AEF The Moorhouse Company Limited (TMC)

completed

SUMMARY OF PROJECT INFORMATION (SPI)Project Name: Nigeria - The Moorhouse Company LimitedSector: Hotel and TourismProject No.: 007883Projected Board Date: June 20, 1997Company 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, 1997Date SPI sent to PIC: May 15, 1997For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 facsimile: (202) 676-0365Environmental 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).