TCN Replaces Chairman over Governance Concerns

The Board of Directors of Tourist Company of Nigeria Plc (TCN) has announced the appointment of  Mrs. Erejuwa Gbadebo as the new chairman to  Chief Anthony Idigbe, SAN.

 In a statement signed by the new chairperson, the changes, which took effect from July 22, 2025, were the outcome of an emergency Board meeting convened to address mounting governance concerns. 

According to the board, the board disclosed that the removal of Chief Idigbe was necessitated by multiple issues bordering on conflict of interest and interpersonal conduct.   

 Specifically, the board cited concerns over conflict of interest linked to his role as a director in the firm serving as the company Secretary. 

Also,  Chief Idigbe was also accused of adopting an overbearing approach in his leadership, marked by condescending behaviour towards fellow board members. 

  These actions, according to the board, disrupted the collegial atmosphere necessary for effective boardroom deliberations and decision-making.

  The newly appointed Chairperson, Mrs. Erejuwa Gbadebo, brings with her a wealth of experience and is expected to restore confidence in the board’s leadership.

   Her appointment marks a significant milestone in the company’s efforts to strengthen corporate governance and reposition the company for better operational and strategic outcomes.

  In a related development, the board also resolved to suspend OOT Nominees Limited from its role as Company Secretary, citing deep concerns over the firm’s independence and objectivity in discharging its duties.  Gbenga Biobaku & Co.  has been appointed as  the acting Company Secretary.

The board explained that the close ties between OOT Nominees and Chief Idigbe, who is a director in the firm, raised substantial doubts about the firm’s ability to act in the best interest of the company and its shareholders.

  According to the statement, the conduct of OOT Nominees had, on several occasions, reflected a bias toward the former chairman.

  The company explained that  Gbenga Biobaku & Co  is expected to provide professional secretarial services with the level of independence, transparency, and integrity required under corporate governance best practices.

  In addition, the board further expressed its confidence in the new appointments, emphasising that the changes are part of efforts to reinforce sound governance, protect shareholder value, and foster a culture of accountability at all levels of the organisation.

   It also reassured investors, regulators, and stakeholders of its commitment to ethical leadership and transparency in its operations.