• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

KPMG raises concerns about going status of Federal Palace’s parent firm

Onome Ohwovoriole by Onome Ohwovoriole
March 12, 2019
in Business News, Company News
KPMG raises concerns about going status of TCN
Share on FacebookShare on TwitterShare on Linkedin

Tourist Company of Nigeria’s going status may be in concern going by a notice to the company sent to the Nigerian Stock Exchange today.

The firm stated that it would be unable to release its audited financial statements for the period ended December 30, 2018, as at when due.  

Companies have a 90-day deadline to submit audited results. The firm expects to file the results in question, by the 30th of April, 2019.

RelatedStories

KPMG, EY, PWC lead highest earning audit companies in 2024 

KPMG, EY, PWC lead highest earning audit companies in 2024 

May 19, 2025
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG

KPMG urges Nigerian banks to embrace blockchain and partner with crypto firms

March 17, 2025

Reasons behind the delay: The company’s auditors KPMG Professional Services, has without qualifying its opinion, including a material uncertainty relating to the going concern status in its audit opinion.  

KPMG will send a copy of the financial statements approved by the TCN board together with an explanatory memorandum to the Financial Reporting Council of Nigeria (FRCN). The results will be filed consequent upon approval by the FRCN.  

Why is KPMG doing so ?: Section 8 of the FRCN  Act of 2011, states that the Council shall receive copies of all qualified reports together detailed explanations of such qualifications from the company’s auditors. The statements are not to be released until all accounting issues are resolved by the FRCN.  

In a dire state  

The company’s results for the nine months ended September 30, 2018 show revenue was relatively flat year on year at N1.05 billion. Loss before tax, however, dipped slightly from N1.1 billion in 2017 to N897 million in 2018.  

Even more, worrisome however is that the company had negative equity of N11.1 billion, with liabilities outweighing assets. 

What led to this?  

The company has struggled in the last decade for several reasons.  

An ownership squabble among the Ibru family has been on for several years. Maiden Ibru, the wife of the late Alex Ibru, had alleged that the company borrowed various sums: $7.1 million, N610 million, N381 million, and N19 million, between 2003 and 2004 which had not been paid back. She thus sought a court order for the winding up of the firm. 

Investigations by the Economic and Financial Crimes Commission (EFCC) resulted in the brief detention of some Sun International staff and the withdrawal of a planned $450 million investment. 

Sun has decided to sell its stake once investigations are over.  

The Tourist Company of Nigeria Plc was incorporated on 10 April 1964. The Company converted from a private company to its current form on 20 April 1994. The company owns the popular Federal Palace Hotel and Casinos. 

 The stock last traded on the Nigerian Stock Exchange on the 5th of March, 2019 at N3.50.  


Follow us for Breaking News and Market Intelligence.
Tags: KPMGSun International PlcTourist Company of Nigeria
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

KPMG, EY, PWC lead highest earning audit companies in 2024 
Exclusives

KPMG, EY, PWC lead highest earning audit companies in 2024 

May 19, 2025
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG
Cryptos

KPMG urges Nigerian banks to embrace blockchain and partner with crypto firms

March 17, 2025
FG moves to address Nigeria’s telecom issues as KPMG submits sustainability report 
Sectors

FG moves to address Nigeria’s telecom issues as KPMG submits sustainability report 

January 8, 2025
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG
Appointments

KPMG announces appointment of six Nigerians among nine new partners in West Africa

October 1, 2024
NCC,
Sectors

Nigerian Communications Commission directs telcos in Nigeria to conduct billing audits amid industry sustainability concerns

July 23, 2024
Insights: Targeted safety net programs will protect Nigerians from fuel subsidy removal burdens – KPMG
Economy

KPMG faults FG’s 50% windfall tax, says legal disputes may arise  

July 19, 2024
Next Post
Market interest, Nigeria Weekly Update: A better NPL picture

Nigeria Weekly Update: Reporting season continues well

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Dangote Refinery cuts petrol ex-depot price to N820 per litre in fresh adjustment 
  • Okra charts new path to scale payments business  
  • EFCC arraigns Bigibet gaming platform founder Adepoju Abiodun for alleged N855m fraud  

Follow us on social media:

Recent News

Transmission lines in Cross River, Rivers have been vandalized severally in over 2 months – TCN

Dangote Refinery cuts petrol ex-depot price to N820 per litre in fresh adjustment 

July 8, 2025
Okra charts new path to scale payments business  

Okra charts new path to scale payments business  

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics