Nairametrics| After a long battle, which culminated in several court cases, Goodie Ibru has stepped down from the board of Ikeja Hotels Plc. He cited the need to give way, for the next generation of Ibrus to take over. Was that really the reason for his resignation ? Does it bring closure to the several issues surrounding the firm? Maybe not.
Frankly speaking, Mr Ibru should have resigned immediately the company started to post losses. His excuse of giving way for the next generation of Ibrus doesn’t hold water. Ikeja Hotels Plc is a publicly listed company. Even if founded by Goodie Ibru.
The Ibru clan have exhibited poor corporate governance in running companies. Oceanic bank and Aerocontractors are clear examples. As far as is known, the younger generation of Ibrus have never been involved in the running of the company. So how much difference are they expected to make, in a short period. Anyway, that’s just me ranting
Looking at the records, under his watch, the company has been consistently late in filing annual reports, despite Ibru being a former vice chair of the Nigerian Stock Exchange. 2014 results show the company made a loss after tax of 2.55 billion naira. Mr Ibru also has a pending case with the Economic and Financial Crimes Commission (EFCC). The stock is currently at a price of 1.78 naira per share.