Tourist Company of Nigeria has been embroiled in leadership crisis as Chairman denounces “disingenuous scheme”.
NewsOnline Nigeria reports that the Tourist Company of Nigeria Plc (TCN) is currently engulfed in a deepening leadership crisis as Chairman Chief Dr. Anthony Idigbe SAN has vehemently rejected recent reports claiming his removal from office, labeling them a “disingenuous scheme” driven by fraud and unlawful actions from certain board members involved in the ongoing dispute.
In a statement issued by his Personal Assistant, Philomena Philips, Chief Idigbe dismissed claims that he and fellow SEC-appointed director Alhaji Abatcha Bulama were ousted during a supposed board meeting on July 22 and an Annual General Meeting (AGM) held on July 25 at the Federal Palace Hotel, both gatherings invalidated by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC).
ALSO: SEC Declares Tourist Company of Nigeria’s Board Changes Null and Void, Disowns AGM
Recall that the SEC had earlier disowned the July 25 AGM, warning that any resolutions passed were null and void due to the meeting’s unauthorized convening in defiance of a suspension order. The Commission reaffirmed its regulatory oversight over TCN and stressed that the board remains as constituted prior to the contested AGM, with SEC-appointed interim directors continuing to serve to ensure corporate governance and protect minority shareholders.
Chief Idigbe confirmed that the July 22 board meeting focused solely on the SEC’s forensic audit findings and did not address any leadership changes. He described attempts to remove him as “fraudulent” efforts by disgruntled directors seeking to undermine lawful governance and buy time amid fallout from the SEC’s June 27 forensic audit report by Deloitte.
Highlighting the company’s progress under his leadership, Idigbe pointed to a significant rise in shareholder value from NGN 70,000 in 2017 to NGN 23 recently and growing cash reserves, emphasizing that regulatory intervention has restored stability to the company.
He also revealed that the contested AGM was called using forged documents with falsified signatures, underscoring the extent of the internal sabotage. Despite legal challenges from dissatisfied shareholders, Chief Idigbe condemned their recourse to self-help and media manipulation instead of respecting judicial processes.
Amid the turmoil, Chief Idigbe vowed to remain focused on his regulatory mandate, working toward resolving the issues at Ikeja Hotel Plc (IHPLC), a key TCN stakeholder, as the company navigates this leadership crisis under continued SEC supervision.
