Business Briefings
Minority Shareholders Urge SEC Intervention Over TCN Management Crisis
A coalition of minority shareholders of the Tourist Company of Nigeria (TCN), the parent company of the Federal Palace Hotel, has called on the Securities and Exchange Commission (SEC) to intervene in what they describe as a prolonged management impasse at the firm.
The appeal came during a demonstration at SEC headquarters in Abuja, led by Dr. Olatunde Okelana, Chairman of the Zonal Shareholders Mobilisation Committee. The protesters sought to highlight the challenges minority investors have faced over several years.
Speaking to the group, Okelana said the protest aimed to draw regulatory attention to persistent governance issues at TCN.
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“Although the SEC has acted within its statutory powers, it has regrettably failed to enforce its pronouncements in this matter,” he said.
He added that the company’s operations have largely ignored the rights and interests of minority shareholders. “Minority shareholders no longer have a say in how the company is run. This has left many of us frustrated and financially disadvantaged,” Okelana said.
Among the grievances raised, the group cited the company’s failure to hold its Annual General Meeting last year, which resulted in no dividend payments and further deepened investor dissatisfaction.
“That is why we are here — to make the management of the SEC aware of the hardships faced by minority shareholders. Without decisive action, shareholders will continue to suffer, lose their dividends, be excluded from decision-making, and see their investments eroded,” Okelana stated.
The group also appealed to the Federal Government to direct the SEC to take swift and decisive action to protect the interests of minority investors. Plans are underway to engage members of the Senate Committee on Capital Market, which has oversight powers over the SEC, to ensure that the company’s interim board can operate and address ongoing concerns.
Prince Ridwan Hamza, Secretary-General of the Liberated Shareholders Association, emphasised that the practices of majority shareholders in TCN and other firms have consistently disadvantaged minority investors. He urged the SEC to intervene promptly to ensure accountability, transparency, and fair treatment of all shareholders.
