Travel/Tourism
Capital Hotels to Raise Fresh Funds, Meet 20% Free Float Rule
By Modupe Gbadeyanka
One of the players in the hospitality business in Nigeria, Capital Hotels Plc, is considering raising fresh capital from the Nigerian Stock Exchange (NSE).
The executives of the company confirmed this on Wednesday during their Facts Behind the Figures presentation, which was done virtually at the exchange. It was the first to be held after the COVID-19 pandemic limited physical interactions in the country.
Chairman of Capital Hotels, Mr Anthony Idigbe, and the Managing Director, Mr Robert Itawa, noted that the organisation will take advantage of the laytime investment opportunity the pandemic has provided to the source for additional funds.
At the gathering, they shared some of their plans to further engage with their shareholders and improve compliance with the 20 per cent free float requirement of the exchange.
Business Post gathered that Capital Hotels has a 2.99 per cent of free float and has requested to comply by August 16, 2021.
Companies listed on the main board of the NSE are required to have at least 20 per cent of their issued and fully paid-up shares in the hands of the investing public so as to make their securities liquid at the market.
At the event yesterday, the company thanked the exchange for the opportunity to engage the capital market community on its platform, expressing optimism that it will navigate through the crisis caused by coronavirus.
The hospitality sector is one of the most badly affected by the contagion, but the Capital Hotels team believes it can still remain strong and deliver value to shareholders.
While speaking yesterday, the CEO of the NSE, Mr Oscar Onyema, who was represented by Mr Olumide Bolumole, Head of Listing Business Division at the exchange, noted that, “It is our pleasure to host Capital Hotels Plc and we commend the Management for championing the maiden edition of this vital series given that the market is driven by timely, relevant and accurate information.
“We recognize the efforts made by Capital Hotels Plc aimed at improving business operations and restoring investor confidence in the company despite the impact of the COVID-19 pandemic.
“At the exchange, we remain committed to providing a platform for the company and other Issuers to meet their strategic business objectives.”
In spite of the challenging business environment, Capital Hotels Plc has consistently delivered value to shareholders as evident in its dividend policy over the last three years and demonstrated by a final dividend of 5 Kobo per ordinary share for 2019.
One of the highlights of the event was the privilege given to Mr Idigbe to sound the digital closing gong of the NSE.
Capital Hotels is the operator of the prestigious Sheraton Hotel.
By Aduragbemi Omiyale
About 14.12 per cent stake in Ikeja Hotel Plc has been acquired by Honeywell Group Limited, a notice on the Nigerian Exchange (NGX) Limited has revealed.
Honeywell Group took up the part of the hospitality firm through one of its affiliates known as HGL Real Estate Limited.
Ikeja Hotel, in the disclosure filed with the NGX on July 2, 2026, said the stake comprised 305,323,525 units of its equities.
“Ikeja Hotel hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12 per cent shareholding in the company,” the notice stated.
Ikeja Hotel is one of Nigeria’s leading hospitality investment and hotel management companies with premium hospitality assets.
It operates two leading hospitality organisations in Lagos, the Sheraton Lagos Hotel and Balmoral Convention Centre.
By Aduragbemi Omiyale
About 10 hospitality establishments, including hotels and restaurants, were sealed on Wednesday by officials of the Lagos State Environmental Protection Agency (LASEPA).
The affected businesses are located in different locations in the Alimosho Local Government Area of the metropolis, Business Post learned from a statement from the agency.
It was stated that they were sealed by LASEPA for persistent violations of environmental regulations despite repeated warnings, abatement notices, and several opportunities to comply with the agency’s directives.
According to the notice, the enforcement exercise was carried out in line with the directives of the Lagos State government to ensure strict compliance with environmental laws and to safeguard public health.
The affected facilities were said to have breached various environmental regulations, including noise pollution, air pollution, unlawful discharge of untreated effluent, obstruction of official duties, among others.
LASEPA closed the premises of Granduer Meridian at Obasa Akiniyi Street, Oluwaga, Ipaja for non-compliance with the agency’s directives; Lasola (Spazio Bar), located on Ipaja Road, Fatolu Bus Stop, Ipaja, was sealed for noise pollution and non-compliance with directives; Millennium Restaurant, located at Gate Bus Stop, Ipaja, Ayobo, was shut down for non-compliance with directives; O2 Exquisite Suites & Tower on Jimoh Akinremi Street, Jimoh Bus Stop, Akowonjo, was sealed for non-compliance with directives; and Chirozz Hotel & Suites, located on Samuel Street, Akowonjo, by Vulcanizer Bus Stop, Egbeda, was closed for noise pollution and non-compliance with directives.
In addition, House 7 Hotel, located at Remi Akande Street, Egbeda, was sealed for non-compliance with LASEPA’s directives; House 48 on Isiba Oluwo Street, Egbeda, was sealed for non-compliance with directives; Exclusive Hotel, located at Ishan Kimishe, Akesan Bus Stop, was shut down by non-compliance with directives; Sabola Ventures Limited, Iocated at Km 11, LASU–Isheri Road, Igando, was shut down for operating without evidence of an Effluent Treatment Plant (ETP), and discharging untreated effluent into public drains; and City Int’l Motel, located at Chief Olu-Adegbite Street, off Oladun Street, Council Bus Stop, Idimu, was sealed for non-compliance with directives.
By Modupe Gbadeyanka
Emirates has become the first airline cargo carrier to deploy the Boeing 777-300ERSF passenger-to-freighter converted aircraft.
The aircraft (A6-EBK) will enter commercial service with a flight from Hong Kong to Dubai carrying over 100 tonnes of cargo, a statement from the airline operator stated.
The converted Emirates Boeing 777-300ERSF offers 100 tonnes of payload capacity and 811 m³ of cargo volume, representing a 25 per cent increase in cargo volume over the Boeing 777-F production freighter.
At 47 pallet positions, the converted aircraft also accommodates 10 additional pallet positions when compared with the Boeing 777-F production freighter, making it ideal for transporting volumetric cargo such as e-commerce goods, which currently constitute around 20 per cent of global air cargo tonnage with further growth projected in the next few years.
The converted Boeing 777-300ERSF is the sixth new freighter, following five Boeing 777-F production freighters, to join Emirates SkyCargo’s fleet since March 2026.
As part of its ambitious expansion strategy, Emirates SkyCargo will also be taking delivery of five additional Boeing 777-F aircraft as well as one additional converted Boeing 777-300ERSF by December 2026.
Emirates SkyCargo will also be introducing three additional converted Boeing 777-ERSFs into its fleet in 2027.
“The induction of the first converted Emirates Boeing 777-300ERSF into operational service represents the next step in the expansion of our fleet and operational agility.
“We are optimising our fleet assets by converting older Boeing 777-300ER passenger aircraft to meet the growing demand for air cargo capacity to transport goods rapidly across the world,” Emirates SkyCargo’s Divisional Senior Vice President, Badr Abbas, commented.
“Combined with our growing fleet of Boeing 777-F production freighters, we have already been able to scale our global freighter network from just over 40 destinations in February this year to 62 destinations currently and growing.
“We are providing our global customers with scalable cargo capacity and ultimate flexibility and connectivity when moving cargo to and through our hub in Dubai,” Abbas added.
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