The Securities and Exchange Commission (SEC) has dissolved the board of Ikeja Hotels and approved the appointment of an interim Board Chairman, Chief Anthony Idigbe, for the company. A statement from SEC explained that the decision was taken because of the unresolved internal crisis, involving majority shareholders of company.
The Commission said that the action became necessary to pre-empt the warring factions in the crisis from taking certain actions that would be detrimental to the growth of the company. The interim board, among others, is mandated to oversee the conduct of a forensic investigation into the affairs of the company.
SEC added: “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.”