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Business News

Director resigns seven months after OMA Investments acquired majority stake in Ikeja Hotel

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.

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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.

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.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

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READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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