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Odu’a Investment shuts Premier Hotel, lays off workers

By Seye Olumide
19 January 2023   |   3:22 am
The Odu’a Investment Company Limited (OICL), owners of Premier Hotel, Ibadan, Oyo State, yesterday, announced temporary shut down of the business outfit. The company said it had entered into a joint venture agreement with a seasoned international hotel development and management firm with requisite expertise to remodel the hotel. In a statement by the company’s…

The Odu’a Investment Company Limited (OICL), owners of Premier Hotel, Ibadan, Oyo State, yesterday, announced temporary shut down of the business outfit.

The company said it had entered into a joint venture agreement with a seasoned international hotel development and management firm with requisite expertise to remodel the hotel.

In a statement by the company’s Head, Branding and Communications, Victor Aiyetoro, the firm said the decision was in pursuit of excellence and commitment to reposition it.

“We hereby notify our stakeholders and the general public that in pursuit of excellence and commitment to reposition the Premier Hotel, the company has entered into a joint venture agreement with a seasoned international hotel development and management company with the requisite expertise, technical and financial capacity for redeveloping and revamping the hotel.

“As a result, Premier Hotel will be shut down immediately to have a safe environment for the commencement, execution and timely completion of the project,” the statement stated.

The statement further stated that the hotel redevelopment project would entail remodelling, renovating and upgrading the existing structure as well as adding new and modern facilities befitting of a Five-Star world class hotel, adding: “This will take place in phases with anticipation that the first phase will be completed within 24 months.

“The new Premier Hotel, when completed, will transit into additional upgraded rooms, equipped with international standard conferencing facilities, modern recreation hand fitness centres, multiple restaurants serving African and Continental cuisines and others.”

MEANWHILE, as of yesterday when The Guardian visited the Mokola Hill, the location of the hotel, it was totally under lock and key.

The shutdown became apparent last week as a professional body, which used to hold its monthly meeting within the premises, had to relocate the meeting to Basorun area of Ibadan.

It was, however, authoritatively gathered that the facility had been shut down since Wednesday, December 28, 2022.

One of the security guards said: “This place has been shut down. There is no meeting holding here again.”

HOWEVER, Head of Department (HoD) of Business Administration, Precious Cornerstone University, Janet Adegoke, who spoke on the development, said what happened to the Odu’a Company has both positive and negative implications. The HoD, however, stressed that any modelling customer must be carried along in any restructuring or remodelling by the owners.

“Customers are the essence of being in business. They ought to have given them prior notice so that they would have made another plans.”