5 May 2017

Nigeria: SEC Dissolves Ikeja Hotels Board, Appoints Interim Board

The Securities and Exchange Commission (SEC) has dissolved the board of Ikeja Hotels Plc due to unresolved internal crisis involving some majority shareholders of the hotels.

The commission, in a statement, said the board's dissolution became necessary in order not to allow the warring parties play dominant roles over each other.

"Having failed to resolve its lingering crisis, the commission in exercise of the powers conferred on it by the Investment and Securities Act, 2007 to protect investors and the integrity of the securities market, hereby approves the appointment of an interim board for the company with Chief Anthony Idigbe, SAN and Mr. Abatcha Bulama, as interim chairman," the statement said.

The interim board, among others, is mandated to oversee the conduct of a forensic investigation into the affairs of the company.

"It is the commission's expectation that the shareholders and key management staff of the company will work with the new team to ensure that the fortunes of the company are restored in the shortest possible time," the statement added.

Nigeria

U.S. Ambassador Explains Why Nigeria Not Part of G-20

Former United States Ambassador to Nigeria, Walter Carrington, on Monday said abysmal economic performance and… Read more »

Copyright © 2017 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.