The Tourist Company of Nigeria Plc (TCN) has clarified the ongoing governance crisis, blaming the tension on two former interim directors Chief Anthony Idigbe and Alhaji Abatcha Bulama who allegedly overreached their mandate without any shareholding in …  | By Busola Bamidele on July 31, 2025 | The Tourist Company of Nigeria Plc (TCN) has clarified the ongoing governance crisis, blaming the tension on two former interim directors Chief Anthony Idigbe and Alhaji Abatcha Bulama who allegedly overreached their mandate without any shareholding in the company. In a statement, TCN said the duo, originally appointed for three months at Ikeja Hotel Plc in 2015, continued to hold board positions at TCN and Capital Hotels Plc without shareholder approval or SEC backing for over eight years. The board accused them of attempting to sell key TCN assets, including land housing the Federal Palace Hotel, sparking multiple court injunctions. Read also: The board noted that the Alex Ibru family now holds 80.6% control of TCN and reaffirmed its commitment to proper governance. At the July 26 AGM, shareholders retired the longest-serving directors, re-electing only Otoke Ibru. Despite a court stay, SEC moved to halt company meetings, but TCN maintained its AGM was legal and democratic. The board urged the SEC to uphold shareholder rights and cooperate on governance reforms rooted in law and transparency. | | | |
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