SEC has declared Tourist Company of Nigeria’s Board changes null and void and disowned their recent AGM.
NaijaOnPoint Nigeria reports that the Securities and Exchange Commission (SEC) has disowned the Annual General Meeting (AGM) held on Friday, July 25, 2025, by the Tourist Company of Nigeria (TCN) Plc, declaring all resolutions passed during the meeting null and void.
In a public notice issued yesterday, the Commission strongly condemned the actions of certain majority shareholders who allegedly convened the meeting in direct violation of a standing suspension order issued by the SEC.
The Commission described the resulting leadership changes including the removal of SEC-appointed interim directors and the company’s board secretary as unauthorized, illegal, and disruptive.
According to the SEC, its previous intervention in TCN, which included appointing two independent directors, was aimed at stabilizing the company, preserving its status as a going concern, and protecting the interests of all shareholders, particularly minority investors.
The Commission emphasized that the intervention had already yielded positive results, including a rebound in the company’s share value. It warned that the recent moves by the majority shareholders threaten to undo the progress made under regulatory oversight.
“The Commission…does not recognize 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,” the notice stated. “The Board of TCN Plc remains as constituted prior to the purported AGM, and the SEC-appointed independent directors would remain to ensure good governance, protect minority investors, and maintain an orderly and fair market.”
The SEC reaffirmed its ongoing regulatory involvement with TCN and vowed to discountenance any decisions taken at the controversial meeting until all unresolved governance issues are fully addressed.