Transcorp Hilton Hotel Plc and the Institute of Directors of Nigeria have reached an asset swapping pact in a bid to strengthen comparative advantage and promote growth.
In an agreement signed by the directors of the organizations recently in Lagos, the two organizations are going to exchange their landed properties in Ikoyi, Lagos in order to suit their needs.
While the Institute would give its parcel of land at 53 Glover Road where its office is presently located to Transcorp, the hospitality company would in return offer its land at No 1Rumens Road, both in Ikoyi, Lagos to the Institute.
The IOD’s Director-General, Victor Banjo, said the idea ensures that the two organizations operate in a convenient and highly accessible environment.
He said the idea is bound to strengthen the operation of the institutions, as well as help in providing additional services for the growth of the economy.
While speaking at the IoD’s Annual General Meeting in Lagos, Banjp said efforts are been made to reposition his organisation, using all available resources at its disposal.
In addition, Transcorp has paid a sum of N300milion to the Institute in line with the huge premium placed on its land.