Ikeja Hotel has said that its Lagos Sheraton land is not under the threat of revocation.
According to a regulatory filing at the Nigerian Stock Exchange, the firm explained that its earlier statement of land revocation threat was misinterpreted.
In a statement titled ‘Lagos Sheraton land not revoked’ and dated November, Ikeja Hotels said that its land which was being threatened was in Opebi Gorge and not Sheraton Lagos Hotel.
The statement read, “It has come to our notice that our statement to the Nigeria Stock Exchange in our bid to provide the market with full information on the developments in our group was misconstrued and misinterpreted by some sections of the press.
“Please note that our press release on November 3, 2020 to the exchange is to disclose that the land in Opebi Gorge belonging to Charles Hampton Limited which is a subsidiary of Ikeja Hotel Plc, is the land in question.
“The Notice of Revocation from the Lagos State Government on the said land in Opebi Gorge has nothing to do with Sheraton Lagos Hotel nor the land on which the hotel is situated.”
The hospitality firm had earlier announced that it received a letter dated October 15, 2020 from the Lagos State Government, purportedly revoking its right of occupancy on its land situated at Opebi Gorge, Ikeja, Lagos.
It said the revocation could impair the assets of the group to the tune of N4.63bn, if the government succeeded. Nonetheless, it vowed to take action.