Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading listed conglomerate, owner of Transcorp Power Limited, one of Nigeria’s largest power producers and the iconic Transcorp Hilton in Abuja, has announced the appointment of Mrs. Foluke K. Abdulrazaq to its Board of Directors, as Vice Chairman, effective Friday, 5th of June 2020.
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The President of Senegal, H.E. Macky Sall, President of Liberia, H.E George Weah and United States Senator Chris Coons will form part of a high-level leadership panel to be moderated by the Chairman, United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, to discuss Africa’s economic recovery in the 2020 edition of UBA’s Africa Conversations.
The African Presidents and global leaders will be joined on the panel by other global leaders including the President & Chairman of the Board of Directors of the African Export–Import Bank (AFREXIMBANK), Professor Benedict Okey Oramah; President, International Committee of the Red Cross (ICRC), Peter Maurer and President and Founder, Africa CEO Forum, Amir Ben Yahmed.
With over 60% of Africans living below the poverty line, the pandemic poses an existential threat to Africa’s economic growth and this session will define the lessons learned and the roadmap to economic growth and sustainability.
Together, the leading voices will speak on Monday, May 25th, 2020, on the theme ‘UBA Africa Day Conversations 2020: Growth, Jobs, and Sustainable Development Amidst a Global Pandemic,’ This will be the second edition of the symposium organised annually by UBA, in celebration of Africa Day.
The open event will be held virtually starting at 3pm WAT and interested participants can register on the UBA website here.
Africa Day is celebrated worldwide on May 25th, to showcase the diversity and beauty of Africa and its people. The United Bank for Africa, with its pan-African footprint spanning 20 African countries, New York, Paris, and London, continues to lead the conversation and focus on the the development, growth, and unity of the continent.
Pan African Financial institution, United Bank for Africa (UBA) Plc has again given its loyal customers reason to cheer as it rewarded 100 loyal customers with N100,000 each in the UBA Bumper account draw.
The draw, which took place at the UBA Head office on Tuesday, was held via the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State Government where 100 more customers emerged winners through a transparent draw.
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Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have congratulated the Board and management for the resilient performance achieved in 2019, despite the challenging environment. They welcomed the diversified earnings provided by the Group, Nigeria’s leading listed conglomerate, the largest power generator in Nigeria, operator of sub-Saharan Africa’s largest hotel and a growing natural resources player.
Transcorp held its 14th Annual General Meeting (AGM) online, due to the Covid19 pandemic, a corporate first in Nigeria. Shareholders participated in the meeting through proxies and a total of 129 proxies representing holders of 21,450,062,121 ordinary shares of the company voted on the resolutions proposed by the directors to the shareholders.
The President/Group CEO of Transcorp, Owen Omogiafo set out her strategic ambition, whilst also committing to safeguard shareholder interests by ensuring improved dividends. Mrs. Omogiafo who was recently appointed as the Group CEO with a team of subsidiary CEOs stated that the new management team is dedicated to delivering and exceeding the strategic objectives of the Company, rooted in its founding vision and expressed in its corporate purpose of ‘Improving Lives, Transforming Nigeria’. She went on to say “in Hospitality, we will deepen and expand our market share by deploying an asset-light strategy, leveraging best in class technology and continuously drive the highest service standards. In Power, we target completing the ongoing transaction for the 100% acquisition of another power plant in the gas-rich Niger Delta Region of Nigeria – Afam Genco, this year. This will enhance our play in the power space, with increased generation capacity, revenue and profitability. Our drive to diversify our energy mix will also continue, with a focus on renewable energy and off-grid solutions. We will continue to monitor developments in the oil and gas space while making the best decisions in the interest of the company and its shareholders regarding the development of our oil and gas asset, OPL 281. Working with the MD/CEO of Transcorp Hotels Plc, Dupe Olusola and the MD/CEO, Transcorp Power Ltd, Chris Ezeafulukwe, and all our highly committed staff and partners, we are well-positioned as a group to continue to deliver great value for our shareholders”.
