Minority shareholders of the Tourist Company of Nigeria (TCN) have commended the Securities and Exchange Commission (SEC) for its firm intervention in resolving governance challenges that have plagued the company for years.

In a statement on Monday, Olatunde Okelana, a shareholder of Ikeja Hotel Plc and Chairman of the Zonal Shareholders Mobilisation Committee for Annual General Meetings, said over 4,000 minority shareholders recognised SEC’s decisive actions in halting financial losses and restoring a measure of accountability at TCN.

According to the group, the company had been hampered by protracted family disputes and boardroom battles, which led to operational stagnation, prolonged deadlocks, and years without dividend payments. They described the SEC’s regulatory intervention seven years ago as a turning point that prevented further decline.

While acknowledging that the Alex Ibru group now controls more than 80 per cent of TCN’s equity, the minority shareholders stressed that the company remains publicly listed with nearly 5,000 shareholders. They urged the group to make a fair and open offer to buy out the remaining shareholders in line with SEC directives and global best corporate governance practices.

The shareholders also criticised the Alex Ibru group for what they described as a dismissive attitude toward other stakeholders, including Ikeja Hotel Plc and the investing public. They flagged a N36 billion shareholder loan owed by TCN to Ikeja Hotel Plc, which they claimed had not been properly disclosed under regulatory requirements.

“It is not in dispute that the Alex Ibru group holds a majority shareholding in The Tourist Company of Nigeria Plc. However, their conduct suggests a belief that, by their majority control, other stakeholders can be disregarded,” the statement read.

They further stressed that, regardless of shareholding changes, TCN remains under the full regulatory oversight of the Nigerian Exchange Limited and SEC, and must operate with transparency and accountability.

The minority shareholders also faulted a suit filed by the Alex Ibru group challenging SEC’s findings and directives, insisting that the regulator’s intervention was essential to safeguarding investor interests and restoring stability to the company.