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Business operations at the Ikeja Hotel Plc may be taking a positive turn, just as investors may also be looking forward for a return on investment, as the board of the company has been reconstituted after a long board squabble.
According to a statement posted on the site of Nigerian Stock Exchange NSE on Wednesday, Chief Anthony Idigbe has been elected to replace Mr. Goddie Minabo Ibru as Chairman.
Other members of the company’s new board are Abatcha Bulama, Toke Ibru, Ufuoma Ibru, Alex Thomopholus, Waheed Olagunju, Kunle Aluko and Fadeke Alamutu.
Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, had since its listing on the NSE some couple of years ago, not paid dividend, even as trading on its shares were suspended due to a protracted feud among board members.
The statement read that, at the reconstitution of the board on May 15th 2017, it was agreed that it was necessary for the company to review its business plan and strategic vision and chat a new way forward for the mutual benefit of all its stakeholders in line with the highest standard.
The Securities and Exchange Commission SEC, welded its big hammer by dissolving the company’s board some time last year, after an endless feud among directors.
The apex body said its action was aimed at restoring confidence in the equities market, and also largely due to the unresolved internal crisis involving some majority shareholders of Ikeja Hotels Plc
The Commission said its proactive measure has become necessary in order not to allow the warring parties take certain actions that would give them an advantage over one another.
“To forestall chaos in the organization, the Commission and other distinguished personalities, had previously held various meetings with the existing Board towards resolving the crises but the company continues to be plagued with unhealthy Corporate Governance practices in disregard with the Code of Corporate Governance for public companies’, it added.
