Abuja: The Securities and Exchange Commission (SEC) says the Tourist Company of Nigeria (TCN) Plc remains under its regulatory involvement. In a notice by the commission in Abuja on Monday, SEC condemned the recent actions by some majority shareholders of the TCN, who allegedly convened the company’s Annual General Meeting (AGM).
According to News Agency of Nigeria, SEC said the meeting was allegedly conducted in defiance of a suspension order issued by the commission. The commission stated that the meeting was held in clear disregard of a directive from SEC and in contravention of extant laws governing such meetings.
The commission further explained that the meeting led to unauthorized changes to the company’s board, including the removal of SEC-appointed interim directors and the board secretary. SEC described the move as illegal and disruptive, noting that the commission shall accordingly discountenance any resolution passed in the meeting until all legacy issues were resolved.
SEC highlighted that its intervention in TCN, including the appointment of two interim independent directors, was aimed at preserving the company’s status and safeguarding the interests of all shareholders, particularly minority investors. It mentioned that the intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.
The commission expressed concerns that the recent steps taken by the majority shareholders are poised to thwart the gains made by the regulatory intervention, which had brought stability to the company and returned its shares to positive values. SEC informed the general public and all stakeholders that TCN Plc remains under SEC’s regulatory involvement.
Emphasizing its mandate under the Investments and Securities Act (ISA, 2025), SEC reiterated its commitment to investors’ protection and market discipline. The commission affirmed that it would deploy all legal mechanisms available to enforce its directives and uphold the integrity of the capital market, advising all stakeholders and the investing public to be guided accordingly.
