Owners of popular Lagos Oriental Hotel have confirmed that it is divesting its investment in the business.
The company, Western Metal Products Company (WEMPCO) made this known in a Tuesday statement.
However, WEMPCO debunked reports that it was leaving Nigeria, addding that the plan to divest its investment in the hotel was purely a business decision.
The statement read in part, “The Lagos Oriental Hotel is a flagship in the Nigerian hospitality business but is not a flagship of the WEMPCO Group. It is an investment made by the Group in 2008, but not part of our core manufacturing business.
“Although the recent spate of advertisement of the Hotel was not initiated or authorised by our Group, to divest in the asset would simply be a commercial decision based on the merits of a reasonable transaction.
“Contrary to claims in the reports that the WEMPCO Group had relied on Federal Government waivers, the Group has never received special concessions outside of those extended to industries as a whole.”