While naming Anthony Idigbe as the interim Chairman of the company, the Securities and Exchange Commission has dissolved the entire board of Ikeja Hotels PLC.
The dissolution seems to be long overdue after the company has been plagued by serious internal wrangling and power tussle that throws decorum out of the window.
The SEC said in its statement that:
“Having failed to resolve its lingering crisis, the Commission in exercise of the powers conferred on it by the Investment and Securities Act, 2007 to protect investors and the integrity of the securities market, hereby approves the appointment of an interim Board for the company with Chief Anthony Idigbe, SAN as interim chairman”.
“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.”