SEC Dissolves Ikeja Hotels Board as Crisis Deepens

May 4, 2017
Ikeja Hotel

SEC Dissolves Ikeja Hotels Board as Crisis Deepens

By Modupe Gbadeyanka

The board of Ikeja Hotels Plc has been dissolved by the Securities and Exchange Commission (SEC) as a result of the lingering boardroom crisis in the company.

The capital market regulator explained that it took the decision to disband the board of the firm to forestall further crisis.

Some majority shareholders of the hotel have been at loggerheads, which even resulted into the resignation of Mr Goodie Ibru as Chairman.

A statement issued on Thursday by the Head of the Corporate Communications of SEC, Mr Naif Abdulsalam, disclosed that, “To forestall chaos in the organisation, the commission and other distinguished personalities previously held various meetings with the existing board towards resolving the crises.

“The company continued to be plagued with unhealthy corporate governance practices in disregard with the Code of Corporate Governance for public companies.”

“As a public company, it is paramount that the activities of the company are conducted within the confines of existing corporate governance regulations in the Nigerian capital market.

“This is to ensure the protection of minority shareholders and other investors,” the statement said further.

Ikeja Hotels Plc manages Sheraton Hotel and Federal Palace Hotel.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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