Tinubu Commissions Newly Rebuilt Premier Hotel, Ibadan

BY MICHAEL AKINOLA

President Bola Tinubu on Thursday commissioned the newly rebuilt Premier Hotel in Ibadan, Oyo State, declaring that his administration’s economic reforms are beginning to deliver tangible results and urging investors to take advantage of emerging opportunities in Nigeria’s evolving economy.

The President said the transformation of the iconic hospitality facility atop Mokola Hill demonstrates how legacy assets can be revitalised to meet modern demands while preserving their historical significance.

Represented at the ceremony by the Secretary to the Government of the Federation, SGF, Senator George Akume, Tinubu described the hotel’s rebirth as a symbol of heritage preservation, economic renewal and the resilience of indigenous institutions established by the visionary leaders of the old Western Region.

The President said, “the economy has kicked into gear, and the benefits of all the sacrifices we have made as a people over the last three years have already begun to accumulate”.

He expressed optimism that Nigerians would begin to witness significant improvements in wages and living standards in the coming months as the gains of the reforms deepen across various sectors of the economy.

“I beckon on us all to take advantage of the beginnings of our economic transformation as a nation to invest in Project Nigeria, and I can assure you that you will be very glad you did,” he added.

Heritage and modernisation

Tinubu said the extensive modernisation of Premier Hotel mirrors ongoing efforts to restore national landmarks, stressing that heritage should be preserved and strengthened for future generations.

“Heritage should not merely be remembered; it should be preserved, strengthened and passed on from one generation to another,” he said, noting that the hotel has remained an important part of Nigeria’s history, having hosted prominent Nigerians and international visitors over several decades.

The President praised the founding fathers of the defunct Western Region for establishing institutions that became engines of economic development and commended successive leaders for sustaining Odu’a Investment Company Limited through decades of political and economic transition.

He also applauded the six shareholder states of Odu’a Investment Company, Oyo, Ogun, Ondo, Osun, Ekiti and Lagos, for their commitment to preserving and revitalising one of the South West’s most valuable legacy assets.

According to him, the successful redevelopment of the hotel underscores the importance of collaboration between government and the private sector in driving economic growth and safeguarding strategic investments.

“What we are witnessing here today is a triumph of good governance, public sector-private sector collaboration and strategic partnerships,” he said.

Tourism and economic outlook

Highlighting tourism as a key pillar of the Renewed Hope Agenda, Tinubu said the Federal Government has introduced programmes to strengthen the hospitality, arts, culture and creative industries, positioning them as major contributors to economic growth.

He said the initiatives are expected to boost Nigeria’s Gross Domestic Product, GDP, increase foreign exchange earnings and create millions of jobs.

The President assured investors that his administration would continue implementing policies aimed at improving infrastructure, promoting domestic tourism and attracting greater private sector participation across the tourism value chain.

Tinubu described the redevelopment of Premier Hotel as evidence that bold investments made at the right time can yield lasting returns and expressed confidence that Odu’a Investment Company would undertake more transformative projects across the South West and other parts of the country.

“The grounds we stand on today epitomize what is possible when vision is matched with commitment, when collaboration delivers results, and when a legacy is repositioned for long-term prosperity,” he said.

He congratulated the board, management, shareholders and stakeholders of Odu’a Investment Company Limited, as well as the people of Oyo, Ogun, Ondo, Osun, Ekiti and Lagos states, on the successful completion of the project.

Project details and historical background

The Chairman of Odu’a Investment Company Limited, OICL, Otunba Bimbo Ashiru, in his remarks disclosed that the company plans to build Premier Hotel in all six South West states.

He said the newly rebuilt hotel is expected to create about 600 direct jobs and 2,500 indirect jobs through its supply chain and ancillary services.

The hotel, which previously had 87 rooms, now has 154 rooms and other modern facilities.

The 60-year-old hospitality facility located on Mokola Hill has undergone extensive renovation by OICL as part of efforts to reposition it as a modern hospitality destination.

Premier Hotel occupies a significant place in Nigeria’s post-independence history. It was established by the former Western Region Government through the Western Nigeria Development Corporation as part of Chief Obafemi Awolowo’s industrialisation programme in the 1960s.

The facility was officially commissioned in 1966 as the WNTV/WTBS Hotel to complement the operations of the Western Nigeria Television and Broadcasting Service while providing quality accommodation for government officials, foreign visitors and business travellers.

At the time, it was among the first modern high-rise hotels outside Lagos and stood as a symbol of the Western Region’s developmental aspirations.

Over the years, Premier Hotel became one of Ibadan’s most recognisable landmarks, hosting presidents, governors, diplomats and entertainers.

The facility later evolved from WNTV Hotel to Premier Hotel under the management of Odu’a Investment Company, the successor to the Western Nigeria Development Corporation.