…Former interim directors accused
The Tourist Company of Nigeria Plc (TCN) has addressed the ongoing governance crisis within its board, pointing to two former interim directors, Chief Anthony Idigbe and Alhaji Abatcha Bulama, as the cause of recent tensions.
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In a statement, TCN alleged that the two individuals, who were originally appointed in 2015 to serve for three months at Ikeja Hotel Plc, retained board positions at TCN and Capital Hotels Plc for over eight years without shareholder approval or backing from the Securities and Exchange Commission (SEC). The board further claimed they attempted to sell key TCN assets, including land that houses the Federal Palace Hotel, leading to multiple court injunctions.
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Shareholders reaffirm control
At its annual general meeting on 26 July, TCN shareholders retired the longest-serving directors and re-elected only Otoke Ibru. The company stated that the Alex Ibru family now controls 80.6 percent of the firm and pledged to restore proper governance.
SEC involvement
Despite a court stay, SEC moved to stop company meetings. TCN insists its AGM was “legal and democratic” and has called on the SEC to “uphold shareholder rights” and support reforms grounded in law.
