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).
The SEC said the meeting was allegedly conducted in defiance of a suspension order issued by the commission.
The commission said the meeting was held in clear disregard of a directive from the SEC and in contravention of extant laws governing such meetings.
The commission said the meeting also resulted in unauthorised 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 are resolved.
The commission noted 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 said the intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.
”The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention, which has brought stability into the company and returned its shares to positive values.
”The commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under SEC’s regulatory involvement,” it said.
Emphasising its mandate under the Investments and Securities Act (ISA, 2025), SEC said it remained committed to investors’ protection and market discipline.
The commission said it would deploy all legal mechanisms available to enforce its directives and uphold the integrity of the capital market.
”All stakeholders and the investing public should be guided accordingly,” the notice said.
(NAN)
