SEC dissolves Ikeja Hotels’ board, appoints interim board

By Nkiruka Nnorom

THE Securities and Exchange Commission, SEC, yesterday, announced the dissolution of the Board of Directors of Ikeja Hotels Plc due to unresolved internal crisis involving the major shareholders. The Commission also appointed an Interim Board led by Chief Anthony Idigbe (SAN) to oversee the conduct of forensic investigation into the affairs of the company.

SEC said in a statement that the proactive measure was necessary in order not to allow the warring parties take certain actions to the disadvantage of the rival. It added that as a public company, it is paramount that activities of the company are conducted within the confines of existing corporate governance regulations in the Nigerian capital market to ensure the protection of minority shareholders and other investors.

Integrity of the securities market

“Having failed to resolve its lingering crisis, the Commission in exercise of the powers conferred on it by the Investment and Securities Act, 2007 to protect investors and the integrity of the securities market, hereby approves the appointment of an Interim Board for the company  with Chief Anthony Idigbe, SAN, as Interim Chairman. It is the Commission’s expectation that the shareholders and key management staff of the company will work with the new team to ensure that the fortunes of the company are restored in the shortest possible time,” SEC said.

Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, has been involved in a boardroom crisis, a development that led to a controversial removal of its chairman, Mr. Goodie Ibru, in 2015 at an extra-ordinary general meeting (EGM) held by a section of the shareholders. Three shareholders (Alurum Investments Limited, Dadifoll Limited, and RFC Limited), on behalf of some shareholders of the company, had got an order of the Federal High Court in Lagos sanctioning the EGM.

However, on getting to the venue of the meeting, the shareholders were prevented from entering the venue through another order gotten by another group of the company’s shareholders apparently loyal to Goodie Ibru from another Federal High Court sitting in Abuja. The first group of shareholders, however, decided to conduct the EGM standing outside the premises of the hotel and passed all the resolutions including the one that sought to oust Godie Ibru as chairman. Ibru, however, faulted his removal as chairman of Ikeja Hotel and the crisis has been lingering, prompting yesterday’s action by SEC.

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