The shareholders of Ikeja Hotels Plc yesterday voted to kick out its chairman Mr Goodie Ibru after an Extra-Ordinary General meeting held January 6, 2014. The company has been in internal turmoil for months now even as its share price continue to rally over the last few months and ending up as the most performing stock for 2014. According to reports, there are two factions in the company jostling for control of the company. Ms Grace Ibru and Mabel Ibru had obtained a restraining order (see pic) against Mrs Maiden Ibru, Alurum Investment Ltd, OMA Investment Ltd, Dadifol Ltd, RFC Ltd from holding the Extra Ordinary meeting back in December 9 2014. However, it appears the order was not honored and the respondents have gone on to hold the meeting after they were locked out of the hotel.
According to Punch, the shareholders, who said that they were duly granted permission to hold the EGM by a Federal High Court in Lagos, went ahead and held the meeting in front of the hotel, insisting that only a superior court could overturn the order of the Federal High Court in Lagos. So basically, the respondents had gotten an injunction to hold the EGM from a Lagos High Court only for the Appellant to obtain another injunction from an Abuja High Court.
We believe SEC and the NSE are seeing what is going on as foreign investors will be watching developments. Disobeying the rule of law is common ground in the political terrain and retail investors will not want to see this in the business space. Ikeja Hotels Plc are the owners of the Sheraton Hotels Lagos.