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.


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