Economy
Stock Exchange Begins Process to Delist Tourist Company of Nigeria
By Dipo Olowookere
Tourist Company of Nigeria may soon become the next organisation to be delisted from the Nigerian Exchange (NGX) Limited, Business Post has learned.
Information reaching this newspaper authoritatively revealed that the NGX Regulations (NGX RegCo) Limited, a subsidiary of the NGX Group saddled with the responsibility of regulating the market, has been given the approval to begin the process of ejecting the firm from the exchange.
Tourist Company of Nigeria recently suspend
Recall that a few days ago, the Tourist Company of Nigeria was among the four companies suspended from the stock exchange for issues relating to poor corporate governance.
“Trading license holders and the investing public are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that, ‘If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension,’ trading in the shares of the four companies has been suspended from the facilities of the Nigerian Exchange Limited effective Friday, July 2, 2021, having failed to file their audited financial statements for the year ended December 31, 2020.
“In accordance with the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the exchange,” a statement from the NGX had read.
Delisting in Process
But the issue of the Tourist Company of Nigeria is not ending with suspension on trading of its stocks on the exchange like the other three.
The NGX is going further to remove the company from its platform and it has now placed it on its delisting in process category, with a Compliance Status Indicator (CSI) code of DIP, which means delisting in process.
Background to current issues
Tourist Company of Nigeria is one of the oldest firms on the exchange as it joined on January 1, 1970, according to its profile of the NGX.
Its nature of business is the operation of hotels, casinos and the provision of catering services. It operates the popular Federal Palace Hotel in Lagos. It has shares outstanding of 2,246,437,472 units and a market value of N6.4 billion and its last equity price was N2.84 each.
This is not the first time the firm is under the threat of being delisted on the exchange.
According to information gathered by Business Post, in 2015, the organisation was informed by the exchange of its intention to remove it from its platform as a result of free float deficiency issues and the board passed a resolution authorising the exchange to go ahead with this.
However, after about two years, the NGX said it was putting the delisting on hold because of corporate governance issues at Ikeja Hotel Plc, which is one of the key shareholders of the company.
Shareholding structure
Ikeja Hotel, another firm listed on the exchange, has a 12.2 per cent stake in the Tourist Company of Nigeria, according to its financial statements. Sun International Limited controls 49.3 per cent, Associated Ventures International Limited (a firm controlled by Goodie Ibru, a former Chairman of the company) has 18.7 per cent, while Oma Investments Limited (which is challenging the legality of the company’s operating management agreement currently in place for the management of TCN) has 18.1 per cent.
Financial performance
In its unaudited financial statements for 2020, Tourist Company of Nigeria reported a significant decline in revenue, especially from its gaming and hospitality business and this was mainly due to the restriction on movements and the shutting down of businesses in the year by the federal government to control the spread of COVID-19.
The company suffered a loss after tax of N6.5 billion in the year compared with the lost after tax of N1.2 billion reported in 2019.
Tourist Company of Nigeria has been making losses historically and has accumulated losses of N20.6 billion, higher than N14.1 billion in 2019.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
