure travel.

Continue Reading

Travel/Tourism

Emirates, Air Peace Seal Interline Deal for Frictionless Single-Ticket Travel

Published

on

Emirates Air Peace Seal Interline Deal

By Aduragbemi Omiyale

Two major airlines operating in the Nigerian airspace, Emirates and Air Peace, have signed an interline agreement to allow passengers enjoy frictionless single-ticket travel and simplified baggage throughput.

This deal will enable passengers flying from the United Arab Emirates (UAE) to Nigeria enjoy onward connections to Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna and Owerri, Abuja, Kano, Uyo, Port Harcourt and Warri.

Emirates operates the Dubai-Lagos route with a Boeing 777-300ER and some of its passengers continue their journeys to the above cities through other airlines, but with this interline agreement, when they land in Lagos, Air Peace will move them to the other cities with ease,

“Emirates is a steadfast partner of Nigeria’s tourism, trade and aviation sectors. This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria.

“We look forward to deepening our strategic partnership with Air Peace in the future to enhance the benefits for our mutual customers,” the Deputy President and Chief Commercial Officer for Emirates, Adnan Kazim, said.

Also commenting, the Chief Operating Officer of Air Peace, Ms Oluwatoyin Olajide, said, “We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travellers.

“It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach.

“This collaboration not only expands Air Peace’s international reach but also offers Nigerians arriving from Dubai seamless access to key domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri.

“By improving ease of travel, we are boosting business, tourism, and trade opportunities, further strengthening economic ties between Nigeria and the UAE.

“This partnership also reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning our country as a critical hub for regional and global travel. At Air Peace, we remain committed to providing greater connectivity, convenience, and world-class service for our passengers.”

Continue Reading

Trending