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Tag: Transcorp

  • FG presents Certificate of Discharge to Transcorp Power Ltd.

    FG presents Certificate of Discharge to Transcorp Power Ltd.

    The Federal Government has presented Certificate of Discharge to Transcorp Power Limited on its completion of the acquisition of Ughelli Power Plant in Delta.

    The presentation of the certificate was done at the meeting of National Council on Privatisation (NCP) presided over by Vice President Yemi Osinbajo on Monday at the Presidential Villa, Abuja.

    Alex Okoh, the Director General of Bureau of Public Enterprises (BPE), signed on behalf of the Federal Government while Tony Elumelu, the Chairman of Transcorp Group, signed on behalf of the Transcorp Power Limited.

    The certificate of discharge entails that the firm has met the conditions stipulated in its agreement with the Federal Government as presented by BPE.

    In his remarks, the vice president said that NCP was pleased with the performance of Transcorp Power as the certificate meant that the firm had been delisted from routine monitoring.

    “This is a very happy occasion because it is not often that public institutions such as ourselves, the NCP is able to say that we were able to see and conduct power matters from beginning to the end and to see to the end of it is successful.

    “Very often, we see the hiccups and we go from one government to the other trying to resolve a particular issue; so, this is a very heart-warming occasion.

    “Of course, we have heard already from the director general of BPE that what we are doing today is the delisting of Transcorp Power Limited from the routine evaluation and monitoring of the BPE.

    “The routine evaluation and monitoring is, as we have heard already from the director general of BPE, is an important feature of the post-acquisition plan by the BPE and it has covenants and deliverables which the enterprise is supposed to live up to.’’

    Osinbajo said that Transcorp Power had performed creditably and ensured compliance with all of the deliverables, adding that in some cases even exceeding the covenanted deliverables.

    He commended the management of Transcorp Power Limited led by Elumelu and members of the Transcorp power team.

    The vice president also lauded BPE for doing an excellent job of monitoring and being able to come up with an objective means of deciding to delist the Transcorp Power Limited.

    “And we have also heard today that the Transcorp Power is able to deliver efficiently and it is able to do so even way beyond the expectations. So, we urge the organisation to continue in that path and to do even better.

    “The power needs of our country are grave; and we strongly believe that the right approach is the privatisation of the power sector to enable serious minded private sector players to invest in the provision of public power and ensure that they are efficient while they make profit at the same time.

    “We hope that this will not be the last in the series of private power companies that are taking over power plants that are unable to meet the expectations of the post evaluation plans,’’ he said.

    Earlier in his remarks, Okoh said that the gesture was in recognition of the achievement of the performance target as stipulated in the Performance Agreement.

    Okoh said that the performance agreement was entered into by the company and the Federal Government represented by BPE upon the privatisation of the power plant in 2013.

    “Today’s event is in fulfilment of the bureau’s promise made to privatised enterprises who fully implement the agreed key performance benchmark contained in the post-acquisition plan and the performance agreement,’’ he said.

    Elumelu thanked the vice president and the Federal Government for the confidence and trust reposed in the firm, adding that the company would not disappoint Nigerians and the Federal Government.

    “We at Transcorp Group recognise the importance of improved access to electricity; we know that with improved access to electricity, people can go to school, hospitals can function well; businesses can operate very well and most importantly can empower the industrialisation of our country.

    “This is why we invested in power and why we continue to invest in the power sector because we know it holds the key largely to the success of our country.

    “Mr Vice President, let me also say that in addition to the criteria set, we actually are doing a very strong Indigenisation of Transcorp Power Limited; I am proud to say that our power plant is managed and operated 100 per cent by Nigerians,’’ he said.

    According to Elumelu, the firm has been operating since 2013 with no incident and was looking forward that it will be sustained as Transcorp knew the importance of safety and sustainability in the world.

    “Finally, we have not grown alone; we have grown together with our community.

