Project Rebirth- Premier Hotel, Ibadan

Case type: MRR Form 2 (Simplified Procedure) Case Parties: Western Legacy Investment Limited/Odu’a Investment Company Limited Published: 19 Jan. 2023

The Parties propose to enter into a joint venture business enterprise for the purpose of redeveloping and revamping the Premier Hotel located and situate at Mokola Hill, Mokola, Ibadan, Oyo State, Nigeria (the Hotel), in a bid to achieve maximum returns, profitability and sustainability using the most economically viable operating model. The joint venture objectives are to be accomplished through a newly incorporated entity (Premier Legacy Limited) in which each party is to be allotted shares. In consideration for its share allocation, Western Legacy Investment Limited shall be providing funding for the proposed renovation and redevelopment of the Hotel, while Odua Investment Company Limited proposes to transfer its title and interest in the Hotel to Premier Legacy Limited. Parties to the merger a. Western Legacy Investment Limited (WLIL), a private company limited by shares incorporated under the laws of the Federal Republic of Nigeria. Its core objectives are to deliver world class services in the operation and management of hospitality businesses, and provide hospitality advisory services. b. Odua Investment Company Limited (OICL) an independent private company incorporated in 1976 as the investment vehicle to manage and administer the business interests of the six south western states of Nigeria: Oyo, Ogun, Ekiti, Ondo, Osun, and Lagos. Nature of the Merger -Joint Venture. Affected market- Hospitality and tourism industry within the Federal Republic of Nigeria.