Business

Lagos Government Revokes Sheraton Hotel’s Land

Ikeja Hotel says it faces depletion of assets to the tune of N4.6 billion if the revocation stands.

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Ikeja Hotel said in an internal memo this week that it received a notice from Lagos authorities that the land has been revoked.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 unless it is reversed.

The November 3 internal memo circulated on social media Friday morning. The company also said in the letter that it lost N1.4 billion 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.

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