    “We have functional hospital, schools – primary and secondary schools and we do engage a lot with the community and have helped to create jobs for our people.

    “So, we are happy to be on this journey with the Federal Government and we want to do more in this sector. Thanks to the Federal Government and we will not let Nigerians down,’’ he said.

  • Otedola is my very good friend, says Billionaire Tony Elumelu

    Otedola is my very good friend, says Billionaire Tony Elumelu

    …I follow him and my wife alone on Instagram

    The Group Chairman of Transcorp, Tony Elumelu has said Billionaire Femi Otedola is a very good friend.

    TheNewsGuru.com, (TNG) reports, Elumelu made this disclosure in a chat with Arise TV after the company’s AGM.

    Apparently reacting to the recent investment of Otedela into Transcorp, the Delta born Billionnaire said outside business, Femi Otedela is a very good friend.

    He further explained, “Femi Otedola is a very good friend, there are only two people l follow on Instagram, my wife and Femi Otedola that tells you the level of friendship that we have.

    ” Is a man I admire and I respect and he is a friend, in fact we actually call ourselves brothers.

    “So I welcome Femi Otedola’s investment in Transcorp, that is what we want, I mean come on, people get sentimental and emotional at times for no reason.

    On whether this will not affect their relationship since there’s a commonality in their line of business, Elumelu said:

    “And what is wrong, there can be a cross road. You know abroad or even in Nigeria, we go on financial road show, and what do we do? We go talk to investors to say please come and invest in our company.

    “I am happy to see an indigenous active investor community and I am happy that Femi is investing in locally and he should be commended for that and I also welcome his investment in Transcorp because the more people show interest in the activities, in the performance of the company, the more people invest in the company, the better for our shareholders.

    “You know, you want to make your stock investors toast and I am happy that Transcorp is becoming investors toast.

    “If you remembered, about 10years ago before we took over Transcorp, people were not interested in Transcorp, even people who own shares, when I wanted to buy over Transcorp, people who owned shares of Transcorp didn’t even find their certificate because they’ve lost confidence in the company.

    “Today under our leadership, Transcorp has consistently 5years over now paid dividend every year, it never happened in the history of the company before.

    ” There is capital appreciation for the company.

    “So when friends and investing public come to invest in company like this, it’s a validation, it tells you that they believe in your story, they believe in your vision, they believe in your management, they believe in your leadership, they believe in your competence, that is what has been demonstrated.

    “And I like my friend to come on board and I like the fact that he is on board and I look forward to working with him for us to take Transcorp to greater heights.

  • Transcorp Group revenue hits N135bn, profit grows to N30.2bn

    Transcorp Group revenue hits N135bn, profit grows to N30.2bn

    Transnational Corporation Plc (Transcorp), Nigeria’s largest listed conglomerate held its 17th Annual General Meeting (AGM) and declared a dividend of 5k per share, a 150% increase over the previous year’s dividend.

    Transcorp, which has nearly 300,000 shareholders, made history as it held its AGM virtually, making it the first public company in Nigeria to do so, following the signing into law of the Business Facilitation Act (BFA), by the President of Nigeria.

    Transcorp continued to deliver on its year-on-year growth strategy, with a 7% increase in the Group’s total assets, growing to N442.7billion in 2022. The Company’s power business increased its available and generated capacity from 598MW and 373MW, to 720MW and 426MW, respectively, following significant investment and rehabilitation of its generating assets.

    Similarly, the Transcorp hospitality business demonstrated its growth trajectory, achieving a record average occupancy rate of 79%, with profit increasing by 172% to N4.5 billion in 2022, from N1.7 billion in the previous year, while revenue grew by 47% to N31.4 billion, from N21.4 billion in 2021.

    Profit after tax for the Group declined from N23.8 billion to N16.8 billion, as a result of the provision of N7 billion for deferred tax and exceptional income of N4.5 billion recognised in 2021, derived from the consolidation of Transafam Power Limited.

