TCN minority shareholders back SEC’s oversight

Minority shareholders of TCN have expressed support for the Securities and Exchange Commission's oversight of the company, citing years of financial losses and lack of accountability due to boardroom disputes. The SEC's intervention seven years ago had halted TCN's downward spiral, with dividends not being paid for many years.

The minority shareholders, including Ikeja Hotel Plc Chairman Zonal Shareholders Mobilisation Committee, highlighted the family dispute within the board affecting the publicly listed company. The majority shareholding by the Alex Ibru group, particularly through Ikeja Hotel Plc, has led to concerns about lack of accountability and disregard for minority shareholders.

The minority shareholders emphasized the need for independent directors on the board and called for regulatory intervention to ensure fair treatment for all stakeholders.