The Management of Sheraton Abuja Hotel and Loatsad Promomedia Ltd, a company owned by Seyi Tinubu, have refuted viral social media claims that the President’s son purchased the five-star hotel for N100 billion, describing the report as entirely false and baseless.
In a statement released on Wednesday, the hotel’s management clarified that Sheraton Abuja Hotel is not for sale and remains fully operational under its current ownership structure. “There is no transaction involving the sale of the hotel to any individual or entity. The public is advised to disregard the malicious and unfounded publication,” the statement read.
Loatsad Promomedia Ltd, in a separate statement signed by its legal counsel, described the allegation as a “calculated attempt to smear the reputation of Seyi Tinubu.” The company noted that Seyi Tinubu had not initiated or authorised any discussions regarding the acquisition of the hotel.
“This is yet another instance of fake news being weaponised against him. Our client has never expressed interest in acquiring Sheraton Abuja or any other hospitality asset on that scale,” the statement added.
Recall that Sheraton Abuja is owned by Capital Hotels Plc, a publicly traded company on the Nigerian Exchange Group (NGX). In 2021, the hotel’s board announced plans to sell a 51 percent stake to 11 Plc, formerly Mobil Oil Nigeria Plc, but the deal has yet to be finalised. As of press time, Capital Hotels Plc has made no official disclosure regarding a sale to Seyi Tinubu.
Seyi Tinubu’s legal team has threatened legal action against those circulating the false report. The Presidency has also distanced itself from the rumour, urging Nigerians to verify information before sharing.
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