Imo Denies Selling Concord Hotel

The Imo Government has said that it has not sold the government-owned Concord Hotel in Owerri.

The state’s Commissioner for Information and Strategy, Dr Obinna Duruji, who made the announcement while speaking with newsmen said that the administration had no plans to sell any of its properties as being speculated.

Duruji explained that the administration was renovating the hotel at a cost of N500 million, adding that it would be leased to a management consultant after the rehabilitation in December.

He said that discussions between the government and the consultant had reached advanced stage, noting that the hand over was expected to yield N800 million annually for the state.

According to him, in the past 12 years, the hotel has not generated any revenue for the state government rather, government is owing the hotel management over N450 million.

The commissioner said that the state government was also discussing with a private investor to take over the management of Adapalm Plantation in Ohaji/Egbema local government and Avutu Poultry Farm in Obowo Local Government area of the state.

On Adapalm, he said the investor had offered a down payment of N500 million and annual revenue of N200 million, for the next 12 years.

He also said that the investor for the poultry farm offered a down payment of N700 million and annual revenue of N200 million for for 10 years.

“It is a different approach this time because we now have a business-minded governor, who is utilising his experience in the business world, jettisoning the mundane approach witnessed in the past.”

“By the time these plans are consummated, the people will now see the difference between leasing out their property to be managed by experts under government supervision and outright sale,” he noted.

He challenged anybody, who had any company or investor with better offers to contact government, pointing out that all should be concerned about the development of the state.