Shareholders laud board, seek outcome of forensic audit report
Good corporate governance and improved operational model adopted by the new board of Ikeja Hotel Plc have continued to yield results as the group, in its 2022 operations, achieved N12.8 billion in revenue.

Specifically, the group’s revenue for the 2022 financial year stood at N12.8 billion, higher than N9.8 billion recorded in the corresponding period in 2021.

However, the group moved from operating profit of N1.1 billion in 2021 to a loss of N2.4 billion in 2022.

Addressing shareholders at the 46th general meeting, in Lagos, yesterday, the chairman, Anthony Idigbe, said the decline was primarily due to the company’s divestment from Capital Hotel Plc, coupled with effect of COVID-19 on the business.

Besides, shareholders at the meeting approved a dividend of 7.5 kobo due to every investor of the company for the 2022 financial year. The board also declared a bonus issue of one for every three shares held to shareholders.

Members of the board of Ikeja Hotel are: Anthony Idigbe, Executive Director of Guardian Newspapers Limited, Toke Alex-Ibru, Alhaji Abatcha Bulama, Kunle Aluko, and Ufuoma Ibru. Two new directors were also appointed to join the board.

Idigbe said: “It has been established that high levels of corporate governance standards are fundamental to sustainable operation of any corporate organisation. The board is committed to ensuring that directors continue to make valuable contributions to growth of the business.

“While the industry faced unprecedented closures and declining occupancy rates, we remained steadfast in our commitment to provide a safe and exceptional guest experience.

“Our focus on reducing operating expenses and diversifying revenue streams enabled us to navigate through these turbulent times. We are pleased to share that our efforts have yielded positive results and we are steadily regaining momentum.”

Idigbe further assured shareholders that the board remains resolute in its vision to transform the company and reposition it as a leading brand in the Nigerian hospitality industry.

According to him, this would be achieved through consistent adoption of emerging technologies, investing in people and exploring new horizons to stay ahead of trends.

The chairman also assured that the board is working tirelessly with shareholders and regulators to resolve issues, especially on forensic audit.

Managing Director, Theophilus Netufo, while fielding questions from journalists, expressed optimism that the firm would sustain its prime position as flagship of hospitality and tourism business in Nigeria.

He said the new board has succeeded in repositioning the company on a path of sustainable growth, and that the board was poised to transform the hospitality industry with its business strategies.

Earlier, shareholders applauded the board for efficient running of affairs of the company and dividend payout amid a harsh operating environment.

The shareholders also urged the board to work with regulators and ensure the company’s forensic audit report is released, so that all legacy issues would be resolved.

President of Progressive Shareholders Association, Boniface Okezie, said: “Holding forth for seven years, the board has done very well. The regulators should let us know the outcome of the forensic audit. We need to move forward and expand this business.”