Following the publication of our recent article, “Power Shift or Power Grab? Lessons from a Voided Boardroom,” the Chartered Institute of Directors Nigeria (CIoD) wishes to provide context to ensure that our observations are properly understood.

The article was intended to highlight broader insights on corporate governance, regulatory compliance, and board accountability using recent developments involving the Tourist Company of Nigeria (TCN) Plc as a case study. Our focus was on the principles and systemic safeguards necessary to strengthen Nigeria’s corporate governance landscape, not to single out or prejudge any ongoing matters concerning a company or its stakeholders.

We recognise that governance matters can be complex, often involving differing interpretations of statutes, procedures, and timelines. Our commentary was written in the spirit of promoting dialogue, learning, and continuous improvement within the governance ecosystem. Where regulatory inquiries or interventions are ongoing, it remains essential to allow due process to take its full course without prejudgment. Amid the evolving challenges in Nigeria’s corporate landscape, the leadership of TCN has consistently sought to preserve not only a family legacy but also a national cultural landmark. As highlighted in a recent Guardian feature, their stewardship reflects a deep commitment to sustaining TCNs place as both a generational enterprise and a custodian of Nigeria’s hospitality and tourism heritage.

As an institute committed to advancing ethical leadership and sound governance in both the public and private sectors in Nigeria, we reaffirm that our role is to provide thought leadership, encourage adherence to the Nigerian Code of Corporate Governance (NCCG 2018), and support constructive engagement between boards, regulators, and shareholders.

We value the contributions of all stakeholders toward building a corporate culture anchored on transparency, fairness, and inclusivity. The CIoD remains committed to facilitating conversations, training, and advisory support that can help strengthen governance practices across the private and public sectors of Nigeria’s economy.

Our ultimate objective is to use governance challenges—past and present—as opportunities to reaffirm that legality, accountability, and ethical stewardship must guide the exercise of corporate power.

Research & Advocacy Unit