Authorities in Lagos have revoked the right of Ikeja Hotel to continue occupying the land on which Sheraton Hotel currently sits in Ikeja.
Ikeja Hotel said in an internal memo November 3 that it received a notice from Lagos authorities that the land has been revoked.
The company did not immediately explain the reason for the revocation but said it had challenged it in court. An email seeking clarification from Ikeja Hotels was not immediately returned Friday morning.
The management also warned that the seizure could deplete the company’s asset by N4.63 billion (about $12 million) unless it is reversed.
The November 3 internal memo circulated on social media over the weekend. The company also said in the letter that it lost N1.4 billion (about $3.7 million) after tax in the third quarter of 2020 due to the coronavirus.
It was unclear the nature of the dispute between the Nigerian hospitality giant and Lagos government. A Lagos government spokesman did not answer calls and text messages seeking comments Monday morning.
Segun James
Follow us on:
President Bola Tinubu on Friday declared that his purpose for seeking the nation's number one…
Kano state government is partnering Tony Blair Institute for Global Change to attract $23.5 million…
Nigeria's federal government has said it is currently reviewing the nation’s legal frameworks, among other…
The Nnamdi Azikiwe International Airport, Abuja, and the Port Harcourt International Airport have been recognised…
https://cdn.veri.app/13646108-d5ec-478b-a54c-b01f60dbca29.mp4 President Bola Ahmed Tinubu On Thursday directed Vice President, Kashim Shettima to lead Nigeria’s…
The United Sates (US) Vice President Kamala Harris has expressed her willingness to use her…