By Manny Philipson

A five-star hotel which is planned to take the place of the recently demolished car park at the Murtala Muhammed International Airport, Ikeja, Lagos has suffered a set-back. BusinessWorld Intelligence can reveal that the project which was approved by the former president, Chief Olusegun Obasanjo, may have been suspended by President Umaru Musa Yar’Adua.
Aviation authorities said the presidential order suspending the construction of the hotel came as soon as the car park was fully dismantled and as another car park was hastily built closer to the taxi garage at the airport, a distance of about 500 meters from the demolished one.
The hotel project which was a response to Obasanjo’s order to parastatals to make efforts to generate revenue that they could use to finance their operations, may have hit the rocks because the new administration believes that the approval of the venture was not subjected to due process.
BusinessWorld Intelligence can reveal that a comprehensive feasibility studies on the project was submitted to a group of core investors who have been granted the concession to go ahead with it during Obasanjo’s administration for the purpose of building an imposing five star hotel with about four-floor mezzanine that would be used as car park.
The construction of the hotel which was planned to begin soon was scheduled to be handled by one of the popular multinational construction firms in the country. The cost of the project could not be immediately ascertained, but consultants close to the promoters said that the cost would be running into millions of dollars. Our sources explained that the main promoters of the project are Nigerians in the Diaspora who have indicated interest as core investors in any major development project in the country. It was not immediately known when the construction of the hotel was to be completed, but BusinessWorld can reveal that there are indications that the promoters had made all necessary arrangements to get the hotel ready in the next one year.
Traffic situation at the airport has worsened as vehicles coming into the airport and those leaving the airport now have to struggle for right of way.