Goodie Ibru retires from board of Capital Hotels

It was an evening of encomium on Wednesday, as Goodie M. Ibru officially retired as the Chairman, Capital Hotels Plc, owners of Sheraton Hotels and Towers. To celebrate his achievements over his 14 years administration, and his contributions towards the growth of the hospitality industry, friends and shareholders staged a special event at the Ladi Kwali Hall of Sheraton Hotels and Towers, Abuja.

One after the other, they recounted how Mr. Ibru impacted them as individuals and the industry at large. While some described him as colossus in Nigeria’s hospitality industry, others commended his glaring positive attributes, which they said, have endeared him to them.

In his words, the incoming chairman, Chief Victor C. Oyolu, stated that the giant strides of the celebrant in the tourism and hospitality sector of the economy were legendary and well documented. According to him, the three hotels championed by Ibru were reputed to have offered direct and indirect employments to over 15,000 persons in the country.

Ibru was also said to have successfully piloted the affairs of Capital Hotels Plc as chairman for the period of 14 years before retiring effectively on May 16. The new chairman added that during the period of Ibru as the chairman, the company not only witnessed immense growth but also enjoyed peace and tranquility.

“This is because Mr. Ibru is a man of peace. It is therefore against this background that I congratulate him on his successful retirement as chairman of Capital Hotels.   I also thank him for all the sacrifices he made for the growth of the company over these years,” Ayolu said.

The chairman further expressed the need for peace in the company in order to make progress. “In order to overcome our challenges, we must come together. We can do more together than we can individually,” he said.

The elated celebrant, who came in the company of his wife, was full of thanks. He commended the management for the gesture and attributed the feat achieved during his tenure to teamwork and commitment to service. He wished the incoming board success.

The event culminated in the 36th Annual General Meeting, which held Thursday. The management had declared a Profit after Tax of N1.2 billion for the year ending December 31, 2016. The figure represented a 158.9 percent increase against N492.26million recorded in the previous fiscal year.

The profit margin was attributed to the net foreign exchange gain arising from the massive devaluation of the naira. The company also announced a turnover of N5.37 billion, N1.59 billion gross profit, and a total net assets growth of N5.24 billion. Although the company was unable to pay dividend for three consecutive years, shareholders were however excited that it was able to live above waters in a recessed economy. They hoped that that after the expansion and renovation of the hotel, patronage will improve, more money would be generated, more profit would be made and they would be glad to receive dividend from the management.

They took turns to appreciate the management and board of Capital Holdings for their hard work and commitment, which they believed, would have influenced the margin of profit made.

“In the year that most companies are folding up, you have made us happy,” said one of the shareholders.  But the company was not without its challenges. The chairman noted that in spite of the hike in electricity tariff by Nigerian Electricity Regulatory Commission (NERC)‎ electricity supply from the national grid has remained low during the year under review. He added that the quantity of diesel used in powering generating plants grossly affected the cost of production and by extension, the profit margin.    ‎

He was however optimistic that with the international market price of crude oil gradually looking up, and with the recently launched Economic Recovery and Growth Plan (ERPG) in Nigeria, the purchasing power of customers may likely increase, thereby enhancing the revenue profile of the Hotel.

The company also used the occasion to announce the incoming board members, which include the Executive Director of The Guardian Newspapers Limited, Mr. Toke Alex Ibru and Dr. Alexander Thomopoulos.