The Securities and Exchange Commission (SEC) has declared the recently held Annual General Meeting (AGM) of the Tourist Company of Nigeria (TCN) null and void, describing it as a violation of regulatory directives and applicable rules.
In a statement released by the Commission, it noted that the meeting, which was expressly suspended by the SEC, was conducted without authorisation and resulted in the purported removal of SEC-appointed members of the Board and the Board Secretary.
The Commission said the resolutions passed during the meeting threaten to reverse the progress achieved through its intervention, which had brought stability to the company and positively impacted its share value.
“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement,” the statement read.
“The Commission does not recognise 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.”
Reaffirming its focus on investor protection, the SEC stated that it would pursue all legal options to ensure compliance with regulatory directives and preserve market discipline.
TCN has been under the SEC’s oversight following a prolonged shareholder crisis involving its parent company, Ikeja Hotels Plc, and affiliated entities.
In 2017, the Commission intervened to stabilise the company’s governance structure by appointing two Interim Independent Directors to the Board.
Led by Anthony Idigbe SAN, the board was tasked with restoring order and corporate governance.
