Ikeja Hotel Plc

Ikeja Hotel Plc has announced the resignation of one of its Non-Executive Directors. This comes seven months after OMA Investments Limited acquired a majority stake in the hospitality and leisure company.

According to a statement issued to the Nigerian Stock Exchange (NSE) on Thursday, May 30, 2019, the Non-Executive Director who resigned is Dr. Waheed Olaganju.

Why he resigned: Much was not revealed as to why Dr Olaganju resigned from his position. However, his exit was not marred by controversy, as Ikeja Hotel Plc commended him for his leadership and overall contributions to the growth of the company.

What this means: It is not clear whether Dr Olaganju’s exit is part of a reshuffling exercise following OMA Investment‘s recent acquisition of an additional 279.10 million shares of 50 kobo each at N2.05 per share. The deal was valued at N572 million.

Recall that Nairametrics had reported that Ikeja Hotel Plc had recently gone through ownership tussle. The company changed leadership after Goodie Ibru stepped down from the company’s board for his son, Ufuoma Ibru, while the Maiden Ibru faction (wife of late Alex Ibru), is represented by her son Toke Alex-Ibru, and brother, Alex Thomopoulos.

Anthony Idigbe (SAN) was appointed as Chairman after Goodie Ibru stepped down, but with the recent resignation of Olaganju, this could be changes of the six-months-old board lead by the new generation of the Ibrus.

OMA Investments Limited is an investment vehicle belonging to the late publisher of the Guardian Alex Ibru. His wife, Maiden Ibru currently holds control.

What to expect: Ikeja Hotel Plc now has a position to fill. What this means is that the company should be expected to announce a new Non-Executive Director by the second half of 2019 or next year; depending on how important the position is to the operations of the company.

About Ikeja HotelIkeja Hotel was incorporated as Property Development Company on November 18, 1972. The company’s name was later changed to Ikeja Hotels Limited in 1980. It was listed on the Nigerian Stock Exchange in 1983 and assumed its present name on February 5, 1991.

Deal book 300 x 250

The company’s subsidiaries include Hans Gremlins Limited (through which it has an indirect shareholding in Sheraton Hotels Abuja). The company is also a shareholder in Tourist Company of Nigeria Plc (which owns the Federal Palace Hotels and Casino in Lagos).

Ikeja Hotel was founded by Goodie Ibru, while it secured investment from Alex Ibru.

Note: Ikeja Hotel Plc has a market capitalisation of N3 billion.  The stock is currently trading at N1.45 kobo on the Nigerian Stock Exchange.

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