Shareholders Urge SEC to Enforce TCN Regulations

Shareholders of the Transmission Company of Nigeria (TCN) have formally appealed to the Securities and Exchange Commission (SEC) to enforce its previous pronouncements concerning the company. This appeal was made by a group led by Dr. Olatund Okelana, who serves as the chairman of the Zonal Shareholders Mobilisation Committee.

In a protest letter addressed to the SEC, Okelana highlighted that while the commission has taken steps within its statutory powers to supervise the capital market, it has allegedly failed to enforce its own pronouncements. This failure has left minor shareholders facing ongoing challenges.

Okelana expressed concerns that external influences may be preventing the SEC from enforcing its rules effectively. The appeal underscores the need for regulatory bodies to ensure the protection of shareholder rights, particularly for those holding minor stakes in companies like TCN.