Harry Akande’s $48m Trapped In MMIA 5Star Hotel Project

Twenty years down the line, money man Harry Akande is still suffering the loss of an investment misstep.

All of the former Presidential aspirant’s $48m is still trapped in a mega International Airport project the government – through FAAN – has refused to let kick off.

Details available have it that Akande through his company AIC Limited had secured the lease of some 50 acres of land at the Murtala Muhammed International Airport from late General Sani Abacha in 1998.

The plan was to build a five-star hotel/shopping mall on the site.

Apparently the “sudden” death of Abacha took away the political might for the take-off of the mega-project as Akande was forced to drag Federal Airport Authorities before an arbitration panel for refusal to let him kick-start work on site based on “security issues”.

Akande counter the claim with claims it is a worldwide practice to situate Hotels by Airport Terminals.

The Investor won the case and was awarded a $48million compensation,

But just like FAAN refused to let him start his mega project, the airport management agency as refused to honor the “judgment” as well – with Akande “stranded” 20years after he took the first step towards achieving a major feat.