‘Retirement Of TCN Administrators Not On Cancelled AGM Agenda’

The purported retirement and removing of administrators and representatives of Ikeja Lodge Plc (IHPLC) from the Vacationer Firm of Nigeria Plc (TCN) board was not included within the discover and agenda for the cancelled Annual Common Assembly (AGM), a Senior Advocate of Nigeria, Dr Anthony Idigbe, has mentioned.
SEC had cancelled the AGM because of its ongoing regulatory intervention and subsisting interim courtroom order mandating the upkeep of the established order.

Regardless of the directive, some members of the TCN board went forward with the AGM on Friday.
An announcement by Idigbe on Sunday, issued by way of his private assistant, Philomena Philips, mentioned the removing of the chairman or administrators was not on the agenda of an Emergency Board of Administrators assembly held on July 22, 2025, nor within the one used for the cancelled AGM.

It said “our consideration has been drawn to an unauthorised publication attributed to The Vacationer Firm of Nigeria Plc (TCN) alleging the removing of Chief Dr Anthony Idigbe as its chairman on the Emergency Board of Administrators assembly held on July 22, 2025 and his alleged retirement and removing as a director along with Alhaji Abatcha Bulama the opposite SEC-appointed director and consultant of Ikeja Lodge Plc (IHPLC) at a purported AGM of the corporate allegedly held on July 25, 2025 in Lagos regardless of the cancellation of the AGM by the regulators, the Securities and Alternate Fee (SEC) and the Company Affairs Fee (CAC).”

It added that “applicable studies have been made to the SEC by the SEC-appointed administrators below the February 17, 2017, settlement settlement between the disputing shareholders of Alex Ibru/OMA Funding and RFC on the one hand and Goodie Ibru/AVI then again in Ikeja Lodge Plc (IHPL), an organization listed on the NGX and investor and substantial collectors of TCN, amongst different corporations.

“The aim of the regulatory intervention in IHPLC and its investee corporations was to forestall the enterprise from collapsing, restore company governance, and resolve the impasse.”

The assertion famous, “the purported retirement and removing of the SEC-appointed administrators and representatives of IHPLC from the TCN board was not included within the discover and agenda for the cancelled AGM, as printed within the newspapers, scheduled for July 25, 2025.”

Idigbe famous that though the aggrieved shareholders have gone to courtroom and obtained orders towards the SEC, saying “they don’t appear to have religion within the rule of regulation and as a substitute search to resort to self-help, utilising their perceived media affect to acquire illegal cures by way of unauthorised publication.”