No plans to exit Nigeria, says WEMPCO -


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Wednesday, 8 May 2019

No plans to exit Nigeria, says WEMPCO

Tinubu OrientalWestern Metal Products Company (WEMPCO) has debunked claims that it is planning to end its business operations in the country.
It said its proposed divestment in its Lagos Oriental Hotel was purely a business decision.
WEMPCO noted that despite the challenging business environment, it was committed to and had “unshakable” faith in the resilience of the economy, like it has had for over 50 years.
In a statement yesterday, the company said media reports to the contrary were rumours and falseIt said WEMPCO Group of Companies was founded by businessman and entrepreneur Mr. K.F. Tung over 50 years ago.
Tung, 97, passed away on March 27, 20l9 “surrounded by his family at the age of 97.”
The company said: “While K.F.’s presence and guidance will be missed, both the Tung family and everyone at the WEMPCO Group of Companies remain fully committed to contributing to the ongoing growth and development of 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.”
Addressing the Oriental Hotel controversy, it said:
“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.”

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