Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

Probe: Auditors submit report on Ikeja Hotel’s financial operations 

Fakoyejo Olalekan by Fakoyejo Olalekan
December 18, 2019
in General News
Auditors submit report on Ikeja Hotel’s financial operations
Share on FacebookShare on TwitterShare on Linkedin

Chairman of Interim Board of Ikeja Hotel Plc, Anthony Idigbe, has announced that the auditors investigating the financial operations of the hotel have submitted their reports.

Idigbe disclosed that the forensic auditors have submitted their reports seven months after the previous board was dissolved by the Securities and Exchange Commission (SEC).

Why Ikeja Hotel is being probed: The investigation into the financial activities of Ikeja Hotel was demanded by the capital market regulator. SEC had instructed the interim board to initiate a probe due to allegations of unauthorized sale of shares and diversion of proceeds from the sale of shares, amongst others.

What you need to know: The probe report is being reviewed by the board and the regulatory body of the capital market, according to Idigbe, who spoke with stakeholders at the Nigerian Stock Exchange (NSE). This means the report is at the final stage of vetting and new development is expected by the first quarter of 2020.

Auditors submit probe report on Ikeja Hotel’s financial operation 

Speaking on the report of the probe and the progress already made, Idigbe said, “We are happy that by the first quarter of next year, substantial progress would have been made in the decision process. SEC is going through to ensure that rights of fair hearing are not breached. The process is so important. We are trying to get a solution that would be sustainable.”

What new board has been doing: Since the interim board took over the management of Ikeja Hotel, Idigbe said various renovation had been ongoing to position the hotel for revenue growth. He said facility upgrade had resulted to the renovation of 97 rooms out of its 500 rooms.

“We have about 266 rooms to put back at the market out of which we are doing 97 rooms right now with internally generated revenue,” Idigbe said.

[READ MORE: Senate to probe PPPRA over unremited N800 billion FERMA fund)

The renovated rooms, which will be opened to the public in the first quarter of 2020, is expected to increase the company’s market share and profitability in its operating states. Idigbe also stated that the interim board would leave the company once the operation of Ikeja hotel had been revamped to compete better.

“I want to assure you that some of us will like to exit as quickly as possible and as soon as necessary.  We continue to see it as a national service to perform this role. We are very proud of the work we have done so far but be assured that we will not stay a minute longer than necessary,” Idigbe said.

Related

Tags: Anthony IdigbeIkeja Hotel PlcNigerian Stock ExchangeOn the MoneySecurities and Exchange Commission

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Crestron, the Rolls Royce of home automation is taking the LucreziaBySujimoto to the next level
    • Gaming and education has a new name: RoboApe (RBA) is taking the crypto world by storm
    • The SWOOTs capitalization declines w-o-w by N23 billion

    Follow us on social media:

    Recent News

    Crestron, the Rolls Royce of home automation is taking the LucreziaBySujimoto to the next level

    Crestron, the Rolls Royce of home automation is taking the LucreziaBySujimoto to the next level

    May 22, 2022
    Gaming and education has a new name: RoboApe (RBA) is taking the crypto world by storm

    Gaming and education has a new name: RoboApe (RBA) is taking the crypto world by storm

    May 22, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com