SEC voids Tourist Company’s AGM, resolutions

The Securities and Exchange Commission (SEC) yesterday rejected the  Annual General Meeting (AGM) of The Tourist Company of Nigeria (TCN) Plc held on July 25, 2025. In a public notice issued on Monday, the Commission warned that resolutions passed at the meeting are null and void. Our correspondent reports that on July 24, the SEC […]

The Securities and Exchange Commission (SEC) yesterday rejected the  Annual General Meeting (AGM) of The Tourist Company of Nigeria (TCN) Plc held on July 25, 2025.

In a public notice issued on Monday, the Commission warned that resolutions passed at the meeting are null and void.

Our correspondent reports that on July 24, the SEC sent a firm directive halting the TCN’s AGM slated for July 25, 2025.

The commission cited an ongoing regulatory intervention and a court order to maintain the status quo.

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The SEC said, “In view of the ongoing regulatory intervention… and the subsisting interim order of the court mandating the maintenance of status quo, you are hereby directed to postpone the scheduled AGM and any other statutory meetings indefinitely.”

Despite this directive, a group of shareholders allegedly went ahead with the meeting on July 25.

According to reports, the group is opposed to the SEC’s involvement in the company’s affairs.

On Monday, the SEC voided the meeting and condemned actions of shareholders of TCN to have convened the meeting in defiance of a suspension order issued by the SEC.

The Commission said the meeting also resulted in unauthorized changes to the company’s board, including the removal of SEC-appointed interim directors and the board secretary—moves it described as illegal and disruptive.

The Commission noted that its intervention in TCN, including the appointment of two interim independent directors, was aimed at preserving the company’s status as a going concern and safeguarding the interests of all shareholders, particularly minority investors. It added that the intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.

“The Commission, pursuant to its core mandate under the Investments and Securities Act, 2025, had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern and to protect the interest of all shareholders especially those whose holdings cannot give them access to the Management and control of the company.

“The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention which had brought stability into the company and returned its shares to positive values.

“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognize the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025 held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings. The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved.”