Tourist Company Board asks SEC to reconsider position on AGM

The board of Tourist Company of Nigeria Plc (TCN) has given an insight into the governance crisis that has engulfed the company in recent months, attributing the tension to attempts by former interim directors to overreach their mandate despite lacking any shareholding in the firm. The board traced the issue back to a 2015 SEC-supervised […]

The board of Tourist Company of Nigeria Plc (TCN) has given an insight into the governance crisis that has engulfed the company in recent months, attributing the tension to attempts by former interim directors to overreach their mandate despite lacking any shareholding in the firm.

The board traced the issue back to a 2015 SEC-supervised settlement at IHP, which had recommended a forensic audit conducted by Deloitte Nigeria.

That audit was submitted to the SEC in December 2019 but was not acted upon until recently. Despite the limited mandate, Idigbe and Bulama had not only overstayed at IHP but also migrated their influence to TCN and CHP, where they continued to insist that they held SEC-sanctioned board positions – a claim the board firmly dismissed.

It would be recalled that 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 any resolutions passed at the meeting are null and void.

But the board urged the SEC to reconsider its position.

The board said: “The process was democratic, transparent, and fully compliant with the provisions of CAMA.”

The board underscored that the current majority shareholders — RFC Limited (43.3 per cent), Toveki Limited (19.1 per cent), and Oma Investments Limited (18.1 per cent) remain committed to protecting the company’s assets and ensuring sound corporate governance.

It stressed that directors without equity cannot override shareholders’ rights or perpetuate themselves on the board.

“The Tourist Company of Nigeria remains a law-abiding entity committed to regulatory compliance, shareholder protection, and ethical corporate governance,” the board said.

Therefore, the board urged the SEC to reconsider its position in light of the facts and cooperate in building governance systems grounded in legality and due process.