THE WAR OF THE IBRUS GETS MESSIER

The fight between the Ibru family over the companies in which the late Alex Ibru has significant shareholding is getting messier by the day. This followed reports that shareholders at an Extraordinary General Meeting of Ikeja Hotel Plc at Sheraton Lagos Hotel on Tuesday, 6 January, 2015, removed the Chairman of the company, Goodie Ibru.

On Wednesday, 7 January, 2015, The Guardian newspaper, one of the estates of the Ibru family, in its lead report on the front page, announced the removal of Goodie Ibru as Ikeja Hotel chairman.
In the report, the paper said: “Shareholders of Ikeja Hotel Plc, yesterday (Tuesday, 6 January), unanimously removed Goodie Minabo Ibru as the chairman of the company. In his place, the Managing Director of Bank of Industry, Rasheed Olaoluwa was elected interim chairman. Ibru’s removal, was part of the resolutions approved by the shareholders at their Extra-Ordinary General Meeting (EGM) held at Sheraton Hotel, Ikeja, Lagos.”
However, in an advertorial in a national newspaper on Friday, 9 January, 2015, by Ikeja Hotel Plc, it debunked the report that Goodie Ibru has been removed as a director of the company.
According to Ikeja Hotel Plc in the advertorial simply titled ‘Failed EGM’, “Our attention has been drawn to a publication in The Guardian of Wednesday 7th January, 2015 whereby it si alleged that an Extraordinary General Meeting of Ikeja Hotel Plc was held at Sheraton Lagos Hotel on 6th January, and that the Chairman, Goodie Ibru, was removed as a director of the company. It must be stated for the record that this is untrue. The purported Extra ordinary General Meeting (EGM) was requisitioned by the Publisher of The Guardian Newspaper, Maiden Ibru, ostensibly acting as the representative of Dadifoll Ltd., RFC Ltd., and Alurum Ltd., companies forming part of the Estate of her late husband, Alex Ibru.
“Maiden Ibru’s authority to act for these companies is in dispute, and is currently the subject of litigation at the High Court of Lagos State, the Federal High Courts holden in Lagos and Abuja, and the Court of Appeal. This litigation includes Suit No. Ld/114/2013 brought by the children of Heln Syrmis, Alex Ibru’s first wife.”
Ikeja Hotel Plc further stated: “The Federal High Court holden at Abuja has issued an Order restraining Maiden Ibru from representing, whether by herself, her nominees or her privies, any of the above named companies in the affairs of Ikeja Hotels Plc (owner of Lagos Sheraton Hotel).
“More particularly, the Order of the Federal High Court restrains Maiden Ibru from holding the EGM of Ikeja Hotels Plc purportedly fixed for Tuesday, 6 January, 2015.
“The Lagos State High Court had earlier in Suit No: LD/114/2013 issued an Order restraining maiden Ibru from meddling in the Estate of Alex Ibru.
“Maiden Ibru, and representatives of certain other shareholders, chose to act in contempt of these Court Orders, attempting to force themselves onto the premises of Sheraton Lagos to hold an illegitimate EGM. They enlisted large numbers of The Guardian Newspapers staff to mill about and create the impression of high turnout for their meeting. Failing to gain access to the hotel, they elected to hold their purported meeting in the middle of Mobolaji Bank Anthony Way.
“It is trite that having failed to hold at the place and time advertised, the EGM cannot be said to have been validly convened. Just as importantly, having been held in defiance of two subsisting Court Orders, any resolutions passed at such a meeting are void ab initio.”
Ikeja Hotel Plc also stated that “it must also be noted, for the record, that the purported EGM falls foul of Section 215 of the Companies and Allied Matters Act 2004 (CAMA 2004) providing for requisitions of General Meetings by shareholders and the provisions of Sections 220 (1), 221, and 222 CAMA 2004 providing for service of notice on shareholders. Note also that the meeting was held without the presence of the Company Secretary, and without compliance with Section 296 of CAMA 2004 regulating the appointment or removal of the Company Secretary; without the permission of the Securities and Exchange Commission as required by the Securities and Exchange Commission Rules 2013; and without obtaining approval for the Notice as required by the provisions of the Green Book of the Nigerian Stock Exchange. No officers of the Corporate Affairs Commission, the SEC or the NSE were present as required by law and regulations..