Lagos government revokes Sheraton Hotel’s C of O

Lagos State Government has 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Ikeja Hotel said in an internal memo that it had received a notice from Lagos authorities that the land had been revoked.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 N4.63bn unless it is reversed.

The company also said in the letter that it lost N1.4bn 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