    Group Chairman, Tony O. Elumelu, CFR, noted that the Group recorded significant improvements across all key financial and non-financial parameters in 2022. The Group’s Gross Earnings increased to N134.7 billion and Profit Before Tax to N30.2 billion.

    Commenting on the Group’s performance, Elumelu said, “2022 proved to be another strong year for Transcorp, we continued to optimize and expand our portfolio of investments, amidst a challenging operating and economic environment.

    The impact of our long-term investment approach is beginning to be appreciated by the market, with a growth in share price from N0.96 in January 2022 to N2.69 as at close of market yesterday, April 26, 2023. And we continue to deliver to investors, with a dividend of N2 billion being paid to shareholders, representing a 150% increase over the 2021 payment.”

    2022 will be the 5th consecutive year of unbroken dividends payment by Transcorp, since the Elumelu led team assumed leadership of the conglomerate. Prior to the change in ownership and management in 2011, Transcorp had operated since inception without dividends to its shareholders.

    Speaking on the Group’s performance, the President of Transcorp Group, Dr. Owen Omogiafo, stated that the Group’s success is attributable to its focus on key sectors of the economy, its commitment to investment and its ability to drive execution.

    “We are strategically positioned and committed to enhanced performance, providing value-adding returns for all stakeholders, and making a positive societal impact. As we move forward, we remain fully dedicated and focused on realizing this vision. With the relentless efforts of our team, we are poised to achieve remarkable growth and success for years to come.”

    Shareholders at the AGM lauded the company’s professionalism and commitment to growing value for shareholders, stressing that the fully virtual AGM is one of the many firsts Transcorp has achieved. Dr. Faruk Umar of Advancement of Shareholder Rights Association said

    “We are very happy with the Board and Management of Transcorp. They promised us that as the Company grows, value for shareholders will grow. Today we have seen our dividend, that has increased by 500% under the Elumelu leadership and our share price has also appreciated. We also want to commend the professionalism of the Board for deciding to hold the AGM virtually, making it easier for us to join and make all of us to be more informed”.

    Transcorp’s commitment to social responsibility was also highlighted at the AGM. The Group has continued to contribute to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.

    As a responsible corporate citizen, Transcorp embraces Environmental, Social, and Governance (ESG) criteria in all aspects of its business dealings and investment decisions. Transcorp remains unwavering in its commitment to sustainable growth, ensuring consistency and an efficient organisation driven by a mission to deliver long-term value.

    Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a diversified shareholder base of approximately 300,000. Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Aura by Transcorp Hotels, Transcorp Power, Transafam Power, and Transcorp Energy.

  • Transcorp Group records revenue growth in Q1 2023

    Transcorp Group records revenue growth in Q1 2023

    Transnational Corporation Plc, Nigeria’s largest diversified conglomerate, with investments in Power, Hospitality, and Oil & Gas, held its Investors and Analysts Conference Call on Thursday, April 20, 2023. The call discussed Transcorp’s Full Year 2022 and Q1 2023 financial results and provided an outlook for the rest of the year.

    Joseph Adegunwa, the Group’s Chief Financial Officer, presented a comprehensive overview of the Group’s performance, highlighting key achievements across its portfolio.

    In 2022, Transcorp Group sustained its growth trajectory and ended the year with gross earnings of N134.7 billion, a 21% increase from N111.2 billion recorded in 2021. This growth was largely driven by the power and hospitality businesses.

    Gross profit grew by 21%, closing at N66.4 billion in 2022, from N54.8 billion in 2021. Despite facing inflationary pressures and adverse economic factors, the Group was able to sustain a gross profit margin of 49%. The Group’s cost-to-income ratio reduced from 79% in 2021 to 78% in 2022, demonstrating the Group’s operating efficiencies.

    Transcorp ended the year with a PBT of N30.3 billion, an increase from N28 billion in 2021. This impressive performance resulted in an increase to the Company’s asset base, Shareholders’ Funds, and consequently, a 150% growth in dividend payment.

