Shareholders remove Goodie Ibru as Ikeja Hotel chairman amid challenges

The shareholders of Ikeja Hotel Plc in an extraordinary general meeting (EGM) held Tuesday in Lagos removed Goodie Ibru as chairman of the company amid intrigues and challenges that prevented them from entering the venue of the meeting.

The EGM held in an unconventional venue (outside the premises of Ikeja Hotel Plc) despite a notice to shareholders placed at the entrance of the Sheraton Hotel, the original venue of the EGM that the meeting has been cancelled by the Federal High Court sitting in Abuja.

The percentage of votes in favour of the four resolutions at the EGM represents 53.34% of the total issued shares of 2,078,796,399 for Ikeja Hotel Plc. Also at the EGM, Olumide Braithwaite was appointed chairman to replace Goodie Ibru, while Tunde Sarumi was appointed a director of Ikeja Hotel Plc.

At the meeting, Boniface Okezie, president, Progressive Shareholders Association of Nigeria (PSAN), seconded the motion. Also, the shareholders at the meeting appointed audit firm of KPMG for the purpose of carrying out forensic audit of the management of the affairs of Ikeja Hotel Plc from 1999 to 2014; forensic audit of the share register and verification of the funding and payment for the shares of the company by holders, directly/indirectly, of share that amounts to 2% or more of the company’s issued share capital.

The resolution was seconded by Timothy Adeshiyan, president, Nigerian Shareholders Solidarity Association (NSSA). Interestingly, a Federal High Court in Lagos had considered a case with suit no: FHC/L/CS/1956/2014 between Alurum Investments Limited, Dadifoll Limited, and RFC Limited as plaintiffs/applicants and Ikeja Hotel Plc, IHL Services Limited, and Union Registrars Limited and ordered that the extraordinary general meeting be convened on January 5, 2015 by the plaintiffs/applicants.

The Federal High Court in Lagos also mandated the defendants/respondents, their representatives and all parties duly entitled to attend the EGM that any resolution taken at the EGM is valid. The Federal High Court, Lagos had adjourned to January 14, 2015 for report of compliance.

In the absence of the removed chairman (Goodie Ibru) and the company secretary, shareholders appointed Rasheed Olaoluwa to chair the meeting, while Sophia Abiri-Franklin was appointed by the shareholders as interim secretary, a motion that was seconded by Adebayo Adeleke, general secretary, Independent Shareholders Association of Nigeria (ISAN), and Timothy Adeshiyan, president, Nigerian Shareholders Solidarity Association (NSSA).