CEO, Transcorp, Obinna Ufudo
By Goddy Egene
Shareholders of Transnational Corporation of Nigeria Plc have every cause to smile as the Chief Executive Officer of the company, Mr. Obinna Ufudo, has assured them that they would receive dividend at the end of current financial year.
Transcorp has not paid dividend since its listing on the Nigerian Stock Exchange (NSE). However, a new management took over the running of the company last year following the acquisition of controlling stake by Heirs Holding Limited.
Speaking at the 6th Annual General Meeting (AGM) held in Abuja last Friday, Ufudo noted that the company finished 2011 with momentum and it was positioned for a stronger 2012.
“Transcorp is undergoing a transformation, driven principally on two fronts. We have fully embraced and enthroned the highest level of global best practices and governance standards in our operations and businesses. Our major priorities now are creating value for our stakeholders as well as making profits for our shareholders, and we believe very strongly that the foundation that we are laying, and our hard work, will lead to dividends being paid by the end of this financial year,” he said.
In his report, Chairman of Transcorp, Mr. Tony Elumelu, informed shareholders that during the year, the conglomerate took several significant steps in its key sectors of Agri-business, Energy and Hospitality – that would no doubt see Transcorp taking its rightful place as a key player in the economic development and transformation of Nigeria.
“Transcorp’s agribusiness subsidiary, Teragro Ltd, inaugurated, in collaboration with the Benue State government, a first-of-its-kind fruit juice concentrate plant in Makurdi, in March this year.
Inaugurated by President Goodluck Jonathan, the plant has the annual capacity to process 26,500 metric tonnes of oranges, mangoes and pineapples, turning them into juice concentrate that will be supplied to ready-to-drink juice manufacturers in Nigeria and beyond. This plant will contribute tremendously to increased employment, the utilisation of local produce, as well as serve as a domestic supply substitute for indigenous manufacturers,” he said.
According to him, Transnational Hotels and Tourism Services Limited (THTSL), another subsidiary of Transcorp, had commenced the execution of its expansion plans to fully utilise the massive unutilised land on its Transcorp Hilton Abuja site and roll out new hotels across major economic centres in Nigeria such as Lagos and Port Harcourt.
He added that Transcorp Energy Limited, the energy subsidiary of the company, had signed a partnership agreement with Symbion Power, a United States-based energy company, which would lead to a significant increase in power production, for the benefit of the nation.