Ibru, in a statement, said he chose to resign in the overall interest of the company and his family.
He said his decision was based on the need to get Ikeja Hotels to perform optimally.
The performance of the hotel, he said, had been hampered by several lawsuits filed by shareholders in the tussle for control of the company.
Ibru said the decision of Justice Kafarati of the federal high court, Abuja, confirming him as the authentic chairman vindicates his struggle for corporate governance in the company and provides right timing for him to retire as founding chairman after 32 years.
He urged 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 said the Ibru family had 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 keeping the family united.
Ibru founded Ikeja Hotels Plc in 1975. He opened its flagship property, the Lagos Sheraton Hotel and Towers, in 1985.
In 1992, the company acquired the Tourist Company of Nigeria Plc, the holding company of the Federal Palace Hotel and Casino. Click to signup for FREE news updates, latest information and hottest gists everyday
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