By Babatunji Wusu
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Dr. Anthony Idigbe, Senior Advocate of Nigeria and SEC-appointed chairman of Tourist Company of Nigeria Plc (TCN), has denied reports claiming his removal as chairman and director, stating such actions were unauthorized and not included in any official meeting agenda.
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The Securities and Exchange Commission (SEC) had canceled TCN’s Annual General Meeting (AGM) scheduled for July 25, 2025, due to ongoing regulatory intervention and an interim court order mandating the maintenance of the status quo.
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Despite the SEC directive, some TCN board members proceeded with the AGM; however, Dr. Idigbe clarified that
“neither the Emergency Board meeting on July 22 nor the canceled AGM included any agenda regarding the removal or retirement of directors, including himself and fellow SEC-appointed director Alhaji Abatcha Bulama.” -
The SEC’s intervention aims to resolve corporate governance issues and shareholder deadlocks in Ikeja Hotel Plc (IHPLC) and its investee companies to prevent business collapse; reports of removals contradict the regulatory goals and have been reported to SEC for further action.
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Dr. Idigbe criticized aggrieved shareholders for disregarding court orders upholding the SEC’s intervention, accusing them of seeking unlawful remedies through media influence rather than respecting the rule of law, stating that
“they do not seem to have faith in the rule of law and instead seek to resort to self-help, utilising their perceived media influence to obtain unlawful remedies through unauthorised publication.”
Amid ongoing regulatory interventions by the Securities and Exchange Commission, a controversy has ignited concerning the governance of Tourist Company of Nigeria Plc (TCN). Senior Advocate of Nigeria, Dr. Anthony Idigbe, who serves as chairman and SEC-appointed director representing Ikeja Hotel Plc (IHPLC), firmly refuted recent allegations of his removal from the board.
The SEC had earlier canceled the scheduled TCN Annual General Meeting (AGM) on July 25, 2025, citing its ongoing intervention and a subsisting interim court order demanding the maintenance of existing board structures. Notwithstanding this, some board members proceeded with the AGM, allegedly removing Dr. Idigbe and another SEC-appointed director, Alhaji Abatcha Bulama.
Dr. Idigbe clarified in an official statement that
“the reported removal was unauthorized, as the agenda of both the Emergency Board Meeting held on July 22 and the canceled AGM made no mention of any director’s removal or retirement.”
The statement emphasized that these directors remain in position as part of efforts to untangle shareholder disputes, restore corporate governance, and stabilize Ikeja Hotel Plc and its investment interests, including TCN.
The statement also highlighted ongoing legal disputes involving shareholder factions who, despite court rulings supporting the SEC’s regulatory actions, appear to flout the law by attempting to achieve their ends via media campaigns and self-help methods rather than through lawful channels.
This development underscores the complexities in resolving corporate governance challenges in key Nigerian businesses and reflects the SEC’s continued commitment to safeguarding investor interests and upholding due process in listed companies.
