Ikeja Hotel laments N4.3bn potential impairment as LASG revokes land

Ikeja Hotel laments N4.3bn

The board of Ikeja Hotels Plc, owners of the Sheraton Lagos Hotel says it has dragged the state government to court over the purported revocation of its right of occupancy on its land situated at Opebi Gorge, Ikeja, Lagos. In a statement to shareholders through the Nigerian Stock Exchange (NSE), the company, signed by its company secretary Punuka Nominees Limited, said “the revocation has the potential to impair the assets of the Group to the tune of N4.63bn if the government succeeds” in its revocation move. The government’s directive was…

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