    Under the Elumelu leadership, Transcorp has pursued a consistent policy of, where prudent, rewarding shareholders with a progressive dividend policy.

    The Company has declared a N2 billion dividend payment for 2022. In Q1 2023, the Group recorded N32.4 billion in gross earnings, reflecting an improvement from N31 billion, despite facing economic and gas challenges, that affected the power business’s generation capacity.

    2022 will be the 5th consecutive year of unbroken dividends payment by Transcorp, since the Elumelu led team assumed leadership of the conglomerate. Prior to the change in ownership and management in 2011, Transcorp had operated since inception without dividends to its shareholders.

    Although an exchange loss recognized on foreign-denominated liabilities impacted the Group’s profitability, Transcorp maintained its revenue growth in Q1 2023. Commenting on the Q1 2023 financial highlights, Mr. Adegunwa said, “We are optimistic about a full rebound in Q2 2023, with the increased-generated capacity from our power business and higher occupancy from our hospitality business.”

    Dr. Owen Omogiafo, Group President/CEO, also highlighted Transcorp’s ESG initiatives and progress in reducing its carbon footprint, supporting local communities, and promoting diversity, equity, and inclusion.

    “Transcorp is about sustainability. We will continue to execute our sustainability strategy of transforming our world to create positive environmental, social, and economic impact across our businesses and communities.”

    The President/GCEO, said, “We are optimistic, and we remain focused on our strategic objectives of fully optimizing our existing assets to ensure we consistently and sustainably deliver value for our stakeholders.”

    In answering an analyst question on the call, Dr. Omogiafo clarified that there are no current plans to list the company’s power business on the stock market.

    Transcorp aims to continue to focus on the exploration of OPL 281 to realize its integrated gas-to-power strategy, redefine hospitality standards in Nigeria and beyond, and increase its daily average available and generated capacity in Nigeria’s power sector. Transcorp is also launching a world class event center in Abuja to consolidate its hospitality business, even as it continues its expansion to major cities, including Lagos, where it is developing a 300-key 5-star hotel.

    Transnational Corporation Plc (Transcorp Group) is a publicly quoted company, with a diversified shareholder base of approximately 300,000. Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Aura by Transcorp Hotels, Transcorp Power, Transafam Power, and Transcorp Energy.

  • Transcorp Hotels delivers record performance, revenue up by 47%

    Transcorp Hotels delivers record performance, revenue up by 47%

    Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has reported a profit before tax (PBT) of N4.5 billion, representing a 172 percent rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021. The Company also reported a 47 percent growth in revenue to N31.4 billion in 2022.

    The leading hospitality brand made this known at its 9th Annual General Meeting held at Transcorp Hilton Abuja on Monday.

    Commenting on the results, Dupe Olusola, Managing Director/CEO Transcorp Hotels Plc said, “We are excited to have delivered another exceptional year of revenue growth with a 47% increase to ₦32 billion in 2022 from the ₦21.7 billion recorded in 2021. The full-fledged return of our International Business Travel segment and the continued strong leisure demand contributed immensely to this performance”.

    “The excellent financial performance we achieved in 2022, despite adverse economic conditions, is as a result of the detailed execution of our strategy, our out of the box approach, our nimbleness and unswerving commitment to delivering value to all our stakeholders.”

    The Chairman of the Board of Directors, Emmanuel Nnorom announced a total dividend payment of N1.33 billion at 13 kobo per share, stating that the Company closed the 2022 financial year strongly.

    “Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides, “Nnorom added.

    He stated that the company would continue to drive key investments in innovation and cost efficiency, “including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies”.

    “In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” the Transcorp Hotels Chairman said.

    The Shareholders at the meeting commended the management of Transcorp Hotels Plc for the superlative performance recorded in 2022, while also appreciating the myriad of awards in 2022 as testament to its leadership and quality of its offerings as the leading Africa’s hospitality provider.

