The Securities and Exchange Commission (SEC) has disowned the purported Annual General Meeting (AGM) of The Tourist Company of Nigeria (TCN) Plc held on July 25, 2025, warning that any resolutions passed at the meeting are null and void.
The Commission condemned the actions of some majority shareholders who allegedly convened the meeting despite a suspension order issued by the SEC.
The SEC noted that the meeting resulted in unauthorized changes to the company’s board, including the removal of SEC-appointed interim directors and the board secretary.
The Commission described these moves as illegal and disruptive, and emphasized that the board of TCN Plc remains as constituted prior to the purported AGM.
The SEC reiterated its commitment to investor protection and market discipline, assuring stakeholders that it will deploy all legal mechanisms available to enforce its directives and uphold the integrity of the capital market.
The Commission’s intervention in TCN, including the appointment of two interim independent directors, was aimed at preserving the company’s status as a going concern and safeguarding the interests of all shareholders.
The SEC noted that its intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.
The Commission warned that the recent steps taken by the majority shareholders are poised to thwart the gains already made and undermine the stability of the company.
The SEC’s notice serves as a warning to all stakeholders and the investing public to be guided accordingly.
The Commission’s regulatory oversight and commitment to investor protection will ensure that the capital market remains fair and orderly.
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