This is their chance to make some sweet cash!

Nigeria suffer from lack of knowledge and inability to learn if it were to be politic we would all start blabbing trash but studying the stock market they would say no. If Nigeria were very much intelligent then I doubt that some one would wake up on morning and tell them that 40billion dollars is missing and they would believe. Niaralanders go learn the stock market and be up to date with the happinings of your country not spewing bile's over issues you are ignorant about.

Maybe the cleaners were sweeping the compound.

This is their business booming season, I guess all the space has being fully occupied by the guests. Customers satisfaction over shareholders.

They did pay dues or what? Cos that d norm.


Oga: ki ki ki lon se won. Nansense. Patrick(shouts guards name)

Pat: Sir, oga mi sir! (cant he just say oga or sir alone? Must he combine it?)

Oga: Lock up the gate, mo sin sofun e. Ma jeki enikeni, i repeat enikeni ko gbodo wole.

Pat: okay oga mi sir. (rushes off to use triple chain and 3padlocks on gate. Wakes up Ojo and Koleoso. Who sees Oga's tip and prepare for a rare position of power)


stakeholder: Patttttt!! (hits gate) Pattttttt (bangs gate harder amidst mumbling from colleagues)

Pat: (sees Mr Odion's face and hides. Taps Koleoso) Lo da baba yen lohun. Na im give me and mu wife Christmas gift-One Gotv and pack of 5alive. Tell am say i dey wit oga. E tete. (stays indoors)

CoCoLav:
This is their chance to make some sweet cash!

Always the lawyer.

Go and read your law again especially as regards the Capital market.

litetias:
Why?

zed

They shouldn't have been locked out that way

Iamsynord:
Can't they Skale the Fence like the NA honourables

Its scale, olodo

lalasticlala:
SHAREHOLDERS OF IKEJA HOTEL PLC LOCKED OUT OF THE EXTRA ORDINARY MEETING OF THE COMPANY IN LAGOS ON TUESDAY

http://thenationonlineng.net/new/photo-shareholders-locked-agm/

NA JONATHAN CAUSE AM!

lalasticlala:
SHAREHOLDERS OF IKEJA HOTEL PLC LOCKED OUT OF THE EXTRA ORDINARY MEETING OF THE COMPANY IN LAGOS ON TUESDAY

http://thenationonlineng.net/new/photo-shareholders-locked-agm/

NA JONATHAN CAUSE AM!!

That pot belly thou,looks like a shareholder stomach

haibe:
I thought shareholders have the right to attend any general meeting of the company according TO CAMA. They should sue the directors.

Please note the word ‘extraordinary'. CAMA is clear on that. The shareholders have no case.

DaMaster:


Please note the word ‘extraordinary'. CAMA is clear on that. The shareholders have no case.

is it not an extraordinary general meeting? CAMA says "any general meeting"

I may be wrong though, so help me with the section and sub section regarding extraordinary general meeting

Hmmm ...let me guess PDP through GEJ locked the Shareholders (APC members) out abi? Or what other reason is there for this to be on the front page?

Ona de make me vex shaaaa ....for close to 4 weeks Nigeria Customs stopped clearing cargoes at MMIA the thread grew up to 15 pages or more ...it never made the front page. Ikeja Hotel lock out dem shareholders it made front page yet we go de hope say Naija go better ...it all starts from the grassroot #mtscheeeeeeeew

then let dem jump d fence...or are dey waiting for tambuwal to lead dem?

tellwisdom:
Who are they?? ...What is the meaning of Ikeja plc....Na fast food??

Ikeja hotel plc are owners and managers of Lagos Sheraton hotel and towers and Abuja Sheraton

Ojestas:
maybe the meeting nor concern dem.

Funny!

i was considering investing in this company over the course of the next three years.guess i need to start re-evaluating that decision

Goddy Egene

Worried by the dwindling fortunes of Ikeja Hotels Plc and determined to rescue the company from going under, some shareholders of the company on Tuesday removed its chairman, Mr. Goodie Ibru.

He was removed at an extra-ordinary meeting held in front of Sheraton Hotels, Ikeja, Lagos.

Three shareholders (Alurum Investments Limited, Dadifoll Limited, and RFC Limited) on behalf of others, had procured an order of the Federal High Court in Lagos sanctioning the EGM. However, on getting to the venue of the meeting yesterday, the shareholders were prevented from entering the venue through another order procured by representatives of Goodie Ibru from another Federal High Court sitting in Abuja.

Despite the fact that the venue had been paid and receipted for the shareholders were locked out by the management of Sheraton Hotels. However, the shareholders decided to conduct the EGM standing outside the premises of the hotel and passed all the resolutions for the EGM through a poll. At the end of the voting, 53.34 per cent voted for the resolutions, while 0.001 per cent voted against the resolutions.
Consequently, Ibru was voted out as the chairman of the company. Apart from the removal of Ibru as chairman, other resolutions passed at the EGM include: the appointment of Mr. Olumide Braithwaite and Mr. Tunde Sarumi as directors of Ikeja Hotels Plc; the appointment of the audit firm, KPMG Nigeria Limited, for the purpose of carrying out a forensic audit of the management of the affairs of the company from the period of 1999-2014; forensic audit of the share register and verification of the funding and payment for the shares of the company, by holders, directly or indirectly, of shares that amount to two per cent or more of the company’s issued share capital.

