TCN  Minority Shareholders Laud SEC’s Oversight, Outline Solutions

Minority shareholders of Tourist Company Nigeria Plc (TCN) have praised the Securities Exchange Commission (SEC) for its oversight and called for solutions to the ongoing deadlock in the company. The failure of Alex Ibru's group to complete the buyout of Ikeja Hotel Plc has led to a family dispute and boardroom politics affecting TCN's stake.

The SEC intervened seven years ago to halt TCN's losses and lack of accountability, which was welcomed by minority shareholders. Despite Alex Ibru's group acquiring an 80% equity in TCN, they are reminded that the company remains a public entity with minority shareholders.

The minority shareholders criticized the lack of transparency in the company's dealings, including a N36 billion shareholder loan owed by Ikeja Hotel Plc. They urged Alex Ibru's group to make a fair offer to buy out the remaining shareholders or take the company private.

The minority shareholders emphasized the importance of corporate governance and SEC oversight in restoring TCN's profitability and preventing.