The Nation Newspaper

Tag: Ikeja Hotel

  • Majority shareholder increases stake in Ikeja Hotel

    A majority shareholder in Ikeja Hotel Plc-OMA Investments Limited has acquired additional stake in the hotel and leisure company to become the single largest shareholder in the company.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) yesterday, Ikeja Hotel stated that OMA Investments acquired additional 279.10 million ordinary shares of 50 kobo each at N2.05 per share in a deal valued at N572 million.

    With the acquisition, OMA Investments’ total shareholding increased to 25.89 per cent, the single largest shareholding. OMA Investments acquired the shares from UBA Nominees Limited-Trading, which apparently was selling on behalf of another investors.

    Ikeja Hotel, incorporated in 1972 and quoted on the NSE in 2007, controls a chain of hotels directly and through other subsidiaries and affiliates including Tourist Company of Nigeria (TCN) Plc and Capital Hotel Plc. Ikeja Hotel owns Sheraton Hotel, Ikeja, Lagos. TCN owns Federal Palace Hotel while Capital Hotel owns Abuja Sheraton Hotel. The Ibru family owns the single largest individual shareholding.

    The NSE had in May 2018 lifted its one and a half years suspension on trading in the shares of Ikeja Hotel, after the interim board of the company indicated that it has undertaken considerable resolutions of the challenges facing the company.

    The NSE had in November 2016 suspended trading on the shares of Ikeja Hotel Plc in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company.

    In May 2017, SEC had dissolved the board of directors of Ikeja Hotels Plc and ordered a forensic investigation into the affairs of the hospitality and tourism company. The Commission appointed Chief Anthony Idigbe (SAN) as the interim chairman for the company.

     

  • Stock Exchange lifts suspension on Ikeja Hotel

    The Nigerian Stock Exchange (NSE) has lifted its one and a half years suspension on trading in the shares of Ikeja Hotel, paving the way for resumption of trading in the shares of the hospitality and tourism company.

    Ikeja Hotel’s share price rose by 4.49 per cent or 8.0 kobo to close at N1.86 per share during trading on Monday at the NSE.

    Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai, said the Quotations Committee of the National Council of the Exchange had on Friday May 11, 2018 approved the lifting of the full suspension.

    The board and management of Ikeja Hotel had also on Friday May 18, 2018 provided a status update to the market during an interactive session on the underlying facts behind the restructuring of the company. The interim board of the company indicated that it has undertaken considerable resolutions of the challenges facing the company.

    Iwenekhai stated that the Securities and Exchange Commission (NSE) has been notified of the lifting of suspension, in line with extant rules at the capital market.

    The NSE had in November 2016 suspended trading on the shares of Ikeja Hotel Plc in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company.

    The full suspension on Ikeja Hotel implied no trading whatsoever in the shares of the company. Unlike technical suspension where trading can take place without price movement, full suspension disallows both trading and price movement.

    The Exchange noted that the full suspension was taken “to safeguard the investments of shareholders of Ikeja Hotel Plc following the continued dispute between the major shareholders which has negatively impacted on the company’s governance structure”.

    The NSE stated that it acted pursuant to the provisions of rule 15.45: suspension on trading of securities, rulebook of the Exchange, 2015. The suspension took effect on November 10, 2016.

    In May 2017, SEC dissolved the board of directors of Ikeja Hotels Plc and ordered a forensic investigation into the affairs of the hospitality and tourism company. The Commission appointed Chief Anthony Idigbe (SAN) as the interim chairman for the company.

    The apex capital market regulator said it took the decision to sack the board due to unresolved internal crisis involving some majority shareholders of Ikeja Hotels Plc, in apparent reference to the squabbles within the Ibru family, which holds the largest shareholdings in the company.

     

  • Ibru hands over to Ikeja Hotels’ new board

    Ibru hands over to Ikeja Hotels’ new board

    Former chairman of Ikeja Hotels Plc, Mr Goodie Ibru, has handed over to a new board of directors chaired by Chief Anthony Idigbe (SAN).

