Members of the new board are Mr Abatcha Bulama, Dr. Alex Thomopulos, Mr Toke Alex-Ibru, Mr Kunle Aluko, Mr Ufuoma Ibru, Mr Waheed Olagunju and Mrs. Fadeke  Alamutu.

Those who retired are Mr Ibru, Dr Oba Otudeko, and Mr. Rasheed Olaoluwa, who was replaced.

Idigbe formerly took over from Ibru at the Sheraton Hotel in Ikeja on Monday.

At a joint briefing in Lagos by Ibru and Idigbe, which was attended by some of the new board members, the SAN said all stakeholders were represented.

Ikeja Hotels Plc, which owns Lagos Sheraton Hotel and Federal Palace Hotel, among others, has been involved in a boardroom crisis.

Idigbe thanked Ibru for his services to the company and vowed to lead it to new heights.

He said: “Mr Goodie Ibru has graciously retired effective from the 17th. The company is very grateful for his services, and to his brother Alex of blessed memory. We’re very grateful.”

On pending litigations, Idigbe said the board reconstitution was sequel to an out of court settlement by contending parties.

“All I can tell you at this stage is that there is some settlement agreement that is in place. We’re implementing it. The recomposition of the board is part of that,” he said.

On how long he will act as interim chairman, he said: “We’ll advise you in due course on that.”

The new interim chairman said all parties and stakeholders were represented on the board.

“Adequate arrangement has been made to ensure that all stakeholders are carried along. In the new composition of the board, effort has been made as much as possible to ensure representation of all the stakeholders.

“We may not satisfy everybody 100 per cent; there may still be some issues that we need to deal with. The most important thing is that the good faith and confidence are there.

“We have built a process that is likely to achieve complete and final resolution of issues. We believe that all the stakeholders are fully represented.”

He assured employees that their job was safe.

“The new composition of the board consists of very seasoned professionals. The priority is to maintain and enhance shareholder value. Staff is critical to achieving that.

“Every effort will be made to ensure that security of employment is maintained,” Idigbe said.

The Securities and Exchange Commission (SEC) on May 4 announced the dissolution of the Board of Directors of Ikeja Hotels Plc due to unresolved internal crisis involving the major shareholders.

The Commission appointed an interim board led Idigbe to oversee the conduct of forensic investigation into the affairs of the company.

SEC said in: “Having failed to resolve its lingering crisis, the Commission in exercise of the powers conferred on it by the Investment and Securities Act, 2007 to protect investors and the integrity of the securities market, hereby approves the appointment of an Interim Board for the company with Chief Anthony Idigbe, SAN, as Interim Chairman.

“It is the Commission’s expectation that the shareholders and key management staff of the company will work with the new team to ensure that the fortunes of the company are restored in the shortest possible time.”