The Securities and Exchange Commission SEC has disowned last Fridays Annual General Meeting AGM of the Tourist Company of Nigeria TCN Plc that led to the change in the leadership of the board, warning that any resolutions passed at the meeting are null and void.
In a public notice issued yesterday, the Commission condemned recent actions by some majority shareholders of TCN, who allegedly convened the meeting in defiance of a suspension order issued by the SEC.
The Commission said the meeting also resulted in unauthorized changes to the companys board, including the removal of SEC-appointed interim directors and the board secretary-moves it described as illegal and disruptive.
The Commission noted that its intervention in TCN, including the appointment of two interim independent directors, was aimed at preserving the companys status as a going concern and safeguarding the interests of all shareholders, particularly minority investors. It added that the intervention had already yielded stability and a rebound in the companys share value before the recent disruptions.