NSE lifts suspension on Ikeja Hotels

The Nigerian Stock Exchange (NSE) has lifted an 18-month suspension placed on trading in the shares of Ikeja Hotels Plc.

The suspension was placed on the company’s shares on November 10, 2016.

A ‘Facts Behind the Restructuring’ document released by Tinuade Awe, NSE Executive Director, Regulation, said trading would commence on the shares of the company on Monday.

Trading in the shares were suspended because of a dispute among major shareholders of the company.

The suspension, NSE noted, which is in line with Rule 15.45 of its Rulebook, was to protect shareholders as the dispute negatively impacted the company’s governance structure.

Ikeja Hotels Plc, owner of Lagos Sheraton Hotel, was embroiled in a crisis that led to the removal of Goodie Ibru, its chairman, in 2015 at an extraordinary general meeting (EGM) by some shareholders.

Ms Awe said the new board has complied with the necessary regulatory requirements and restored the company to the path of recovery and growth.

She said, “We are satisfied with the work the Ikeja Hotels have done till date this is an appropriate time to lift the suspension on the trading of the shares of the company.”

She explained further that the company had its AGM to clear backlogs of AGMs, a consideration that led the quotation committee of NSE to decide that it is an appropriate time to lift the suspension.

Anthony Idigbe, the company’s chairman, said a forensic audit of the company would be carried out soon and the management will strive to sustain investors’ confidence.

Mr Idigbe said the management had been able to settle all the conflicts with the old management, while ensuring that both the management and shareholders operate in the same direction.

The members of the board of Ikeja Hotels Plc are Anthony Idigbe, Alex Thomopolus, Waheed Olagunju, Toke Alex Ibru, Fadeke Alamutu, Kunle Aluko, Ufuoma Ibru and Abatcha Bulama.