    The Nigerian Exchange Group (NGX)-listed hospitality brand has continued to reinforce its position as a leader in the industry, winning 16 awards in 2022, including five World Travel Awards won by Transcorp Hilton Abuja and the most Outstanding hospitality brand of the year won by Transcorp Hotels Plc.

    The Company has continued to strengthen its business and invest for the future through strategic expansion. It is developing a world-class event center at the Transcorp Hilton premises in Abuja. Another development, Transcorp Hilton Ikoyi, is expected to commence in Lagos soon. The company has continued to expand in Nigeria through its online booking platform Aura by Transcorp Hotels, with over 5,000 keys now in Transcorp Hotels’ portfolio, both in ownership and management.

    Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining hospitality standards. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, food and memorable lifestyle experiences.

  • Transcorp delivers strong performance as revenue rises by 21%

    Transcorp delivers strong performance as revenue rises by 21%

    Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.

    The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.

    The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

    The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.

    It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.

    Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.

    The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

    Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.

    Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.

    She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”

    Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.

  • Transcorp delivers strong performance as revenue rises by 21%

    Transcorp delivers strong performance as revenue rises by 21%

    Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.

    The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.

    The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

    The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.

    It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.

    Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.

    The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

    Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.

    Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.

    She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”

    Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.

  • Transcorp delivers strong performance as revenue rises by 21%

    Transcorp delivers strong performance as revenue rises by 21%

    Transnational Corporation Plc (Transcorp) has released its financial results for the full year ended December 31, 2022, demonstrating significant improvements in its major income lines.

    The conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors, recorded growth in its profit before tax, which rose by 8% to N30.3 billion compared to N27.9 billion in December 2021.

    The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022.

    The hospitality sector showed a very strong performance, achieving a record revenue of 31.4 billion and profit before tax of N4.5billion. These achievements have been made within a challenging operating environment characterized by foreign exchange volatility, high cost of production and rising inflation.

    It’s worth noting that the Group’s total revenue and operating profit also experienced significant growth, rising by 21% from N111.2 billion in December 2021 to N134.7 billion in the period under review, and from N38.5 billion in December 2021 to N46.7 billion in December 2022, respectively.

    Operating expenses for the year ended December 2022 stood at N23.4 billion, representing an increase of 24% compared to N18.8 billion recorded in the same period of 2021.

    The results showed that total assets increased by 6% from N416 billion in December 2021 to N442.7 billion in December 2022, primarily due to additional investment in the recovery of the power plants and investment in financial assets.

    Shareholders’ Funds rose to N154.8 billion, representing a 6% year-on-year increase from N146.3 billion recorded in the same period of 2021.

    Commenting on the results, the President/Group Chief Executive Officer, Dr. (Mrs.) Owen Omogiafo attributed the success of the results to the robustness of the company’s business model, which remains prudent and nimble across its operations.

    She said “As we reflect on our achievements, we take pride in the improved performance of our Group. Looking to the future, we will continue to focus on efficiency and cost optimisation, ensuring that we remain agile and responsive to the market while delivering value to our stakeholders.”

    Transcorp remains committed to its transformation agenda whilst sustaining growth and a continuous drive to deliver long-term value to its shareholders.

  • Buhari salutes Transcorp Chairman, Tony Elumelu at 60

    Buhari salutes Transcorp Chairman, Tony Elumelu at 60

    President Muhammadu Buhari has felicitated billionaire businessman and Chairman of Transcorp, Tony Elumelu, as he clocks 60 on Wednesday, March 22.

    In a statement by his Special Adviser to the President on Media and Publicity, Femi Adesina, the president said he shared the joy and warmth of the occasion with the distinguished banker, economist, and philanthropist, who was ranked amongst World’s 100 most influential personalities in 2020 by Time.

