NSE lifts 18-month suspension on Ikeja Hotel’s shares

The Nigerian Stock Exchange (NSE) has lifted an 18-month suspension placed on shares belonging to Ikeja Hotel since November 10, 2016.

According to a ‘facts behind the restructuring’ document released by Tinuade Awe, NSE executive director, regulation, trading would commence on the shares of the company on May 21.

NAN reports that the shares were suspended because of a dispute among major shareholders.

According to the NSE, the suspension, 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, owners 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.

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

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

“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,” Awe said.

“The company had its AGM to clear the backlog of certain AGMs. It was this 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.

He 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.