Lagos State Government has revoked the right of Ikeja Hotel, owner of Sheraton Hotel and the Federal Palace Hotel to continue occupying the land on which its Sheraton Hotel, Lagos currently sits in Ikeja.
Ikeja Hotel confirmed this in an internal memo this week that it received a notice from Lagos authorities that the land has been revoked.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.
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 on 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. A Lagos government spokesman did not answer calls and text messages seeking comments on the issue.
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