In his address to the shareholders, the Chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu, CON, commended the efforts of the government in combatting the scourge of COVID 19 and reiterated the importance of synergy between the private sector and government, in stemming the spread of the global pandemic. “I’ve often said that our commitment to improving lives and transforming Nigeria is a lifelong one. Those words are truer today than ever, as we partner with State and Federal authorities to stem the tide of the COVID-19 pandemic, while our businesses seek to cushion its impact for Nigerians in their course of operation.”
The meeting was the first full virtual AGM to be held by any listed company on the Nigerian Stock Exchange. Shareholders viewed the decision to hold the AGM virtually, as a demonstration of the proactiveness of the company, efficiently and effectively channelling company resources. The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie said in his comments during the meeting, “This virtual AGM – the first of its kind for a publicly listed company in Nigeria, reflects the level of innovation and technology adoption in our company. This is truly exciting!”
Transcorp achieved a turnover of ₦76.35bn and profit before tax of N7.90bn in the year under review. Revenue from its power business, Transcorp Power Limited declined during the period, reflecting acute gas supply issues, transmission challenges, delay in debt payment by government and continuing structural impediments in the sector. The company’s hospitality business, Transcorp Hotels Plc, on the other hand, grew its year-on-year revenue by 17% and gross profit increased by 19%, compared to FY 2018.
Mrs. Omogiafo concludes by highlighting that despite current challenges brought on by the global pandemic, the underlining strength of the Group’s businesses, the quality of its assets, its position as the leading Nigerian electricity producer, the proud owner of the Transcorp Hilton Hotel in Abuja, the hospitality gateway to Nigeria and its growing strength as an effective natural resources player, should give shareholders great confidence in the Group’s future. She thanked staff and management particularly for their dedication during the recent lockdown.
About Transcorp
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors, the most prominent of which is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality and energy sectors. Our notable businesses include Transcorp Hilton Abuja; Transcorp Hotels Calabar; Transcorp Power Limited and Transcorp Energy Limited, operator of OPL 281.
For more information about Transcorp, please visitwww.transcorpnigeria.com
United Bank for Africa Plc (UBA) today announced a donation of over 5 billion Naira (USD14 million), through the UBA Foundation, to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic.
The donation will provide significant and much-needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities, and financial support to Governments. The UBA support programme will be allocated as follows:
The pan-African bank will fund a medical centre immediately in Lagos, Nigeria, with beds for isolation and ICU facilities, managed and operated in partnership with Heirs Holdings’ healthcare subsidiary, Avon Medical Hospital.
In addition, UBA is providing a free telemedicine platform, that is physician-led, to provide direct access to medical advice to citizens, in compliance with social distancing requirements.
UBA Group Chairman Tony O. Elumelu, stated ‘This is a time when we must all play our part. This global pandemic must bring citizens, governments and business leaders together – and quickly. As we see a rapidly increasing number of cases of the coronavirus in Nigeria and Africa, the private sector has to work hand in hand with various Governments, in stemming the spread of the global pandemic.
We commend the efforts of governments and we are keen to partner and contribute our resources to the collective effort, that will ensure the response to the pandemic is swift and effective’.
Operating in 20 African countries and globally in the United Kingdom, the United States and France, the United Bank for Africa has a strong record of supporting its communities, through challenging times.
L – R: Tony O. Elumelu, CON, Founder of the Tony Elumelu Foundation and Chairman, Heirs Holdings and UBA Group; H.E. Uhuru Kenyatta, President of Kenya; at the 9th ACP Business Summit in Kenya on December 8, 2019 as Elumelu Presents the Keynote Speech
Tony O. Elumelu, CON, Founder of the Tony Elumelu Foundation and Chairman, Heirs Holdings and United Bank for Africa Group, urged African, Caribbean and Pacific (ACP) Heads of State to improve the business environment in their countries to drive industrialisation and wealth creation in ACP member states.
He said this while presenting the keynote speech on the theme “Industrialization and Private Sector Engagement for Economic Transformation of ACP States” at the Presidential Dialogue of the 9th ACP Business Summit in Nairobi, Kenya.
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