November 8, 2020

NSE honours Ikeja Hotel Plc at market closing gong ceremony

NSE key indices drop further 0.57%

Nigeria Stock Exchange (NSE) in its renewed tradition to hosting digital Closing Gong Ceremony, honoured the new Group Managing Director and Chief Executive Officer of Ikeja Hotel Plc, (IHP), Mr. Theophilus Eniola Netufo.

Netufo, who held forth as Ikeja Hotel Plcs’ Chief operating Officer (COO) since January 2020 is also introduced to the Capital Market Community by the NSE’s Chief Executive Officer, Oscar Onyeama while closing this year’s ClosingGong ceremony held virtually on during the week in Lagos.

According to Onyeama,” inviting IHP for the market closing event was based on the company’s successes in achieving investment sustainable goals.”

In his remarks, Netufo enumerated the many feats of the company since inception in 1985 when it opened its door for hospitality business and also as a flagship for the hospitality business in Nigeria.

“Ikeja Hotels Plc, having consolidated its dominance by outright purchase of Tourist Company of Nigeria (TCN), owners of Federal Palace Hotel, and became owner of Lagos Sheraton and partly owner of Abuja Sheraton has remained consistently and undoubtedly remained on top in the hospitality and nursery market for travelers and others,” says Netufo.

He also noted that  the unprecedented strike by the Covid-19 pandemic eventually overturn the fortune of the company with all the performance indices failing because of government policies that affected the hospitality operations in Nigeria.

“Having recovered from a protracted Board crisis, which has brought peace, stability and progress to the company, we have evolved a lot of polices to mitigate against the losses after the ease of the pandemic lock down. But the policy of social distancing and clamp on foreigners’ free travelling also affected us more which were also geared towards exploring local demands for the industry.

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“However, investors’ confidence and public perception of the company has been seriously tackled to change the narrative of the effects of the pandemic. We are also fine tuning our risk assessment apparatus to mitigate against social losses arising from the pandemic and other losses in future. The company will continue to operate its Corporate Social Responsibilities (CSR) while evolving a new organizational culture of excellence, international best practice and sound governance practices and to ensure that we cultivate sound business ethical.

“The board is leaving no stone unturned for second and third quarter performances to return before the end of this year and ensuring transparent, accountability and zero tolerance to regulatory rules. We are looking inwards to harness both national and international sources as avenue to make sure we add value and superior service to our company,” Netufo concludes.