Shareholders of Tourist Company of Nigeria Plc, at the company’s 60th Annual General Meeting held in Lagos on Friday, unanimously approved the composition of a trimmed down board to spearhead governance reforms.
The shareholders, all voted in favour of the re-election of the Chief Executive Officer of The Guardian Newspapers Limited, Mr Toke Ibru, who was retired on rotation as a Non-Executive Director of the company’s board, according to a statement on Saturday.
However, the shareholders unanimously resolved that former Chairman of the Board, Chief Anthony Idigbe, should retire and not be re-elected as a non-executive director. A similar decision was taken regarding Alhaji Abatcha Bulama, with shareholders endorsing his retirement without re-election to the board.
The meeting was attended in person by Mrs Erejuwa Gbadebo, Mr Toke Ibru, Mr Kofi Duncan and Mr Andy Akporugo. Ms Anita Ibru participated virtually. In addition, shareholders formally ratified the appointment of Mrs Erejuwa Gbadebo as a Non-Executive Director of the Board.
They also ratified the appointments of Ms Anita Ibru, Mr Kofi Duncan, and Mr Andy Akporugo as Non-Executive Directors of the company.
The shareholders at the meeting raised deep concerns over the company’s viability, with particular emphasis on its dwindling liquidity, weak internal control mechanisms, and underwhelming revenue performance.
They urged the management to urgently prioritise improving liquidity and strengthening the firm’s internal control structures to safeguard its financial health and ensure long-term sustainability.
One of the shareholders, Stephen Olatunji, also raised questions about corporate governance at the meeting. He noted that, as a long-time attendee at the company’s Annual General Meeting, which also marked its 60th edition, he observed that some statutory bodies were missing and that decisions appeared to be dominated by the three majority shareholders.
He questioned what space and voice were left for minority shareholders in the direction of the company’s affairs.
In her response, the Chairman, Gbadebo, acknowledged the concerns raised by shareholders and explained that the circumstances surrounding the meeting had created some confusion. She noted that the company’s registrars and representatives from the Securities and Exchange Commission had attended earlier.
According to her, this was partly due to uncertainty over whether the meeting would proceed as scheduled, which led some stakeholders to attend only partially or in person.
Gbadebo clarified that despite these setbacks, the company took interim steps to ensure the meeting was held in line with the notices that had been issued. She assured shareholders that if any additional clarification was needed, it would be provided in due course.
She expressed appreciation for the concerns expressed, pledging to do everything possible to address them.
According to her, the Board is working diligently to bring every matter within the view of all shareholders to guarantee full transparency and accountability in the company’s operations.
Recognising the role of long-standing shareholders, she acknowledged the company’s past challenges and reiterated the Board’s commitment to resolving both current and legacy issues.
She appealed for continued patience and understanding, stating her willingness to engage further with shareholders alongside other Board members.
Gbadebo further emphasised the company’s commitment to inclusivity, while appreciating shareholders for their dedication, remarking that companies like theirs are ultimately built on the support and commitment of individuals like them.
The company’s revenue for the 2024 operations rose by 34 per cent to N5.69 billion from N4.2bn achieved in 2023. The company incurred a loss before tax of N45.29bn during the year ended December 31, 2024, and as at that date, the company’s current liability exceeded its current assets by N1.84bn from N1.07bn in 2023.
