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Tony Elumelu appointed as new Chairman for Transcorp

By on September 16, 2011

Mr. Tony Elumelu, the immediate past Group Managing Director of the United Bank for Africa (UBA),  yesterday emerged as the new Chairman of Transnational Corporation of Nigeria Plc. He was appointed by the shareholders of the company at their 5th Annual General Meeting (AGM) in Abuja, thus ending the reign of Prof Ndi Okereke-Onyuike as chairman of the company.
The shareholders mandated Elumelu to implement the strategic plans of the company.

Earlier, Prof. Ndi Okereke-Onyuike, told shareholders that despite the challenging environment, the company recorded a gross revenue of N13.93 billion, which she said represented an increase of seven per cent over the N12.99 billion recorded in the preceding period of 2009.

Okereke-Onyuike drew cheers from shareholders when she announced that the company had returned to profitability with the 3,298 per cent rise in profit from N101million in 2009 to N3.46 billion in 2010. She said that the oil block (OPL 281), which was revoked by the federal government had been recovered after the payment of the balance of signature bonus.

In order to operationalise the oil block, she said Transcorp has identified technical and financial partners to take up equity in the block and provide the resources for its development.

Okereke-Onyuike also disclosed that Transcorp has initiated discussions with the Bureau of Public Enterprises (BPE) and the Presidency to get the refund of the debt owed it in the acquisition of NITEL by the government.

Transcorp’s N63 billion acquisition of 51 per cent stake in the troubled telecom firm as part of a transfer deal reached with the federal government in 2006 was revoked by the federal government in 2009. She said loans and interests totalling N85 billion have been repaid to the banks that financed the acquisition of NITEL by Transcorp. “However, consequent upon the reversal of the sale by government in 2009, the sum of N5.5 billion representing loans granted NITEL by Transcorp is due for payment,” she said.

Nation

One Comment

  1. Ufodiama Cliff Nd

    September 19, 2011 at 11:57 am

    A GOOD DEVELOPMENT WHICH WE BELIEVE WILL POSITIVELY AFFECT THE SHARE PRICE IN NEAR FUTURE MORESO THE THE COMPANY HAS ALSO RETURN TO PROFITABILITY. BUT I WONDER HOW LONG IT WILL TAKE TO START REWARDING SHAREHOLDERS BY WAY OF DIVIDENDS AND BONUSES.