Summary of Proposed Investment
Project Number
7883
Company Name
The Moorhouse Company Limited
Date SPI Disclosed
May 15, 1997
Country
Nigeria
Industry
Tourism, Retail and Property
Status
Completed
Sector
Resort Hotel (Including Lodges)
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Jun 26, 1997
Signed : Sep 9, 1997
Invested : Nov 10, 1997
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name: Nigeria - The Moorhouse Company Limited
Sector: Hotel and Tourism
Project No.: 007883
Projected Board Date: June 20, 1997
Company Name: The Moorhouse Company Limited (TMC)
Description of Company and Purpose of Project: TMC is a Nigerian incorporated company to own (leasehold), implement and operate the project. TMC have acquired a 35-year lease from UNDP to refurbish and convert UNDP’s guest house, located at Ikoyi, into a 42-room luxury hotel. The hotel will be ideal for diplomatic missions, other business and tourist travelers, and visiting UNDP staff. The hotel will provide five-star quality accommodation close to the center of commercial activity in Lagos.
Technical Partner and/or Major Shareholders: TMC is owned by Messrs. Koye Edu and Gbolly Balogun. Mr. Edu is a partner in a legal firm, and Mr. Balogun manages Logomat which manufactures doormats with logos and messages inscribed. Devimco (ACCOR Group) have signed a management contract with TMC to manage and operate the hotel.
Project Cost Including Proposed IFC Investment: Total project cost is estimated at N400 million (US$5.0 million equivalent). IFC has been asked to provide a loan of US$1.0 million and equity investment of US$0.3 million.
Location of Project and Description of Site: Situated at Ikoyi, the hotel will take advantage of its proximity to first-class restaurants, a prestigious golf course, a health club, and other facilities in Ikoyi.
Environmental Category and Issues: This is an environmental review category B project. Environmental and safety issues include sewage treatment/disposal, liquid and solid waste disposal, CFC’s, fire safety measures, and employee training and general safety. The sponsor has presented relevant information which address all these issues, mainly for the fire prevention and life safety. IFC will ensure ongoing compliance with World Bank environmental, health and safety policies and guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by the Moorhouse and by conducting periodic supervisions.
The Environmental Review Summary has been available at the Public Information Center since May 8, 1997
Date SPI sent to PIC: May 15, 1997
For additional information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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