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TCN shareholders task interim management on transparency, accountability

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Directors of Tourist Company of Nigeria (TCN) Plc, Andrew Johnston (left) and Abatcha Bulama; Acting Chairman, TCN, Anthony Idigbe and Secretary, Aituagie Omokhodion, during the TCN Annual General Meeting (AGM) in Lagos… yesterday. PHOTO: PAUL ADUNWOKE


Shareholders of Tourist Company of Nigeria Plc (TCN) have charged the new board members to entrench high level of transparency and accountability in the firm’s operations.They also urged them to shun all irregularities that may impede the long-term growth of the company.

The shareholders, who spoke during the company’s 53rd yearly general meeting in Lagos yesterday, also urged the interim management to urgently sort out anomalies that may have cast significant doubts on the company’s ability to continue on the path of sustainable profitability.

At the meeting, the appointment of Dr. Alex Thomopolus as a director of the company was ratified alongside others with the Publisher of The Guardian, Lady Maiden Alex-Ibru, in attendance. Specifically, a shareholder of the company, Nona Awo, who asked for a representative of minority shareholders on the board, bemoaned the high level of the company’s borrowings, which currently stood at N18.8 billion.

Another shareholder, Sotunde Sopeju, urged the board to resuscitate the company to the level of paying dividends to shareholders in the nearest future.Meanwhile, the Interim Chairman, Chief Anthony Idigbe, stated that the management is working tirelessly to unlock the inherent value of the company and improve shareholders’ value on investment.

He said the revenue for the period ended December 31, 2017 increased by 69.7 per cent to N4.9 billion, from the year ended June 30, 2016. The operating loss rose by 38.4 per cent. The company also incurred a comprehensive loss of N3.2 billion after interest and tax.Idigbe pointed out that while the forensic auditing of the company is expected soon, adherence to sound corporate governance would be followed strictly.

According to him, the company intends to take full advantage of opportunities within its operating space and remain resolute in focusing and executing all its strategic priorities against all odds.He said: “The company is also considering restructuring of its statement of financing position to improve liquidity and profitability having regard to huge losses attributable to shareholders’ loans.

“We are positioning for a rebounding economy in 2018, following recent stability in oil production as well as international oil prices have helped with the flow of foreign exchange in the market.”


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Alex ThomopolusTCN
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