Shareholders urge SEC to enforce pronouncements on TCN

A group representing minority shareholders of the Tourist Company of Nigeria (TCN), the parent company of the Federal Palace Hotel, Lagos, has appealed to the Securities and Exchange Commission (SEC) to enforce its pronouncements over the lingering dispute in the firm. The minority shareholders, who had earlier faulted a suit challenging SEC’s findings and directives, […]

A group representing minority shareholders of the Tourist Company of Nigeria (TCN), the parent company of the Federal Palace Hotel, Lagos, has appealed to the Securities and Exchange Commission (SEC) to enforce its pronouncements over the lingering dispute in the firm.

The minority shareholders, who had earlier faulted a suit challenging SEC’s findings and directives, urged the regulator to ensure their rights are protected.

The group, led by Dr. Olatunde Okelana, Chairman of the Zonal Shareholders Mobilisation Committee, made the appeal in a protest letter written to the SEC.

According to Okelana, although the commission had taken steps within its statutory powers as the supervisory authority of the capital market, it had allegedly failed to enforce its own pronouncements on the matter.

“The minority shareholders have faced challenges for quite some time. The SEC has done what it could within the law, but unfortunately, it has been reluctant to enforce its decisions.

‎”We think there is an external influence preventing the SEC from enforcing its rules,” Okelana said.