TCN AGM Controversy deepens as OOT Nominees disowns altered meeting notice. SEC and CAC suspend AGM indefinitely over court order and unresolved shareholder disputes
TCN AGM Controversy has escalated, with OOT Nominees Limited the appointed Company Secretary of The Tourist Company of Nigeria Plc (TCN) disowning alleged amendments to the July 1 AGM notice.
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In a firm denial on Friday, the firm accused unnamed parties of inserting unauthorized items, including the re-election of three directors, into the official agenda.
Legal counsel Lovelyn Aniekwe confirmed discrepancies between the signed notice and what was presented at the controversial meeting.
OOT Nominees has vowed to pursue legal redress over what it calls an “illegal alteration.”
Despite warnings, the AGM proceeded amid growing tensions, with shareholder groups opposing oversight by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC).
Meristern Registrars, acting in place of official registrar Greemwich, withdrew from the meeting, citing legality concerns.
On July 24, 2025, SEC directed TCN to suspend the AGM indefinitely due to ongoing regulatory intervention and a standing court order (Suit No FHC/L/MISC/760/2025).
The CAC echoed this directive, urging full compliance for public interest.
The TCN AGM controversy is rooted in a 2017 shareholder dispute involving Ikeja Hotel Plc (IHPLC), Capital Hotel Plc, and TCN.
A forensic audit by Deloitte revealed financial misstatements and unapproved share deals, prompting reforms led by Interim Board Chair, Chief Anthony Idigbe (SAN).
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Under Idigbe, TCN stock soared by 3,185.71% over eight years. His camp maintains that recent attempts to oust him are illegal acts of self-help, warning against derailing the final stages of IHPLC’s corporate resolution.
