At
the 11th Annual General Meeting of Transnational Corporation of
Nigeria Plc (“Transcorp”), the Board of Directors confirmed their
confidence in Transcorp’s growth trajectory and affirmed
the Company’s commitment to increasing yield and returns to
shareholders, while continuing its significant capital investment
strategy. Despite the difficult economic climate, revenue grew
by 46% in 2017(N59.42bn).
Transcorp
is Nigeria’s leading listed conglomerate, active in the power, resource,
hospitality and agro industry sectors. The AGM
took place on March 29th,
2017, at the Oriental Hotel, Victoria Island, Lagos.
Chairman,
Transcorp Plc., Mr. Tony O. Elumelu highlighted the
significant progress made by Transcorp group companies, stating
that Transcorp was uniquely position to impact the Nigerian
economy positively and improve quality of life for all Nigerians.
“Our
investments in the key strategic sectors of the Nigerian economy directly
align with our philosophy of meaningfully and
positively impacting lives and transforming the African continent. We
invest for the long term, knowing that at times the headwinds can be
strong. We want to be the biggest provider of power to the Nigerian
economy; we want to put light in homes, schools and hospitals; we want to
provide the power for Nigeria’s industrialisation. When foreign
investors come to Nigeria, we want to host them in our Transcorp Hilton
hotels; and we want to supply indigenous produced oil and gas to power
our networks and roads.
Throughout
2016, we have continued to invest in Nigeria, when
others waivered,because we are absolutely convinced in Nigeria’s
destiny as the next global economic powerhouse.”
Elumelu spent
time providing shareholders with a detailed update of the Company’s
achievements and highlighted
the recent commissioning of the 115MW Gas Turbine at
Ughelli Power Plant, Nigeria’s largest capacity gas generating
plant, as evidence of the progress made by the Group in the power sector,
despite regulatory and operating challenges.
Shareholders
were informed of other important developments at
the Company, including the impending increase of available
capacity of the Ughelli Power Plant to 850MW by the end of
2017; the $100m renovation of the Transcorp Hilton Abuja, also to be
completed in 2017; and the conclusion of exploratory drilling of
Transcorp's oil well , before the end of 2017. According to Elumelu, Transcorp’s future is
bright, with the completion of these projects
and looks forward to sharing the social equity these
investments will create in Nigeria in the form of
jobs, community empowerment, and improved quality of life.
Also, speaking
at the meeting, the National President of the Association for the Advancement
of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar commended
the Board for offering an impressive vision for the future for
Transcorp, despite the difficult economic conditions, which
impacted negatively on the Company in 2016. He went on to state that he was
convinced that with the strategy already in place, the shareholders
stand with theBoard in its determination to return the Company
to profitability. He called on the Federal Government, to act on the
structural issues in power sector,which had contributed negatively
to the Company’s profitability in 2016.
Responding
to the comments from the shareholders, Transcorp’s President/CEO,
Mr. Emmanuel Nnorom, said the Board’s mandate was
to achieve strong financial results, despite a
challenging operating environment. “We will continue to work and live
by our values of execution, enterprise and excellence, towards optimal
maximisation of the abundant opportunities that exist in our operating
sectors,” Mr Nnorom said.
Mr
Nnorom reiterated the Chairman’s optimism that 2017 looks bright, promising better
results in 2017 and beyond. Nnorom said that the considerable investment
made
were already yielding fruit and that
the Company had illustrated both prudence and a willingness to invest for the
future of all.
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