Ikeja Hotels blames board crisis for delay in filing 2016 results
The persisting crisis among members of the bard of Directors of Ikeja Hotel Plc has been attributed as cause for the company’s delay in filling of its 2016 audited financial statement as at the regulatory mandated period of March 31, 2017.
Olumuyiwa Adefope, of IHL Services Limited in a letter titled “late fling of audited financial statements for the year ended December 31 2016” said that
Ikeja Hotel wishes to inform our esteemed shareholders, stakeholders and the general public that its annual financial statement for the year ended 31 December 2016 was not filed within the due date of 31 March 2017 in compliance with the provisions of the Securities and
Exchange Commission and the Nigerian Stock Exchange. The delay in filing was due to protracted crisis on the board of Ikeja Hotels Plc which has just been resolved”
The company revealed that t has initiate move to convene a board meeting soon, to approve outstanding financial statements.
Ikeja hotel expressed optimism that its audited financial statement for the year ended 31 December 2016, and other outstanding financial statements will be ready for filing in the third quarter “on or before 31 July 2017.”
On 13 November 2016, the NSE Suspended trading in shares of Ikeja Hotel to protect shareholders of the company in the wake of sustained board imbroglio.
According to the NSE, the suspension, pursuant to the Provisions of Rule 15.45 of its Rulebook, was to safeguard shareholders of the company as the dispute has negatively impacted the company’s governance structure.
Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, has been involved in a boardroom crisis, a development that led to some of the shareholders removing its chairman, Mr. Goodie Ibru early 2015 at an extra-ordinary general meeting (EGM).
Three shareholders (Alurum Investments Limited, Dadifoll Limited, and RFC Limited) on behalf of others, had procured an order of the Federal High Court in Lagos permitting the EGM.
However, on getting to the venue of the meeting, the shareholders were prevented from entering the venue through another order procured by representatives of Goodie Ibru from another Federal High Court sitting in Abuja.
The shareholders decided to conduct the EGM standing outside the premises of the hotel and passed all the resolutions for the EGM through a poll, at the end of which 53.34 per cent voted for the resolutions, while 0.001 per cent voted against it, thus leading to the ouster of Ibru as board chairman.
The removal of the Chairman was followed by court action by Goodie Ibru, who later secured a ruling in his favour.
However, In February 2017, it was reported that Ikeja Hotels Plc Chairman Mr. Goodie Ibru resigned from office. The resignation came barely two months after securing victory in court as the authentic chairman of the hotel. Ibru, said he decided to take the move in the interest of the company and the Ibru family.
It was gathered that Ibru, in a statement, anchored his decision on the need to get Ikeja Hotels to perform statutory functions, which have been impossible as a result of multiplicity of law suits by shareholders in the contest for the management and control of the company.
He stated that the decision of Justice Kafarati of the Federal High Court, Abuja, confirming him as chairman “vindicates his struggle for corporate governance and provides right timing for him to retire as founding chairman after 32 successful years in office”.
Ibru implored the younger generation of Ibrus to work with other shareholders to continue to carry on the torch of excellence for which Ikeja Hotels was known for.
He added that the Ibru family has gone through a tough phase in the recent past and as the only surviving son of the first generation of Ibrus, he “is more committed to working with his sisters on keeping the family united”.
