The Managing Director of Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, has ordered an immediate strategic review of the lease agreement the company entered into with PRESKEN Hotels Lagos in 2020.
The Managing Director gave the order during a tour of the company’s assets in Lagos State recently, a statement from BIPC said.
The MD directed the cancellation of the 16-year lease after the end of the current lease and ordered the value of the rent review from 5 percent to 25 percent payable every three years.
While appreciating PRESKEN for the total renovation of the facility, the managing director also requested an upward review of the rent amount from the current ten million PRESKEN is paying to the company.
Representative of PRESKEN Fatai Owodunni Esq pledged his company’s readiness to adhere to the new terms reached by the current management of BIPC.
Fatai appreciated the company’s new management and assured that PRESKEN would ensure that the partnership was beneficial to both parties.
