SEC Nigeria Disowns Purported AGM of Tourist Company of Nigeria

• Reaffirms Regulatory Oversight

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.

In a public notice issued on Monday, the Commission condemned recent actions by some majority shareholders of TCN, who allegedly convened the meeting in defiance of a suspension order issued by the SEC.

The Commission said the meeting also resulted in unauthorized changes to the company’s board, including the removal of SEC-appointed interim directors and the board secretary—moves it described as illegal and disruptive.

The Commission noted that its 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, particularly minority investors. It added that the intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.

“The Commission, pursuant to its core mandate under the Investments and Securities Act, 2025, had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern and to protect the interest of all shareholders especially those whose holdings cannot give them access to the Management and control of the company