A new dimension has been introduced to the controversy trailing the remodeling of Kwara Hotels from a four – star to five – star status as a pro- democracy group, Kwara Must Change introduced a competition amongst students on the issue.
The group has invited students across tertiary institutions in the state to solve a governance equation on the ongoing upgrade of the hotel.
The upgrade of the hotel has generated heated exchange in the state amongst various interest groups.
In a post on its Facebook social media page, the group raised multiple questions for mathematical determination and said any student that can provide the correct answer will be rewarded with N50,000.
Kwara Must Change noted that, governance debate should not be left for few politicians and public personalities who might have their own agenda, adding that,” it should involve all concerned stakeholders, especially the students, which we believe can make better judgement on governance issues if given the right information.”
Providing background to the question, Kwara Must Change explained that, six years ago, Akwa Ibom State Government built a 143 rooms 3-Star Hotel in Uyo for N25 billion, adding that in Oyo State, 87 rooms premier hotel is being upgraded for N20 billion.
“If 172 rooms Kwara Hotel is valued at N5.4 billion two years ago and the hotel is to be upgraded to 5 star with N17.8billion in 2024, considering the 29% inflation rate in Nigeria today, students determine if the proposed cost of upgrading Kwara Hotel to 5-Star Hotel is expensive or cheap”.
The group also asked the students to determine what the valuation of Kwara Hotel would be after the hotel is fully upgraded in 2025.
In its second question, Kwara Must Change said, when 20% averagely rated Kwara Hotel is functional, it generates N50 million per month and N600 million per year.
If upgraded to 5-Star and the hotel is functional at its 100 percent capacity, how long will it take the hotel to generate the N17.8 billion used in upgrading it, the group asked.
The competition is generating exciting debate in Kwara State as students are making attempts to solve the equation.
