TCN Investors Urge Fair Buyout After SEC Steps In

Minority shareholders of the Tourist Company of Nigeria Plc (TCN) have publicly commended the Securities and Exchange Commission (SEC) for its proactive intervention in addressing the long-standing governance challenges that have plagued the company. The shareholders are now calling for a fair and transparent buyout offer from the majority stakeholders to resolve ongoing conflicts and protect investors’ interests.

In a statement released on Monday, Olatunde Okelana, Chairman of the Zonal Shareholders Mobilisation Committee for Annual General Meetings and shareholder in Ikeja Hotel Plc, revealed that the minority shareholders, representing over 4,000 members, expressed strong appreciation for the SEC’s firm regulatory actions. These interventions have been crucial in halting escalating losses and restoring a degree of accountability at TCN.



The shareholders noted that a prolonged family feud and internal boardroom politics within TCN have severely undermined the company’s value and profitability over the years. This internal discord resulted in deadlocks, loss of investor confidence, and an absence of dividend payments to shareholders.

They pointed out that SEC’s intervention seven years ago was a pivotal moment that prevented further deterioration of the company’s fortunes. However, despite these regulatory efforts, the resolution remains incomplete.

The statement highlighted that the Alex Ibru group currently holds over 80 percent equity in TCN. Yet, the minority shareholders emphasized that the company remains a publicly listed entity with nearly 5,000 shareholders, all of whom deserve transparency, accountability, and equitable treatment.

They urged the Alex Ibru group to make a fair, open, and transparent offer to buy out the remaining shareholders and consider taking TCN private, consistent with SEC directives and sound corporate governance standards.


The minority shareholders criticized the Alex Ibru group’s dismissive attitude toward other stakeholders, including Ikeja Hotel Plc and the wider investing public. A significant point of concern is an outstanding N36 billion shareholder loan owed by TCN to Ikeja Hotel Plc, which has reportedly not been fully disclosed in compliance with regulatory requirements.

They stressed that despite majority ownership, TCN remains subject to full regulatory oversight by both the Nigerian Exchange Limited and SEC, and must adhere to all transparency and governance guidelines.



The statement also condemned the Alex Ibru group’s legal suit challenging SEC’s findings and directives, warning that such actions undermine investor confidence and corporate governance in Nigeria’s capital markets.

Okelana and the minority shareholders affirmed their commitment to safeguarding the rights of all investors and called for collective efforts to restore TCN’s financial health and governance standards.