The chairman of Transcorp Plc, Mr. Tony Elumelu has said the company is uniquely positioned to impact the Nigerian economy positively and improve quality of life for all Nigerians.
Speaking at the 11th annual general meeting of the company’s board of directors, Elumelu said Transcorp’s investments in the key strategic sectors of the Nigerian economy directly aligned with its 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,” he said.
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 N59.42 billion (46 per cent) in 2017.
The chairman provided shareholders with a detailed update of the company’s achievements and highlighted the recent commissioning of the 115 megawatts gas turbine at Ughelli Power Plant as evidence of the progress made by the Group in the power sector, despite regulatory and operating challenges.
He also informed the shareholders of other important developments in the company, including the impending increase of available capacity of the Ughelli power plant to 850 megawatts by the end of 2017; the $100 million renovation of the Transcorp Hilton Abuja to be completed in 2017 and the conclusion of exploratory drilling of Transcorp’s oil well, before the end of 2017.
“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,” said Elumelu.
Also, speaking at 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 said he was convinced that with the strategy already in place, the shareholders stand with the board in its determination to return the company to profitability. Umar therefore called on the federal government to act on the structural issues in the power sector, which he said had contributed negatively to the company’s profitability in 2016.
Responding to the comments from the shareholders, Transcorp’s president and chief executive officer, 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,” said Nnorom.