Some minority shareholders of the Tourist Company of Nigeria (TCN), which owns the Federal Palace Hotel in Lagos, have appealed to the Securities and Exchange Commission (SEC) to enforce its decisions amid ongoing disputes within the company.
The minority shareholders, who previously filed a suit challenging the SEC’s findings and directives, urged the regulator to protect their rights.
The shareholders, led by the chairman of the Zonal Shareholders Mobilisation Committee, Dr Olatunde Okelana, protested at the SEC headquarters.
Okelana explained that the demonstration aimed to highlight the prolonged issues faced by minority shareholders and accused the SEC of failing to enforce its rulings, suggesting external influences may be impeding action.
He criticised the management for ignoring shareholder interests, especially after the company’s AGM was not held last year, leaving shareholders without dividends and increasing frustrations.
The group plans to meet with the Senate Committee on Capital Market to seek intervention and to allow the interim board to manage the company’s affairs.
The Secretary-General of the Liberated Shareholders Association, Prince Ridwan Hamza, also accused majority shareholders of disadvantaging minorities and called for SEC intervention to ensure accountability.
Prince Ridwan Hamza, Secretary-General of the Liberated Shareholders Association, claimed that the behaviour of majority shareholders in TCN and other firms consistently puts minority investors at a disadvantage.
He called on the SEC to act quickly to promote accountability and transparency in the management of TCN and related entities.
A letter from the minority shareholders to the SEC D-G states: “Inaction by the regulator could create a harmful precedent for operators on the Nigerian Exchange and weaken trust in the regulatory system.
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