Following the trail of publications on the proposed sale of the prestigious Lagos Oriental Hotel and an imminent fold-up of the WEMPCO Group, the parent company, Western Metals Products Company Limited (WEMPCO), has restated its faith in the Nigerian economy and declared its continued involvement in the Nigerian business environment.
In a statement made available to THIDAY, the group clarified that it has no plan to exit Nigeria.
“We must hereby categorically state that there has never been and there is no intention of the WEMPCO Group to exit Nigeria as stated in the reports. Our Group has been in Nigeria over several decades and have witnessed many cycle of the Nigerian economy,” the statement said.
According to the group, publications had been circulated on some papers earlier in the month announcing the sale of its hotel and an imminent shut down of the parent company.
The group however, clarified that the sell-out of the hotel is a commercial decision based on the merit of reasonable transaction.
The group added that selling off of the hotel would not in any way hinder its other business projects in Nigeria as the hotel is not the flagship investment of the WEMPCO Group.
The management of the group has said that although the country is currently experiencing though economic time, the resilience of the Nigerian economy has always prevailed.
The company stressed that alongside the Nigerian economy, it would come out strong adding that contrary to the reports that the WEMPO Group depended on federal government waivers, the group said it had never received special concession aside that extended to industries as a whole.
It declared its unflinching engagement in the Nigerian business environment and urged the general public to disregard any publication stating that the group is folding up from Nigeria.