SEC Rejects Tourist Company’s AGM Over Internal Crisis
THECONSCIENCE NG reports that the Securities and Exchange Commission (SEC) has officially disavowed the Annual General Meeting (AGM) of the Tourist Company of Nigeria (TCN) Plc, held on July 25, 2025, stating that it does not recognise the meeting or any resolutions passed during it.
In a statement published Monday on its official website titled “Corporate Governance Crises in the Tourist Company of Nigeria (TCN) Plc,” the Commission said the meeting was convened by majority shareholders in defiance of its suspension order.
“The Securities and Exchange Commission (the Commission) has keenly followed recent disturbing developments in The Tourist Company of Nigeria Plc (TCN), championed by some majority shareholders,” the statement read.
“These developments include going ahead with a purported AGM despite a clear suspension by the Commission, and passing resolutions that seek to alter the company’s Board—removing SEC-appointed directors and the Board Secretary—without proper authority or recourse to the Commission.”
The SEC emphasized that, in line with its mandate under the Investments and Securities Act, 2025, it had taken proactive steps to safeguard the company’s operations and protect all shareholders—particularly minority investors. These steps included appointing two Interim Independent Directors to the TCN Board to help stabilize the company and ensure it remains a going concern.
“The actions taken by the majority shareholders threaten to undermine the progress made through regulatory intervention, which had helped restore stability to the company and revive the value of its shares,” the Commission said.
It further stated that TCN Plc remains under regulatory oversight and that any proceedings or resolutions from the July 25 AGM are null and void.
“The Commission does not recognise the purported AGM held on July 25, 2025, as it was conducted in blatant disregard of a lawful directive and in violation of applicable corporate governance laws. Consequently, all resolutions from the said meeting are hereby disregarded,” the statement declared.
The SEC affirmed that the Board of TCN Plc remains as it was before the disputed AGM, and that the SEC-appointed directors will continue to serve in order to uphold sound corporate governance, protect minority shareholders, and preserve market integrity.
“The Commission remains committed to its regulatory duty and will deploy all legal means necessary to protect investors and ensure discipline in the capital market,” it added
“All stakeholders and the investing public are advised to be guided accordingly.”
