His resignation came just weeks after a court ruling validated his position as the chairman of the hotel group, amidst a rancorous family dispute, involving Maiden Ibru, the wife of the late younger brother, Alex Ibru.
Ibru, in a statement, said the performance of the hotel had been hindered by several lawsuits filed by shareholders in the tussle for control of the company and has therefore chose to resign in the overall interest of the company and his family.
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.