By Babatunji Wusu
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Dr. Anthony Idigbe denies any removal discussion at the July 22, 2025 board meeting, which was focused on SEC forensic audit findings.
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The company remains under active regulatory oversight to resolve longstanding shareholder disputes from Ikeja Hotel Plc.
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Under Idigbe’s leadership, TCN’s share price has risen significantly from ₦0.70 in 2017 to ₦23 in 2025.
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Dissatisfied shareholders are contesting SEC audit findings through legal and media channels, while Idigbe emphasizes judicial process respect.
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Idigbe is committed to resolving corporate governance deadlock and stabilizing the company for national benefit.
Dr. Anthony Idigbe, SAN, Chairman of The Tourist Company of Nigeria Plc (TCN), has categorically denied circulating reports of his purported removal from office. According to a statement issued by his aide, Philomena Philips, no decision or discussion regarding his removal occurred during the emergency board meeting held on July 22, 2025.
The meeting’s agenda was restricted to routine corporate governance matters, primarily focusing on reviewing the Securities and Exchange Commission’s (SEC) forensic audit findings and related implementation directives. The meeting was adjourned amid disorder before addressing substantive items.
TCN continues to operate under active SEC oversight pursuant to a settlement agreement from February 2017, which resolved a longstanding dispute between major shareholder factions of Ikeja Hotel Plc (IHPLC), a key investor in TCN. The SEC’s intervention aims to restore sound governance, prevent collapse, and end shareholder stalemates.
Highlighting his stewardship since 2017, Dr. Idigbe noted the remarkable increase in TCN’s share price from ₦0.70 to ₦23, attributing this success to effective board leadership and management. He described recent unrest as a contrived crisis fueled by dissatisfied shareholder factions contesting the SEC’s forensic audit findings through legal challenges and media campaigns.
Dr. Idigbe criticized these efforts as attempts to divert attention from fundamental corporate issues and undermine the judicial process. He reaffirmed his commitment to resolving the IHPLC dispute and advancing governance reforms, underscoring the national significance of this mission.
With over 40 years of expertise across corporate governance, restructuring, dispute resolution, and capital markets, Dr. Idigbe commands widespread respect for his legal acumen and strategic guidance. He also chairs Ikeja Hotel Plc and Hans Gremlin Limited.
