TCN Shareholders Approve New Board, Demand Urgent Reforms

Shareholders of The Tourist Company of Nigeria (TCN) Plc have given their nod to a new board of directors at the company’s recent Annual General Meeting, while issuing strong calls for immediate and far-reaching reforms to reposition the firm for better performance and profitability.

At the meeting, which attracted a cross-section of stakeholders, shareholders ratified the appointment of Mrs. Erejuwa Gbadebo as the new chairperson of the board. Also confirmed were Ms. Anita Athena Ibru, Mr. Kofi Joseph Duncan, and Mr. Andy Akporugo as non-executive directors. The re-election of Mr. Toke Alex Ibru as a non-executive director was also approved under the regular rotation schedule.

However, the reconstitution of the board came amid shareholder dissatisfaction over the state of the company. Investors expressed deep concerns about TCN’s financial standing, poor internal controls, and what they described as a general lack of strategic direction over the years. Many shareholders pointed to ongoing liquidity challenges, weak corporate governance practices, and the absence of a clearly communicated roadmap for recovery.

While welcoming the new directors, several investors took the opportunity to urge them to hit the ground running by implementing structural reforms. According to them, the new board must urgently address legacy issues that have hindered TCN’s growth, restore stakeholder confidence, and revamp the company’s operations for greater efficiency.

The newly appointed chairperson, Erejuwa Gbadebo, acknowledged the concerns raised and assured stakeholders of the board’s commitment to ushering in a new era of transparency, accountability, and performance. She stressed the need for stronger engagement with shareholders, particularly minority stakeholders, and promised that the board would regularly communicate its progress and plans going forward.

She also clarified issues around the disruption of previous shareholder meetings, which had caused confusion and tension among investors. According to her, the delays and inconsistencies stemmed from regulatory interventions and court proceedings that have now been resolved, allowing for a clean slate under the reconstituted leadership.

The approval of the new board marks a significant moment for TCN, which has over the years grappled with reputational damage and operational instability. Shareholders had long complained about the company’s inability to deliver consistent returns or respond adequately to market realities.

The new leadership is expected to oversee not just a financial overhaul but also a broader transformation of the company’s strategic direction. Analysts believe that with the right reforms and improved oversight, TCN can leverage its brand and historical significance to regain lost ground in the hospitality and tourism sector.

Industry observers noted that governance issues have played a major role in TCN’s setbacks, and the willingness of shareholders to support a new board reflects a broader desire to turn the page on previous missteps. The emphasis, they say, should now be on corporate discipline, sustainable profitability, and responsible management of assets.

In addition to urging reforms, shareholders also emphasized the importance of greater transparency in financial reporting. They called on the new leadership to publish up-to-date financials, initiate cost-cutting measures where necessary, and reinvest profits into business expansion and modernization.

Meanwhile, shareholders expressed optimism that the infusion of fresh perspectives and experienced board members could help reposition the company. They urged the directors to engage with stakeholders across all levels, including regulators, industry players, and investors, to create long-term value.

The company’s previous leadership had come under criticism for its handling of certain key decisions, and investors are hopeful that the new team will be more responsive, inclusive, and result-driven.

The reorganization also comes at a time when the broader hospitality and tourism sectors in Nigeria are undergoing gradual recovery following the pandemic-induced downturn. With the right strategies, some stakeholders believe TCN can tap into emerging opportunities, particularly in the domestic travel and events markets.

Looking ahead, many are waiting to see how the new board will navigate internal restructuring, improve revenue generation, and address legacy debt. It is expected that key priorities will include reducing operational leakages, enhancing customer satisfaction, and exploring strategic partnerships that align with the company’s growth vision.

 

While challenges remain, the shareholders’ decision to endorse a new leadership team signals a renewed commitment to restoring TCN’s standing in the market. For the board, the task ahead is clear: reform must go beyond mere appointments and translate into concrete results that benefit the company and its shareholders alike.