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Skye Bank to Take Over Lagos Intercontinental Hotel

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Skye Bank to Take Over Lagos Intercontinental Hotel

Skye Bank to Take Over Lagos Intercontinental Hotel

By Modupe Gbadeyanka

The 361-room Intercontinental Hotel in Lagos is to be taken over by Skye Bank Plc following a court order.

Counsel to the lender, Mr Kunle Ogunba (SAN), claimed Milan Industries Limited, the parent company of the hospitality firm, defaulted in the repayment of a loan it got from its client, which necessitated the suit.

In its ruling, a Federal High Court in Lagos directed Skye Bank to take over ownership of the five-star hotel.

Justice Babs Kuewumi ordered Skye Bank to take over all assets of Milan Industries Limited including Intercontinental Hotel, which is covered by a deed of legal mortgage, pending the hearing and determination of substantive suit.

“An order is hereby made restraining the defendant, its agents, servants and/or privies from withdrawing, interfering with, tampering, removing from jurisdiction of this court or otherwise dealing with the defendant’s funds in any bank or financial institution in Nigeria or outside Nigeria in view of the receivership status of the defendant pending the hearing and final determination of the motion on notice filed along herewith,” Justice Kuewumi held.

“The plaintiff shall file an undertaking to indemnify the defendant should it turn out that this order ought not to have been made,” the judge added.

He also granted the bank’s prayer to appoint Ogunba as the receiver-manager of the hotel in order to preserve its assets and directed the Assistant Inspector General of Police, Zone 2, the Commandant of the Nigeria Security and Civil Defence Corps and their agents to assist Ogunba in the performance of his duties as the receiver-manager.

According to the bank, it granted loans of $29.8 million and N3.8 billion to Milan Industries Limited to construct the hotel.

Skye Bank further said it raised an overdraft facility of N500 million in favour of Milan Industries Limited to pay contractors and importation of material required for completing the hotel, but lamented that Milan Industries Limited failed to repay the loans as agreed.

“At the expiration of the tenure of the various facilities extended by the plaintiff, the defendant failed and/or neglected to liquidate the various facilities and same continues to accrue interest.

“The facilities availed the defendant have since matured and/or expired and the defendant has failed to liquidate same and failed to comply with various repayment plans of the principal and interest despite several magnanimities extended to it by the plaintiff,” Skye Bank disclosed.

The Lagos Intercontinental Hotel is believed to be one of the most expensive hotels in Lagos and Nigeria.

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

Normalcy Restored at Lagos Airport as Aviation Workers Suspend Strike

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aviation workers

By Aduragbemi Omiyale

Normalcy was restored at the Murtala Mohammed International Airport (MMIA) Lagos on Monday afternoon after workers of the Nigerian Aviation Handling Company (NAHCO) Plc disrupted flight operations this morning.

The aviation workers had embarked on an indefinite strike action to ask for a better welfare package from the management of the company.

Their action left many air passengers stranded on Monday morning, with operators suspending their flights in the process.

But the industrial action was later called off by the leaders of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees, which promised to enter into talks with NAHCO, with a view to resolving the matter.

The aggrieved employees of NAHCO asked the management to increase their salaries after hike air fares by 100 per cent. They claimed that the company was being insensitive to their welfare.

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Travel/Tourism

NAHCO Workers’ Strike Paralyses Flight Operations At Lagos Airport

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NAHCO Workers' Strike

By Aduragbemi Omiyale

Activities at the Murtala Mohammed International Airport (MMIA), Ikeja, Lagos, were paralysed on Monday after some employees of the Nigerian Aviation Handling Company (NAHCO) Plc embarked on an industrial action.

The NAHCO workers protested the failure of the management of the company to heed their demands, including an increase in salaries and better welfare packages.

Air passengers who were at the Lagos airport were left frustrated today due to the demonstration by the aviation workers, with a few international flights disrupted.

It was gathered that most airline operators were caught unawares as they did not have prior notice that the NAHCO staff members were planning to down tools on the first working day of the week.

This led to the abrupt suspension of flight operations by most operators this morning while efforts were being made to resolve this issue in order to reduce the losses that could arise from the action of the workers.

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Emirates Resumes Flights to Shanghai, Beijing After Border Reopening

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Emirates flights to Shanghai

By Modupe Gbadeyanka

Ahead of the New Lunar Year in China and in response to strong travel demand in the country, Emirates is ramping up its operations and has resumed flights to Shanghai, Beijing, and Guangzhou.

Recall that this month, the Chinese authorities removed its stiff COVID-19-related entry restrictions and reopened its borders to international travellers.

Emirates said following this new development, it would resume passenger services to Shanghai starting with two weekly flights operated by an Airbus A380 aircraft from 20 January 2023, with EK302 departing from Dubai to Shanghai non-stop and EK303 making a short stop in Bangkok before returning to Dubai.

This service will ramp up in frequency to four weekly flights operated by a three-class Boeing 777-300ER aircraft from 02 February 2023. During this period, Emirates’ flight EK302 will depart Dubai at 03:45hrs and arrive in Shanghai at 15:40hrs. The return flight EK303 will depart Shanghai at 17:40hrs and arrive in Bangkok at 21:45hrs before taking off from the Thai capital at 23:20hrs and arriving in Dubai at 03:20hrs the next day.

The airline operator said it would further boost its Dubai-Shanghai route from 1 March 2023 with a daily non-stop service. Its flight EK304 will depart Dubai at 09:15hrs and arrive in Shanghai at 21:05hrs. The return flight EK303 will leave Shanghai at 23:00hrs and arrive in Dubai at 05:20hrs the next day.

Starting from 1 February 2023, Emirates will increase services between Dubai and Guangzhou with EK362/EK363 operating as daily non-stop flights with the flagship Emirates A380.

Its flight EK362 will leave Dubai at 10:45hrs and arrive in Guangzhou at 21:45hrs. The return flight EK363 will depart Guangzhou at 00:15hrs and arrive in Dubai at 05:15hrs. Emirates currently operates a non-stop flight from Dubai to Guangzhou as EK362, and a return flight from Guangzhou to Dubai via Bangkok as EK363, four times a week.

Operated by a three-class Boeing 777-300ER aircraft, Emirates’ flight EK308/ EK307 will return to China’s capital city Beijing with a daily non-stop service from Dubai, starting from 15 March 2023. Emirates’ flight EK308 will leave Dubai at 10:50hrs and arrive in Beijing at 22:20hrs. The return flight EK307 will depart Beijing at 00:40hrs and arrive in Dubai at 05:00hrs.*

This will bring the airline’s operations in the market up to 21 weekly flights, providing increased choice and flexibility for both business and leisure travellers, and contributing to China’s tourism recovery.

Tickets can be booked on emirates.com, the Emirates App, or via travel agents. Travellers are also encouraged to check the latest entry requirements.

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