Although Ibru was absent at the meeting, two directors-Mr. Rasheed Olaoluwa, who represented the interest of Bank of Industry(13.1 per cent) and Fadeke Alamatu who is the alternate to Oba Otudeko- were present.

Though the meeting was scheduled to begin at 10.00am, it did not start until 11.20 am. The shareholders nominated Olaoluwa to move all the motions for the resolutions.

Speaking at the meeting, Olaoluwa having formed a quorum, the shareholders had to recourse to the provisions of Section 240(1 and 2) of the Companies and Allied Matters Act (CAMA), to conduct the meeting.

According to CAMA, “The chairman, if any, of the board of directors shall preside as chairman at every general meeting of the company, or if there is no such chairman, or if he is not present within one hour after the time appointed for the holding of the meeting or is unwilling to act, the directors present shall elect one of their number to be chairman of the meeting. If at any meeting no director is willing to act as chairman or if no director is present within one hour after the time appointed for holding the meeting, the members present shall choose one of their number to be chairman of the meeting.”

Speaking on the validity of the EGM, Braithwaite said the shareholders acted within the provisions of the law so as to save their investments in the Ikeja Hotels Plc.

He said the order procured from Abuja was null and void, saying it was a clear abuse of court process.

“We have an interim order by a Federal High Court(in Lagos), dated 16 December stating that the meeting is properly convened and valid. But the other party ran to Abuja to another Federal High Court and procured another order that is displayed at the venue of the meeting, which does not, in any way, invalidate the earlier order convening the meeting. This order conveying the meeting is still subsisting because it has not been vacated. The only way the order for the EGM can be vacated is by a court of superior jurisdiction, that is either the Court of Appeal or the Supreme Court. Going to a Federal High Court in another state is a gross abuse. The first order predates any order in the absence of vacation and it is valid, legal and subsisting. The shareholders are entitled to hold the meeting despite the fact that the hall has been paid for and it was locked. The other party, in its own wisdom does not want the meeting to hold. But the meeting will hold and the shareholders will decide,” Braithwaite said.

Some of the shareholders who spoke at the EGM said they were tired of the way the company was being run and were determined to rescue it. They decried the fact that Ibru, who is lawyer and former President of the Nigerian Stock Exchange (NSE) is showing bad example in corporate governance.

For instance, the President, Nigeria Solidarity Shareholders Association (NSSA), Chief Timothy Adesiyan said, “We are rescuing this company from the hands of the cabals. We are legally authorised to hold this meeting. The regulators have failed us, let them come and see what is happening. We want to remove the virus that is eating deep into this company. How long shall we wait? You will see changes after today. There must be transparency and accountability in this company. Our auditors have also compromised.”

Speaking in the same vein, the General Secretary, Independent Shareholders Association of Nigeria, Mr. Bayo Adeleke, said: “We have been very passive. The frustrations on the part of shareholders that they have not gotten commensurate value for their investment for so long has triggered this incident. People are simply demanding a restructuring of the board and for more accountability. For the past six years, no dividend has been paid.”

The National Chairman, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said: “We want a change , the company must be salvaged from this mess. For the past five years, no return, even the people that contributed immensely to the growth of the company, you did not put them on the board. We have three companies as subsidiaries but they refused to pay dividend.”

Ikeja Hotel Plc owns the Sheraton Lagos Hotel and is also a core investor in Capital Hotel Plc (owners of Sheraton Abuja Hotel) and a core shareholder in the Tourist Company of Nigeria (owners of Federal Palace Hotel & Casino, Lagos).
The company recorded a dip of 50 per cent in profit after tax from N2 billion in 2012 to N998 million in 2013. It ended the nine months to September 30, 2014 with a loss of N2.554 million compared with a profit of N984 million in the corresponding period of 2013.

http://www.thisdaylive.com/articles/shareholders-remove-ibru-as-chairman-of-ikeja-hotels/198555/

see their coats

It simply means they were not invited and are not been expected .

Them no sabi this style ni?

they should have come along with their certificates

haibe:
I thought shareholders have the right to attend any general meeting of the company according TO CAMA. They should sue the directors.

Maiden Ibru is the cause of all this - since her husband died.. she has been trying to wrest every property, business from her husband's brothers ... sending court injunctions etc

lalasticlala:
SHAREHOLDERS OF IKEJA HOTEL PLC LOCKED OUT OF THE EXTRA ORDINARY MEETING OF THE COMPANY IN LAGOS ON TUESDAY

http://thenationonlineng.net/new/photo-shareholders-locked-agm/

thats business for you.

lalasticlala:
SHAREHOLDERS OF IKEJA HOTEL PLC LOCKED OUT OF THE EXTRA ORDINARY MEETING OF THE COMPANY IN LAGOS ON TUESDAY

http://thenationonlineng.net/new/photo-shareholders-locked-agm/

thats business for you.

Some niggaz are planning to sly the shareholders

E dey happen

davide470:

Always the lawyer.

Go and read your law again especially as regards the Capital market.

Go and read your CAMA again

Why them no go lock them outside,


You 5k share, them call for shareholders and you run go, hahahaha mean while the real shareholders are inside taking fresh air before the meeting will start. Anyway whether 5k or 500milla na shareholders them be!