Senior Advocate of Nigeria and Chairman of The Tourist Company of Nigeria Plc (TCN), Dr. Anthony Idigbe (SAN), has dismissed reports of his removal at an emergency board meeting held on July 22, describing such claims as false and misleading.
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In a statement issued on Thursday by his aide, Philomena Philips, Dr. Idigbe clarified that the purported removal was not on the meeting’s agenda and no formal discussion on that subject ever took place before the meeting was prematurely disrupted.
“The removal of the chairman was not on the agenda,” the statement said. “The chairman closed the meeting when it became rowdy. The items on the agenda were not discussed.”
The agenda, as outlined by Idigbe, focused primarily on deliberating the Securities and Exchange Commission’s (SEC) findings from a forensic audit conducted by Deloitte, and directives stemming from the audit’s conclusions. According to the statement, attempts to shift attention to Idigbe’s position as chairman were “contrived” and intended to distract from ongoing regulatory enforcement.
Dr. Idigbe emphasized that the company remains under regulatory action by the SEC following a long-running shareholder dispute involving factions aligned with Alex Ibru/OMA Investment/RFC and Goodie Ibru/AVI, which culminated in a 2017 settlement agreement.
He noted that the SEC-appointed directors have been making appropriate reports to the Commission in line with the terms of that settlement, aimed at restoring good governance across Ikeja Hotel Plc (IHPLC) a company listed on the Nigerian Exchange (NGX) and its affiliated entities, including TCN.
Highlighting the progress made under his leadership, Idigbe pointed to the impressive market recovery of IHPLC’s shares, which have risen from 70 kobo in 2017 to ₦23 as of last week.
“The current contrived crisis… is driven by the release on June 27, 2025, of SEC’s findings and directives,” he said. “Shareholders dissatisfied with those findings have taken the matter to court. Making me the issue is an afterthought — a disingenuous scheme to buy time.”
He also defended the continued role of OOT Nominees Ltd. (formerly PUNUKA Nominees Ltd.) as the company secretary, a position approved by both the SEC and IHPLC since 2017, and reviewed consistently by TCN’s Nominations Committee without objection.
Criticising attempts by aggrieved shareholders to leverage media narratives, the statement warned against unlawful actions, stressing that such moves signal a lack of faith in the rule of law.
“Although the aggrieved shareholders have gone to court and obtained orders against the SEC, they seem to prefer self-help tactics and media influence over lawful resolution,” the statement read.
Despite the turbulence, Dr. Idigbe reaffirmed his commitment to finalising the corporate resolution processes and serving the national interest: “Despite the above distraction, I remain focused on concluding this national duty and service of resolving the IHPLC problem, which is nearing completion.”
Dr. Idigbe’s credentials span over four decades across corporate governance, insolvency, capital markets, arbitration, and regulatory law. A Senior Advocate of Nigeria since 2000, he holds multiple advanced degrees in law and business from institutions in Nigeria, the United Kingdom, and Canada, including a doctorate in cross-border insolvency law from Osgoode Hall Law School, Toronto.
He has served as chairman or board member of several high-profile companies including Capital Hotel Plc, Hans Gremlin Ltd, Ikeja Hotel Plc, Royal Exchange Plc, and PZ Industries Ltd., and has held leadership roles in chambers of commerce and legal reform committees. He was recently elected National Vice President (South-South) of NACCIMA and previously served as the association’s National Legal Adviser.
Idigbe is also a prolific legal author, governance thought leader, and founder of both the Capital Market Solicitors Association (CMSA) and the PUNUKA Foundation, which supports children with special needs. His honours include the CIoD Anofi Guobadia Award for Excellence in Directorship and a papal knighthood conferred by Pope Francis in 2021.
He remains an influential figure in shaping Nigeria’s legal and corporate landscape, having contributed to landmark legislation such as the Investment and Securities Act 2007 and its 2025 review, the FCCPC Act, and the Chartered Institute of Directors Act 2023.
Dr. Idigbe concluded by reaffirming his commitment to good governance, regulatory compliance, and the rule of law, while urging stakeholders to avoid actions that could destabilise the progress made so far in rebuilding trust and transparency within the TCN/IHPLC group.
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