President Bola Ahmed Tinubu on Thursday formally commissioned the newly reconstructed ultra-modern Premier Hotel, Ibadan, marking the rebirth of one of Nigeria’s most iconic hospitality assets and setting the stage for full commercial operations scheduled to commence in the fourth quarter of 2026.
The commissioning ceremony, held atop the historic Mokola Hill in Ibadan, attracted top government officials, governors and representatives of the six South-West states, business leaders, traditional rulers, and stakeholders in the hospitality and tourism sectors.
Represented by the Secretary to the Government of the Federation, Senator George Akume, President Tinubu described the transformation of the 60-year-old hotel as a powerful symbol of heritage preservation, economic renewal, and regional collaboration.
He said the project demonstrated what could be achieved when vision, perseverance, and strategic investment converge in pursuit of shared prosperity.
According to him, Premier Hotel occupies a special place in Nigeria’s history, having served for decades as a preferred destination for statesmen, diplomats, business leaders, scholars, tourists, and visitors from across the world.
“What we are celebrating today is not just the reopening of a hotel but the restoration of a true national icon,” he said.
The President noted that the revitalised facility aligns with the Federal Government’s Renewed Hope Agenda, which identifies tourism and hospitality as key drivers of economic diversification, job creation, foreign exchange earnings, cultural diplomacy, and urban renewal.
He stated that the Federal Government had continued to invest in transportation infrastructure, improved connectivity, digital services, and public-private partnerships aimed at boosting tourism-related enterprises across the country.
Tinubu also highlighted the establishment of regional development commissions, including the South-West Development Commission, as part of efforts to accelerate infrastructure development, economic integration, and regional competitiveness.
He disclosed that the commission would work closely with state governments, Odu’a Investment Company Limited, the Development Agenda for Western Nigeria (DAWN) Commission, and private investors to build a world-class regional economy.
On security, the President assured residents of Oyo State and the South-West that the Federal Government was taking decisive steps to tackle banditry, kidnapping, and related criminal activities.
He specifically addressed concerns over the recent abduction incident in Oriire Local Government Area of Oyo State, assuring that every realistic measure, including international collaboration, was being deployed to secure the safe return of the victims.
Tinubu further said ongoing economic reforms were beginning to yield positive results, noting that investor confidence was improving, strategic investments were growing, and key sectors of the economy were showing renewed momentum.
“The newly transformed Premier Hotel is itself a vote of confidence in Nigeria’s future. It represents optimism, enterprise, and belief in the opportunities ahead,” he added.
Speaking on behalf of the Chairman of the South-West Governors’ Forum and Lagos State Governor, Babajide Sanwo-Olu, the Lagos State Secretary to the Government, Barrister Abimbola Salu-Hundeyin, described the project as the restoration of an important part of Nigeria’s national identity.
She said the transformation underscored the capacity of Nigerians to build institutions capable of enduring across generations while showcasing the benefits of collaboration among the South-West states through Odu’a Investment Company Limited.
Similarly, the vice chairman of the Nigerian Governors Forum and governor of Oyo state, Seyi Makinde, represented by the Secretary to the Government of the state, Professor Musibaudeen Babatunde, described the commissioning of the redeveloped Premier Hotel as one of the most significant hospitality investments in South-West Nigeria in recent years.
He explained that the effort reflects renewed confidence in tourism, regional economic integration, and the preservation of historic assets.
With commercial operations expected to commence before the end of the year, Makinde expressed optimism that the reborn Premier Hotel would once again become a leading destination for business, leisure, international conferences, and tourism in Nigeria and beyond.
Ondo State Governor, Lucky Aiyedatiwa, who attended in person, described Premier Hotel as a strategic legacy asset of the South-West and commended Odu’a Investment Company for preserving and modernising the institution.
He also praised President Tinubu’s economic reforms and called for deeper regional collaboration among South-West states.
Earlier in his welcome address, the Group Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, traced the history of Premier Hotel to 1966 when it was established as the flagship hospitality asset of the old Western Region.
According to him, the facility stood alongside Hamdala Hotel in Kaduna and Hotel Presidential in Enugu as symbols of post-independence regional development and prosperity.
Ashiru explained that the vision to redevelop the hotel began in 2016 and gained momentum under Odu’a Investment Company’s Strategic Resource Conversion (SRC 1.0) programme launched in 2020.
He said the redevelopment project officially commenced in the fourth quarter of 2022 with a deliberate effort to preserve the hotel’s historic architectural identity while upgrading it to meet contemporary global hospitality standards.
“We were determined not to demolish history but to preserve the architectural soul of the original building while infusing it with world-class amenities and global hospitality standards,” he said.
The Odu’a chairman revealed that the former 87-room hotel had been transformed into a 154-room luxury five-star facility designed to compete with the best hospitality destinations globally.
He added that the project forms part of a broader strategy under SRC 2.0 (2026-2030), which includes plans to redevelop Lagos Airport Hotel into a mixed-use hospitality and commercial destination and upgrade Lafia Hotel in Ibadan.
Ashiru announced that while the hotel had now been commissioned, full business operations would commence in the fourth quarter of 2026.
“Today, we are not merely commissioning a building; we are relaunching the Premier Hotel brand and preparing the grounds for full business operations, which will commence in the fourth quarter of 2026,” he stated.
Also speaking, the Group Managing Director of Odu’a Investment Company Limited, Mr. Abdulrahman Yinusa, described the project as a complete rebirth rather than a mere renovation.
He disclosed that construction commenced in January 2023 amid severe economic headwinds, including exchange-rate volatility and inflationary pressures.
According to him, the company mitigated the impact of economic shocks by front-loading procurement of critical materials and equipment before major currency fluctuations occurred.
Yinusa provided details of the new facility, saying the hotel now boasts 154 rooms and suites, including deluxe rooms, executive suites, disability-friendly accommodations, and premium hospitality offerings.
He said the hotel also features a 1,000-capacity banquet centre, nine dining and relaxation venues, five swimming pools including an infinity pool, a modern gymnasium, spa facilities, tennis courts, and a one-kilometre guided walking trail.
Other attractions include a Sky Lounge overlooking the city skyline, a multi-level car park with capacity for 250 vehicles, additional surface parking for 150 cars, a water treatment plant, biodigester, LPG storage system, specialist kitchens, and modern laundry facilities.
Yinusa expressed confidence that the hotel would reclaim its position as the premier hospitality destination in the South-West upon resumption of operations.
He said the facility would stimulate tourism, create employment opportunities, attract international conferences, and contribute significantly to regional economic growth.
Governors and representatives of the South-West states also lauded the redevelopment initiative.
Representing Ogun State Governor Dapo Abiodun, Secretary to the State Government, Mr. Tokunbo Talabi, recalled nostalgic memories of visiting Premier Hotel during his university years and commended the regional partnership fostered through Odu’a Investment Company.
Similarly, Ekiti State Governor Biodun Oyebanji, represented by Secretary to the State Government, Prof. Habibat Adubiaro, praised the transformation of the hotel into a world-class hospitality facility.
Osun State was not represented at the event.
In attendance were representatives of traditional rulers from the six shareholder states in the region. Others are industry captains and development partners.