    Members of the new board are Mr Abatcha Bulama, Dr. Alex Thomopulos, Mr Toke Alex-Ibru, Mr Kunle Aluko, Mr Ufuoma Ibru, Mr Waheed Olagunju and Mrs. Fadeke  Alamutu.

    Those who retired are Mr Ibru, Dr Oba Otudeko, and Mr. Rasheed Olaoluwa, who was replaced.

    Idigbe formerly took over from Ibru at the Sheraton Hotel in Ikeja on Monday.

    At a joint briefing in Lagos by Ibru and Idigbe, which was attended by some of the new board members, the SAN said all stakeholders were represented.

    Ikeja Hotels Plc, which owns Lagos Sheraton Hotel and Federal Palace Hotel, among others, has been involved in a boardroom crisis.

    Idigbe thanked Ibru for his services to the company and vowed to lead it to new heights.

    He said: “Mr Goodie Ibru has graciously retired effective from the 17th. The company is very grateful for his services, and to his brother Alex of blessed memory. We’re very grateful.”

  • Stock Exchange suspends trading on Ikeja Hotel

    Stock Exchange suspends trading on Ikeja Hotel

    Authorities at the Nigerian Stock Exchange (NSE) have suspended trading on the shares of Ikeja Hotel PLC in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company.

    The Securities and Exchange Commission (SEC) has been notified of the suspension. The suspension will be in place until further notice.

    In a suspension notice, the Exchange stated that it has placed full suspension on Ikeja Hotel, implying that no trading will henceforth take place in the shares of the company. Unlike technical suspension where trading can take place without price movement, full suspension disallows both trading and price movement.

    The Exchange noted that the full suspension was taken “to safeguard the investments of shareholders of Ikeja Hotel Plc following the continued dispute between the major shareholders which has negatively impacted on the company’s governance structure”.

    The NSE stated that it acted pursuant to the provisions of rule 15.45: suspension on trading of securities, rulebook of the Exchange, 2015. The suspension took effect on November 10, 2016.

    The Nation had earlier reported that Nigeria’s apex capital market regulator, SEC was scrutinising investigative report on the boardroom crisis at Ikeja Hotel, after the simmering ownership and management crisis within the Ibru family snowballed into a major onslaught by the Economic and Financial Crimes Commission (EFCC).

    Reliable capital market sources told The Nation that the capital market regulators had dusted up investigative reports on Ikeja Hotel to review the facts and proactively act to protect shareholders’ interests.

    A source at SEC said the apex capital market regulator had received a comprehensive report from the NSE, and the Commission has started reviewing the investigative report in line with the market’s complaint management framework.

    Ikeja Hotel, incorporated in 1972 and quoted on the NSE in 2007, controls a chain of hotels directly and through other subsidiaries and affiliates including Tourist Company of Nigeria (TCN) Plc and Capital Hotel Plc. Ikeja Hotel owns Sheraton Hotel, Ikeja, Lagos. TCN owns Federal Palace Hotel while Capital Hotel owns Abuja Sheraton Hotel. The Ibru family owns the single largest individual shareholding.

    The EFCC had declared Mr. Goodie Ibru wanted alleging capital market fraud, stealing and money laundering, among others. The family of Mr. Goodie Ibru immediately responded accusing EFCC of bias and mischief, stating that the public notice declaring Goodie Ibru wanted as scandalous, misleading and unfortunate.

    In earlier response to the attempt to oust him as chairman, Goodie Ibru had dismissed earlier claims of corporate abuses, noting that those opposed to him had rather ganged up to frustrate attempts to recapitalise the company. Goodie Ibru’s family in the counter-notice to the EFCC notice, reiterated his position that the Ikeja Hotel crisis “centres on family misunderstanding and boardroom politics.”