Ikeja Hotel, Tourist Company of Nigeria AGM suspended indefinitely

The Annual General Meetings (AGMs) of Ikeja Hotel Plc and its investee company, Tourist Company of Nigeria (TCN), have been suspended indefinitely.

The decision stems from a July 18 ruling by the Federal High Court in Lagos, which ordered that the status quo be maintained within Ikeja Hotel, effectively freezing any moves that could influence ongoing litigation involving the company. Acting on the court’s ruling, the CAC directed that Ikeja Hotel suspend its AGM as well as any other statutory meetings until further notice.

According to the notice signed by the CAC’s Registrar-General, the directive was driven by the court ruling that the status quo should be maintained in the company. The court also ruled that the company should refrain from any action that could jeopardise the issues under litigation.

Following the directive, Ikeja Hotel Plc, which operates the Sheraton Hotel in Ikeja, issued a formal statement confirming the indefinite postponement of its AGM and that of Tourist Company of Nigeria, in which it holds a 12 percent stake. TCN is the operator of the Federal Palace Hotel, another landmark hospitality asset in Lagos.

“The postponement… is to ensure strict compliance with applicable legal and regulatory requirements, and to safeguard the interests of Ikeja Hotel Plc as a shareholder and creditor in TCN, and those of all relevant stakeholders,” the company said in its statement.

Read also: Ikeja Hotel: Here’re SEC forensic audit findings, directives

Further reinforcing the suspension, the Securities and Exchange Commission (SEC), through its Executive Commissioner for Legal and Enforcement, Frana Chukwuogor, also issued a memo addressed to the chairman of TCN’s board. The communication ordered an immediate and indefinite suspension of TCN’s own AGM, aligning with the CAC’s directive.

At the heart of the ongoing turmoil is a long-standing shareholder dispute involving members of the Ibru family, specifically the estate of the late Alex Ibru and his brother Goodie Ibru.