The Federal Airports Authority of Nigeria (FAAN) has terminated two leases granted Bi-Courtney Limited at the Murtala Muhammed Airport, Ikeja for the development and management of a four-star hotel and conference centre, respectively.

In two separate letters, dated April 19th 2012, the Authority had informed Bi-Courtney that the leases granted it 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.

By the said agreements, 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.

By that termination order, the demised premises, in respect of the two projects, have reverted to FAAN automatically, in line with the terms of the agreements.

It will be recalled that in November last year, the Nigerian government terminated its concessional agreement with Bi-Courtney for the reconstruction of the 125-kilometre  Lagos – Ibadan Expressway.

Bi-Courtney Limited is a construction company owned by Nigerian lawyer and businessman Dr Wale Babalakin.