    “President Buhari felicitates with Chairman of the United Bank of Africa (UBA) Group on the milestone, affirming the honor and pride that the benefactor has brought to Nigeria, and Africa, with his achievements, lighting the way for many to grow through inspiration, mentorship and training, with focus on raising generation of entrepreneurs.

    “The President believes Elumelu’s benevolence typifies his humble background and upbringing, starting out as a young banker, daring to dream of a modern and technologically friendly financial institution, Standard Trust Bank, and leading one of the biggest mergers with the UBA, which made history and strengthened the economy.

    “President Buhari notes the combination of youthfulness in style, broadness in networking, with both old and young, and the passion in pursuing and realizing dreams that the entrepreneur continually projects, graciously guiding others to nurture their business ideas to reality, especially in meeting societal needs and rendering value.

    “As the Chairman of Heirs Holdings, Transcorp and Tony Elumelu Foundation clocks 60, the President joins family members, particularly his wife, Dr Awele Elumelu, in thanksgiving to God for all the resourcefulness and impact, with brighter future ahead,” the statement read in part.

    President Buhari prayed for long life, good health and wisdom for the humanitarian.

    TheNewsGuru.com (TNG) reports that following the merger of Standard Trust Bank and United Bank for Africa in 2005, Elumelu led the company as Group Managing Director from a single-country banking group to a pan-African bank with subsidiaries in 20 African countries, France, the U.S and the U.K, eventually stepping down in 2010. 

    Elumelu currently chairs the board of the United Bank for Africa.

  • Transcorp appoints Onagoruwa as Independent Non-Executive Director

    Transcorp appoints Onagoruwa as Independent Non-Executive Director

    The Board of Transcorp Hotels Plc, Nigeria’s leading hospitality brand, has announced the appointment of Ms. Bolanle Onagoruwa to its Board of Directors as an Independent Non-Executive Director.

    TheNewsGuru.com (TNG) reports the appointment of Onagoruwa as an Independent Non-Executive Director in Transcorp is effective Monday, December 20, 2021.

    Ms. Onagoruwa brings to the Transcorp Hotels Plc board, a wealth of experience spanning more than three decades across both the private and public sectors in different aspects of law, as well as public sector reform.

    Her commercial legal practice experience includes roles at Bentley Edu and Co, Nigerian Industrial Development Bank, Midas Merchant Bank, and the Bureau of Public Enterprise (BPE). Following her retirement from public service, Ms. Onagoruwa served as Acting CEO of Ibadan Electricity Distribution Company before joining ENL Consortium Limited.

    Ms. Onagoruwa contributed immensely to the public sector reform and privatisation in Nigeria during her 12-year service with the BPE, in various directorate capacities (Director, Oil & Gas, Director, Industry and Manufacturing, Director, Electric Power, Director, National Parks and National Facilities) and her 4-year service as Secretary Social Development and Secretary Education in the Federal Capital Territory Administration before retiring as the Director-General of BPE in 2012.

    She holds an LLB from the University of Lagos, a Post Graduate Diploma in Politics and International Relations from the University of Kent at Canterbury, and an alumna of the Harvard Business School (General Manager Program). She served on the Board of NOVA Merchant Bank from 2017 to 2021, as an Independent Director.

    Commenting on the appointment, the Chairman of Transcorp Hotels Plc., Mr. Emmanuel Nnorom, said: “Transcorp Hotels is ending 2021 in an impressive position and we are working hard towards achieving our vision of becoming Africa’s leading hospitality brand, delivering excellent services to our customers and unbeatable value to all our stakeholders. This appointment complements our position and reinforces our intent.”

    Ms. Onagoruwa becomes the fourth female on the Board of Transcorp Hotels Plc., the company that recently emerged the best in Diversity, Equity and Inclusion (DEI) in the boards and management team of corporate organisations in Nigeria.

    TNG reports Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African. The Company’s hotels include Transcorp Hilton Abuja and Transcorp Hotels Calabar.