Investment lessons from Ikogosi resort’s transformation under PPP model

When Steven James came to Ikogosi Warm Springs and Conference Centre on December 8, 2022, he was a bit disappointed.

James, who is professionally known as Chef Steffon, left his plum job as an executive chef of a five-star hotel in Lagos to Ikogosi Resort in Ekiti State, and almost did not want the job anymore. “I had to call my wife to say this place is full of bushes, but she encouraged me to see it as a challenge and go ahead to take the job, and I did,” Chef Steffon said.

The above was the reality of the resort then, which was abandoned for years. today, Chef Steffon, the executive chef of the resort, has hosted and is still hosting big dignitaries beyond his imagination; from top government functionaries, business executives, to international organisations, global leaders to everyday guests.

The transformatory concession:

The emergence of Cavista Holdings, a conglomerate with interests in agriculture, energy, technology, and hospitality, changed the story.

Through Glocient Hospitality, its hospitality subsidiary, the global investment and holding company, sought and won a long-term concessionary agreement with the Ekiti State government, the owner, for the upgrade and management of the resort.

While Cavista Holdings signed the concession agreement in October 2022, it took over the resort in December 2022, and commenced upgrade projects with a mission to make Ikogosi a premier resort in the world.

“Before taking over the resort, you cannot work conveniently in it because it was uninhabitable. But in three weeks after takeover, we made the resort habitable. The Ekiti State governor was impressed and he called us transformers,” Lanre Sharafa Balogun, general manager, Glocient Hospitality enthused.

“This place was completely dead when we came in. Then, one couldn’t stay here for one hour, the roof was falling off and we couldn’t even enter. But we were able to fix and restore the resort, even better within a short period. Yes, within eight months, we were able to complete 60 rooms”.

As well, when the Ekiti State government visited the resort in the first few months after the concession agreement, the executives were shocked because of the improvement they witnessed within the shortest time.

“We put in lots of resources to bring the resort to this enviable state it is now. Our achievement still baffles those who don’t believe that Nigerians can transform businesses. We can, and we have done so here at Ikogosi Warm Springs Resort. Now, we have guests coming in from all over the world to visit us,” Balogun said.

The Ekiti State government and staff members of Glocient Hospitality attribute the resort’s transformation to the commitment of Niyi John Olajide, founder and chairman of Cavista Holdings, who has invested massive foreign direct investment in the resort.

At a point, during one of his visits, Biodun Abayomi Oyebanji, governor of Ekiti State, who is also an indigene of Ikogosi town, commended the huge upgrade projects t the resort, the speed, the quality of facilities being installed and especially the huge funds spent on the project.

In reality, Olajide, a Nigerian-born American entrepreneur, investor, and technology expert, has never been stingy with the release of funds for the resort project.

When Cavista Holdings got to the place, there was no power for almost a decade.

But in less than eight months, with the government’s support, it ran a dedicated line from Ilawe to Ikogosi. While power is a government asset, the investment that went into the Ilawe to Ikogosi powerline was purely private.

With billions spent so far, Cavista Holdings is not tired of spending more until Ikogosi becomes the premier resort it envisaged and Olajide, riding on his many success stories in other investments, is proudly putting his name on the Ikogosi Resort.

From overgrown bushes and limited meeting and accommodation offerings, Ikogosi Resort is now world-class in all respects.

The resort offers accommodation across three camps: Camp A with 32 rooms; Camp B with 43 rooms and Camp C, which is called the villa. It offers 15 rooms and a presidential villa. In total, there are 92 rooms, the goal is to have 120 saleable rooms.

Also, Hannatu Musawa, Minister of Art, Culture, Tourism and Creative Economy, commissioned the resort’s Presidential Villa, an additional room category, while at the resort with her team on Destination 2030 retreat on a vision of building a smarter and more sustainable tourism ecosystem for Nigeria.

Also available in the resort are meeting facilities for events and corporate clients. The John McGee Hall accommodates up to 100 guests, while the spacious CAVISTA Banquet Hall can host events for up to 260 guests, providing versatile options to suit any gathering. Other offerings include: rejuvenating thermal swimming pool, pool bar, restaurant, spa, amphitheater, hiking trails, bush camp, boardwalk, nature park, tree house, landscaped areas, fish pond, vegetable farm, basketball court, volleyball court, five-a-side football pitch, among others.

But in all, the enchanting springs, both warm and cold and their meeting point, still hold the most thrills for the guests.

Community engagement, empowerment:

Another reason for the resort’s success is because the Glocient Hospitality-led management did everything people are applauding all by local sourcing. The rooms are locally designed and furnished.

The resort engaged local furniture people, tillers, plumbers and other local artisans to work in upgrading the facilities, empowering them, and making them part owners too.

“My major focus for investing at Ikogosi, Ekiti State and Nigeria at large is jobs, more jobs and jobs,” Olajide said at Ikogosi. today, Cavista Holdings engages over a thousand people, including indigenes of Ikogosi Town, which account for 80 percent of Ikogosi resort employees.

“We have been able to transform the lives of the people of Ikogosi. We inherited some staff and upgraded them,” the general manager said.

Barely four years down the line, the expansion in four phases, still ongoing, improved facilities, the personalized services, the eco-friendly environment, and huge patronage, amid sustainable business, speak volumes on the transformation.

The resort is now a compelling blend of ecological serenity and modern comfort. It is also a business and leisure sanctuary; the kind of place where boardroom strategies are just as likely to be discussed beside a thermal pool around a projector screen, amid rare birds humming melodious sounds.

Again, families that plan vacation or companies that plan retreats for their C-suite executives, need not to look outside the country as the Ikogosi Warm Springs and Conference Centre has world-class facilities, most indulging nature and hospitable people to host them.

Guarantee of concession agreement: