CATEGORIES: Hotel Intel, Private Equity, REITs & Funds

Shareholders of Ikeja Hotels Plc remove Chairman

In an extraordinary general meeting held on Tuesday, January 5th 2015, shareholders of Ikeja Hotels Plc (IKEJAHOT:NL) voted to remove the chairman, Goodie Ibru.  The listed company, which owns Sheraton Ikeja, is a core investor in Capital Hotel Plc (owners of the Sheraton Abuja), and is a major shareholder of Tourist Company of Nigeria (owners of the Federal Palace Hotel Lagos).

The meeting was held unconventionally due to a court order preventing normal proceedings.  Shareholders conducted the meeting outside the premises of the Sheraton Hotel, voting in favor of four resolutions.  Olumide Braithwaite was appointed chairman to replace Goodie Ibru.  Tunde Sarumi was appointed director of the company. KPMG was appointed to carry out a forensic audit of the firm’s management between 1999 and 2014, as well as a forensic audit of the share register and verification of the funding and payment for the shares of the company.

The company had previously been unable to pay out dividends due to planned refurbishments of the Sheraton Ikeja.

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