By Henry Ojelu

A group representing minority shareholders of the Tourist Company of Nigeria, TCN, has called on the Securities and Exchange Commission, SEC, to urgently intervene in what it described as a prolonged management crisis in the company.

The shareholders, under the aegis of the Zonal Shareholders Mobilisation Committee and led by its Chairman, Dr. Olatunde Okelana, made the appeal during a protest at the headquarters of the commission in Abuja.

Speaking on behalf of the protesters, Okelana said the demonstration was aimed at drawing the attention of the capital market regulator to the challenges minority shareholders of TCN have endured for years.

He alleged that despite steps taken by the SEC within its statutory powers as the supervisory authority of the capital market, the commission had not fully enforced its own decisions regarding the company.

According to him, the situation has left minority investors sidelined in the running of the organisation.

“The minority shareholders have faced challenges for quite some time. The SEC has done what it could within the law, but unfortunately, it has been reluctant to enforce its decisions,” Okelana said.

He further alleged that there might be external influences hindering the commission from enforcing its rules and directives.

Okelana also claimed that the affairs of the company were being conducted without adequate consideration for the interests of minority shareholders, noting that their voices were no longer reflected in the management of the firm.

He expressed concern that the company failed to hold its Annual General Meeting, AGM, last year, a development he said resulted in shareholders not receiving dividends and further worsened the frustrations of investors.

According to him, the continued delay in resolving the management crisis could have far-reaching implications for shareholders who invested their funds in the company.

“That is why we are here, so the management of the SEC can listen to us. Minority shareholders are tired of the inaction. If the SEC fails to intervene, shareholders will continue to suffer, be denied dividends, excluded from decision-making and see their funds eroded,” he added.

The group also appealed to the Federal Government to direct the SEC to act decisively in protecting the rights and investments of minority shareholders in the company.

Okelana disclosed that the shareholders would explore further avenues to ensure their concerns are addressed, including approaching the Senate Committee on Capital Market, which has oversight responsibilities over the commission.

According to him, the group intends to meet with members of the committee to present their grievances and seek legislative intervention.

He also urged that the interim board nominated for the company be allowed to run its affairs, noting that doing so would help address the lingering issues affecting the organisation.

Also speaking, Secretary-General of the Liberated Shareholders Association, Prince Ridwan Hamza, alleged that the conduct of majority shareholders in TCN and other companies had consistently disadvantaged minority investors.

Hamza called on the SEC to act promptly to ensure accountability, transparency and fairness in the management of the company and related organisations.

He stressed that decisive regulatory action was necessary to restore investors’ confidence in the capital market and protect the interests of smaller shareholders.