Ihplc-press statement on tcn deadlock

Lagos, Nigeria, Thursday, July 31, 2025

The attention of Ikeja Hotel Plc (the Company) has been drawn to various press publications relating to the dispute between OMA/RFC group and the Securities and Exchange Commission following the release of the SEC ordered forensic audit on the activities of Ikeja Hotel, and the consequential board crisis at IHPLC and The Tourist Company of Nigeria Plc "TCN".

The Company wishes to state that at no time did it withdraw the nomination of its directors, Chief Anthony Idigbe SAN and Alhaji Abatcha Bulama from the board of TCN Plc. Under the shareholders agreement and settlement agreement executed by the disputing parties, IHPLC has the right to nominate its own directors and one of them is to be the chairman of TCN Plc. IHPLC did not and has not consented to the removal of its directors from the Board of TCN Plc. TCN Plc is an investee company of IHPLC. There are almost 5000 investors in TCN Plc. IHPLC has 12.18% of the shareholding and a huge loan portfolio exposure of over 36 billion Naira at TCN Plc hence the need for minority protection through board representation and the shareholders agreement.

Any breach of those safeguards will put the investment of IHPLC and other minority shareholders in TCN at risk. IHPLC recognizes that it and its investee companies are still under SEC regulatory action and look forward to the early resolution of the current deadlock and impasse.

Managing Director/CEO