A group under the aegis of Civil Society Network Against Corruption (CSNAC), has revealed how Goodie Ibru, the embattled former chairman of Ikeja Hotels Plc, alongside some of his ‘goons’, allegedly mismanaged N10 billion belonging to the company.
The group, in a statement commending the Economic and Financial Crimes Commission (EFCC) for charging Ibru and others for alleged fraud on Wednesday, August 5, alleged that Mr. Ibru embezzled more than the N2 billion they were being accused of by the agency.
Goodie Ibru allegedly swindled N10billion from Ikeja Hotels
Goodie Ibru allegedly swindled N10billion from Ikeja Hotels
According to Premium Times, the groups’ statement, signed by its Chairman, Olanrewaju Suraju, read: “EFCC deserves public commendation for its work in this regard.
“However while they are deserving of our commendation, we must state that our petition to the EFCC dated the 10th of November 2014 alleges more cases of criminal diversion of funds in excess of N10 billion belonging to Ikeja Hotel Plc and its subsidiaries by Mr. Goodie Ibru and his accomplices – in respect of which we had similarly sought orders of court to require the commission to promptly investigate and prosecute.”
CSNAC stated further that it took keen interest in the matter based on some complaints it received from several shareholders of the Hotel, about the mismanagement of Lagos Sheraton Hotel by the Management of Ikeja Hotels Plc.
The statement read: “The reason for CSNAC’s interest is that Ikeja Hotel, Plc has been a public company since 1983 and is quoted on the Nigeria Stock Exchange.
“Thus, members of the public are subscribers to its shares. Also, the Nigerian State and the tax-paying people of Nigeria have a significant shareholding interest in Ikeja Hotel, Plc, through the Bank of Industry {BOI}.
“This interest is demonstrated by the fact that following the removal of Mr. Goodie Ibru on the 6th of January, 2015, as the Chairman of the Board of Directors of Ikeja Hotels Plc at a Court-ordered Extraordinary General Meeting, the outcomes of which were similarly validated by the Federal High Court, Mr. Rasheed Olaoluwa, the Managing Director of Bank of Industry, became the new Chairman of the Board of Directors of Ikeja Hotel, Plc.
“The public expects that he will ensure that corporate governance codes are fully complied with, such as to prevent the kind of fraud that had been so cruelly perpetrated against the ordinary shareholder of Ikeja Hotel Plc.
“We shall pursue and ensure that perpetrators of acts of corruption against the public are fully made to account, whether they are carried out in state institutions and parastatals or private/public enterprise.
“In this regard we earnestly call on the Securities and Exchange Commission, the Nigeria Stock Exchange as well as the Corporate Affairs Commission to undertake routine inspections of companies to ensure that such infractions as was witnessed in Ikeja Hotel Plc are checked and punished.
“The fact that Mr. Goodie Ibru is a former President of the Nigeria Stock Exchange especially gives cause for worry, and should ordinarily provide an added impetus for the regulators to investigate the claims against Mr. Goodie Ibru, so as not to appear complicit by any stretch of imagination.”
The group therefore encouraged the anti-corruption graft to keep up with its investigation into the financial activities of Ikeja Hotels Plc and her subsidiaries.
“The moneys which have been fraudulently diverted and stolen from the company and its subsidiaries are not limited to N2 billion for which Goodie Ibru is currently charged but, as CSNAC has alleged in its petition, runs into several billions of naira – moneys which CSNAC urges the EFCC to dutifully recover and deliver to Ikeja Hotel, Plc, in the public interest,” the statement noted.
Recall that the EFCC recently sued Ibru over conspiration and fraudulent conversion.
The group, in a statement commending the Economic and Financial Crimes Commission (EFCC) for charging Ibru and others for alleged fraud on Wednesday, August 5, alleged that Mr. Ibru embezzled more than the N2 billion they were being accused of by the agency.
Goodie Ibru allegedly swindled N10billion from Ikeja Hotels
Goodie Ibru allegedly swindled N10billion from Ikeja Hotels
According to Premium Times, the groups’ statement, signed by its Chairman, Olanrewaju Suraju, read: “EFCC deserves public commendation for its work in this regard.
“However while they are deserving of our commendation, we must state that our petition to the EFCC dated the 10th of November 2014 alleges more cases of criminal diversion of funds in excess of N10 billion belonging to Ikeja Hotel Plc and its subsidiaries by Mr. Goodie Ibru and his accomplices – in respect of which we had similarly sought orders of court to require the commission to promptly investigate and prosecute.”
CSNAC stated further that it took keen interest in the matter based on some complaints it received from several shareholders of the Hotel, about the mismanagement of Lagos Sheraton Hotel by the Management of Ikeja Hotels Plc.
The statement read: “The reason for CSNAC’s interest is that Ikeja Hotel, Plc has been a public company since 1983 and is quoted on the Nigeria Stock Exchange.
“Thus, members of the public are subscribers to its shares. Also, the Nigerian State and the tax-paying people of Nigeria have a significant shareholding interest in Ikeja Hotel, Plc, through the Bank of Industry {BOI}.
“This interest is demonstrated by the fact that following the removal of Mr. Goodie Ibru on the 6th of January, 2015, as the Chairman of the Board of Directors of Ikeja Hotels Plc at a Court-ordered Extraordinary General Meeting, the outcomes of which were similarly validated by the Federal High Court, Mr. Rasheed Olaoluwa, the Managing Director of Bank of Industry, became the new Chairman of the Board of Directors of Ikeja Hotel, Plc.
“The public expects that he will ensure that corporate governance codes are fully complied with, such as to prevent the kind of fraud that had been so cruelly perpetrated against the ordinary shareholder of Ikeja Hotel Plc.
“We shall pursue and ensure that perpetrators of acts of corruption against the public are fully made to account, whether they are carried out in state institutions and parastatals or private/public enterprise.
“In this regard we earnestly call on the Securities and Exchange Commission, the Nigeria Stock Exchange as well as the Corporate Affairs Commission to undertake routine inspections of companies to ensure that such infractions as was witnessed in Ikeja Hotel Plc are checked and punished.
“The fact that Mr. Goodie Ibru is a former President of the Nigeria Stock Exchange especially gives cause for worry, and should ordinarily provide an added impetus for the regulators to investigate the claims against Mr. Goodie Ibru, so as not to appear complicit by any stretch of imagination.”
The group therefore encouraged the anti-corruption graft to keep up with its investigation into the financial activities of Ikeja Hotels Plc and her subsidiaries.
“The moneys which have been fraudulently diverted and stolen from the company and its subsidiaries are not limited to N2 billion for which Goodie Ibru is currently charged but, as CSNAC has alleged in its petition, runs into several billions of naira – moneys which CSNAC urges the EFCC to dutifully recover and deliver to Ikeja Hotel, Plc, in the public interest,” the statement noted.
Recall that the EFCC recently sued Ibru over conspiration and fraudulent conversion.
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