SEC Nullifies Board Changes at Tourist Company of Nigeria

Abuja, Nigeria – The Securities and Exchange Commission (SEC) has declared the recent changes to the board of the Tourist Company of Nigeria (TCN) Plc as illegal and void, insisting the company remains under regulatory intervention. In a statement issued on Monday, SEC said the Annual General Meeting (AGM) held by some majority shareholders on July 25, 2025, violated its suspension order and, therefore, holds no legal standing.

AGM Resolutions Invalid

The Commission accused the conveners of the meeting of defying lawful directives and making unauthorized changes to the company’s leadership, including the removal of SEC-appointed interim directors and the board secretary.

“The Commission does not recognize the purported AGM of TCN Plc held in clear disregard of an express directive from the Commission. Any resolutions passed at that meeting are hereby discountenanced,” SEC said.

Why SEC Intervened

SEC explained that its intervention in TCN was aimed at preserving the company’s viability and protecting minority shareholders.

It noted that since appointing two interim independent directors, the company had experienced stability and an improvement in share value before the recent disruptions.

“The steps taken by some shareholders are poised to thwart the gains already made through regulatory intervention,” the statement added.

What Happens Next

The Commission reaffirmed that the board of TCN remains as it was before the purported AGM, with SEC-appointed directors still in place to ensure good governance and market order. SEC urged stakeholders to disregard the outcomes of the disputed AGM until all “legacy issues” within the company are fully resolved.