The Securities and Exchange Commission has issued directives on the forensic investigation into Ikeja Hotel Plc and its investee companies, ordering the restatement of the company’s indebtedness and the transfer of shares.

The company secretary, Olubunmi Tadema, stated on behalf of Ikeja Hotel Plc and OOT Nominees Ltd on the Nigeria Exchange Limited on Thursday.

The SEC’s intervention followed longstanding shareholder disputes involving the two Ibru families, Goodie Ibru and the estate of Alex Ibru. The disputes led to a Settlement Agreement in 2017, after which the SEC appointed Akintola Williams Deloitte to conduct a forensic audit.

The forensic audit report raised several allegations, which the company’s Board responded to with the help of Grant Thornton, an external auditing firm. After careful review, the SEC issued its findings and directives on June 27, 2025.

Among the directives, the SEC ordered Goodie Ibru and Associated Ventures International Limited to transfer to Ikeja Hotel the monetary value of shares in 13 quoted companies purchased with proceeds from the unauthorised sale of one million Union Bank Plc shares in 2001, including all dividends and bonuses accrued.

“That the Goodie Ibru/AVL, having agreed to relinquish his interest, should forthwith transfer to IHPLC the monetary value of all the shares of 13 other quoted companies (Texaco, Total, UBA, Mobil Plc, Nigerian Breweries, Nestle Plc, Julius Berger, Cadbury, Lever Brothers, Guinness Plc, First Bank, BOC Gases, and GTB) he purchased with the proceeds of the unauthorised sale of the one million (1,000,000) units of Union Bank Plc shares in 2001, which belonged to IHPLC, along with all the dividends and bonuses that have accrued thereto. The monetary value to be returned to IHPLC should be determined by the market prices on the various dates the identified shares were sold,” read the statement.

The commission further directed that “the misstatement of the indebtedness of Ikeja Hotel Plc due to Associated Ventures International Limited in the sum of N1,226,753,000.00 in the financial statement of Ikeja Hotel Plc should immediately be restated by the current Interim Board of Ikeja Hotel Plc to reflect the sum of N167,389,125.61, being the sum supported by documentation.”

On shareholder loans, the SEC instructed that the N12bn shareholder loans in Ikeja Hotel’s books should be discounted by 40 per cent for each shareholder, and the company should pay the amounts due after effecting the discount.

The commission also mandated that all shareholders holding 10 per cent or more of Ikeja Hotel shares must sign a shareholder agreement in a form approved by the SEC.

Regarding the company’s Board, the SEC directed the constitution of a new Board where one-third of members must be independent non-executive directors, and the chairman must be an independent non-executive director. It also set a maximum of two family members on the board, one from each Ibru group.

SEC expressed confidence that the implementation of these directives would bring closure to the disputes and ensure Ikeja Hotel’s long-term sustainability.