Goodie Ibru Steps Down As Chairman of Ikeja Hotels

Mr. Goodie Ibru has resigned as the Chairman of Ikeja Hotels Plc.

His resignation came barely two months after a judge in Abuja backed up his claim as the chairman of the hotel group, amidst a rancorous family dispute, involving Maiden Ibru, the wife of the late younger brother,
Alex Ibru.

Goodie Ibru, recipient of the national honour of officer of the Order of the Niger, said he has taken the move in the overall
interest of the company and the larger Ibru family.

Mr Goodie Ibru, in a statement, anchored his decision on the need to get Ikeja Hotels to
perform optimally, which have been hampered as a result of multiplicity of law suits filed by shareholders in the contest for
the management and control of the company.

He stated that the decision of Justice Kafarati of the Federal High Court, Abuja of December 21, 2016 confirming him as chairman vindicated his struggle for
corporate governance in the company and provided right timing for him to retire as
founding chairman after 32 years in office.

Mr. Ibru called on the younger generation of Ibrus to work with other shareholders to continue to carry on the torch of excellence
for which Ikeja Hotels has been known for.

He stated also that the Ibru family has gone through a tough phase in the recent past and as the only surviving son of the first
generation of Ibrus, he is more committed to working with his sisters on keeping the
family united.

Mr. Ibru founded Ikeja Hotels Plc in 1975. He opened its flagship property, the Lagos Sheraton Hotel and Towers, in 1985. The
company acquired in 1992 the Tourist Company of Nigeria Plc, the holding company of the Federal Palace Hotel and
Casino.

Also under Mr. Ibru’s chairmanship, the group acquired Capital Hotels Plc, the owner
of the Abuja Sheraton Hotels and Towers.