Tony Elumelu, chairman of the Transnational Corporation of Nigeria (Transcorp) Plc says despite the country’s strong and even lingering headwind there is no doubt it is destined to become the next global economic powerhouse.
This realization, he told the company’s shareholders at the annual general meeting in Lagos during the week, is why the corporation’s various subsidiaries continue to invest for the long-term in key strategic sectors of the economy that are directly aligned with the group’s of “meaningfully and positively impacting lives and transforming the African continent.
The conglomerate, with subsidiaries in the power, resource, hospitality and agroindustry sectors, he assured, is uniquely positioned to positively impact the Nigerian economy positively and improve quality of life for all Nigerians.
“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 continued to invest in Nigeria, when others waivered, because we are absolutely‎ convinced in Nigeria’s destiny as the next global economic powerhouse,” he stressed.
Directors of the conglomerate restated confidence in its growth trajectory, affirming its commitment to increasing yield and returns to shareholders, while continuing its significant capital investment strategy.
Despite the difficult economic climate, the conglomerate reported a 46% revenue growth in 2016 from the previous year’s N59.42bn.
One major achievement by the company, Elumelu explained, was the recently commissioned 115 megawatt gas turbine at Ughelli Power Plant, Nigeria’s largest capacity gas generating plant, which he noted, is evidence of the progress made by the nation’s power sector, despite regulatory and operating challenges.
Shareholders were also told of 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.
With all of these and more, Elumelu assured the shareholders that the company’s future is bright, with the completion of these projects, following which he said the group 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, National President of the Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar commended the board for an impressive vision for the future despite the difficult economic conditions, which impacted negatively on the company in 2016.
He expressed conviction that with the strategy already in place, following which the shareholders stand with the board in its determination to return the company to profitability.
Umar urged the Federal Government to act on structural issues in the power sector, which had impacted negatively on the company’s profitability in 2016.
Responding to this and other comments, Transcorp’s Chief Executive, Emmanuel Nnorom, stressed the board’s resolve 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,” he added.
Nnorom agreed with Elumelu’s optimism that the‎ 2017 fiscal year looks promising and that the considerable investment made
already were yielding fruit and that the company had illustrated both prudence and a willingness to invest for the future of all.