Nigeria Securities and Exchange Commission (SEC) issued a notice stating that The Tourist Company of Nigeria Plc (TCN) remains under its regulatory involvement and that it does not recognise the company’s purported Annual General Meeting held on July 25, 2025, which proceeded despite the SEC’s suspension of the meeting. Any resolutions passed at the meeting, including those affecting board composition, will be discountenanced. The SEC cited actions by some majority shareholders, including proceeding with the suspended AGM and purportedly passing resolutions to remove SEC appointed board members and the board secretary without recourse to the regulator. It also noted that it had previously appointed two interim independent directors under the Investments and Securities Act, 2025 to support TCN as a going concern and protect shareholders, particularly minority investors. The board of TCN remains as constituted prior to the purported AGM, and the SEC appointed independent directors will remain in place. The SEC indicated it will use legal mechanisms to uphold its investor protection and market discipline mandate, and will maintain its position until “legacy issues” are fully resolved.
Nigeria Securities & Exchange Commission 2025-07-26
Nigeria Securities and Exchange Commission refuses to recognise Tourist Company of Nigeria AGM and keeps SEC appointed independent directors on the board
The Nigeria Securities and Exchange Commission (SEC) announced it does not recognize The Tourist Company of Nigeria Plc's (TCN) Annual General Meeting held on July 25, 2025, due to its suspension. Resolutions from the meeting, including changes to board composition, are invalid. The SEC will uphold its regulatory oversight, maintaining the current board and SEC-appointed independent directors, and will use legal measures to protect investors and ensure market discipline.