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 agroindustry
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 isbright, 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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