FAAN terminates Bi-Courtney lease agreement at MMA

The Federal Airports Authority of Nigeria (FAAN), has announced the termination of the two leases granted Bi-Courtney Ltd. at the Murtala Muhammed Airport, Lagos. Mr Yakubu Dati, Head, Corporate Communications, FAAN, made the disclosure in a statement in Lagos according to News Agency of Nigeria.

Dati noted that the authority had informed Bi-Courtney of the termination of the two projects on April 19, 2012 in two separate letters. “The leases granted Bi-Courtney in respect of the two projects had been terminated as a result of breaches committed by the company in the agreements it signed with FAAN on the two projects. The two projects were to be completed in 2008, but FAAN graciously extended the construction period to July, 2009.

“But Bi-Courtney still failed to complete the two projects at the expiration of the extended period,” he said. He explained that by the termination order, the demised premises, in respect of the two projects, have reverted to FAAN automatically, in line with the terms of the agreements. Dati said that the terminated lease agreements would ensure the development and management of a four-star hotel and conference centre, already under construction at the airport.
He said that Bi-Courtney forcefully and illegally acquired part of the premises belonging to the MMA School. Dati said that it was the loud protest by the school authority that stopped Bi-Courtney from acquiring the entire school premises.