A group representing minority shareholders of the Tourist Company of Nigeria (TCN), the parent company of the Federal Palace Hotel, Lagos, has appealed to the Securities and Exchange Commission (SEC) to enforce its pronouncements over the lingering dispute in the firm. The minority shareholders, who had earlier faulted a suit challenging SEC’s findings and directives, urged the regulator to ensure their rights are protected.
The group, led by Dr. Olatunde Okelana, Chairman of the Zonal Shareholders Mobilisation Committee, made the appeal during a protest at the headquarters of the Securities and Exchange Commission in Abuja. Addressing the protesters, Okelana said the demonstration was organised to draw the regulator’s attention to the challenges minority shareholders of the Tourist Company of Nigeria have endured for several years.
According to him, although the SEC had taken steps within its statutory powers as the supervisory authority of the capital market, it had allegedly failed to enforce its own pronouncements on the matter. “The minority shareholders have faced challenges for quite some time.
The SEC has done what it could within the law, but unfortunately, it has been reluctant to enforce its decisions. “We think there is an external influence preventing the SEC from enforcing its rules,” Okelana said. He said affairs of the company are being conducted without accommodating the interests of minority shareholders.
“Minority shareholders no longer have a say in how the company is run,” he added. Okelana further complained that the company failed to hold its Annual General Meeting (AGM) last year, resulting in no dividends being paid to shareholders.
He said this had deepened frustrations among minority investors. “That is why we are here, so the manage- ment of the SEC can listen to us. Minority shareholders are tired of the inaction. If the SEC fails to intervene, shareholders will continue to suffer, be denied dividends, excluded from decision-making, and see their funds eroded,” he said.
He appealed to the Federal Government to urgently direct the SEC to act decisively in protecting minority shareholders’ interests. On further steps, Okelana said the group plans to meet members of the Senate Committee on Capital Market, which also has oversight powers over the SEC.
“We want the interim board nominated for the company to be allowed to run its affairs so that these issues can be addressed,” he added. Secretary-General of the Liberated Shareholders Association, Prince Ridwan Hamza, alleged that the conduct of majority shareholders in TCN and other companies had consistently disadvantaged minority investors.
He urged the SEC to intervene promptly to ensure accountability and transparency in the management of TCN and related organisations. A letter submitted to the SEC D-G by the minority shareholders reads in part: “Inaction by the regulator could set a dangerous precedent for operators on the Nigerian Exchange and undermine confidence in the regulatory framework.
“Through this letter, we formally register our protest over the developments at TCN, particularly in light of your Commission’s disapproval of the purported AGM held on July 25, 2025. “Accordingly, we urge the Commission, in its capacity as regulator, to rise to the occasion by dissolving the illegal Board and constituting an interim Board to stabilise the company and reposition it for a proper handover to a duly constituted Board capable of ensuring profitable and transparent operations”.
