For years the rumor was all over town, told and retold until it became ingrained in the minds of some as the “truth” that Asiwaju Bola Ahmed Tinubu owned Lagos Oriental Hotel.
This narrative exposed the hospitality business and its employees to an unfortunate attack during the #EndSars crisis and forced out the truth.
After its premises was invaded, property vandalized and employees attacked by persons targeting the investments of Asiwaju Tinubu and his friends, the owners of Lagos Oriental Hotel issued a widely published statement which hung on the business premises for days that read in part “…Western Metal Products Company (WEMPCO) Group, owners of Lagos Oriental Hotel, formally acknowledges that there was an attack on our property on October 20, 2020, when hoodlums armed with guns, knives and bottles, forcefully gained entrance to our facility, assaulted some of our security personnel and damaged properties.
“Unidentified individuals whose motives remain unknown to us have gone to town with a rather unfortunate narrative claiming that the Lagos Oriental Hotel is the investment of politicians, thereby exposing it to unwarranted attacks.
“Lagos Oriental Hotel is owned by the WEMPCO Group with 99percent shareholding. The WEMPCO Group of Companies was founded by businessman and entrepreneur Mr. K.F. Tung over fifty (50) years ago.
“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 their core manufacturing business…”
Insiders insist it is this same scenario that is playing out with Alpha Beta Consulting, the tax collection firm.
“Just like Lagos Oriental Hotel, the claims that Tinubu owned Alpha Beta started by word of mouth and gained ground and has refused to go away” societynow.ng learned.
Sources who should know insist that it is because there is no document or proof to back up claims that Tinubu owns Alpha Beta consulting that talks of ownership by proxy came up recently.
“The funny thing about this ownership of businesses tales all over town is that, if you check properly they claim Tinubu owns virtually all major businesses he created an enabling environment to flourish as Governor of Lagos State whether they existed before he came to power or were set up during his time in the office such as Alpha Beta” societynow.ng learned.
Tinubu as a two-term governor- from May 29, 1999 to May, 29, 2007 – reformed the environment and harnessed the business potentials of Lagos state in a way that provided the foundation that set the pace for his successor Babatunde Fashola and subsequent governors to flourish.
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