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Elumelu transforms Transcorp, declares N5.1b profit

By Vera Samuel Anyagafu
Chairman, Pan-African Proprietary Investment Company, Heirs Holdings, Sir Tony Elumelu once again demonstrated his transformational ability over ailing businesses as one of his major investments, Transnational Corporation of Nigeria Plc (Transcorp), presents laudable achievements of 2013 to the Nigerian Stock Exchange (NSE).

One of the key accomplishments for Transcorp in 2013 includes the acquisition of the 1000MW Ughelli Power Plant, after paying a bid price of $300m US Dollars.

According to Tony Elumelu, who is also the Chairman of Transcorp, “Transcorp represents the new Nigeria-dynamic, globally competitive, transparent and founded on good governance. We promised our investors that they would reap the rewards of their patience, and now we have built a company that is not only sharing the tangible fruits of our labour, it is also a vehicle for all Nigerians to gain access to the opportunities that our country offers.”

Interestingly, Transcorp’s strategy of seeking synergistic investments across the value chain in Nigeria, with the power purchase complementing existing investments in oil and gas, has been welcomed by investors, who are beginning to appreciate the strong strategic direction Heirs Holdings brings to the conglomerate, in addition to its key fundamentals business dynamics which also have driven its recent impressive performance on the stock market.

Similarly, Transcorp’s presentation showed the company’s investments benefiting key sectors across the Nigerian economy, and the making of new investments in food processing subsidiary Teragro, following its recent attainment of global certifications in international safety standards for its juice concentrates products.
The company which also expects to see production start on oil block OPL 281 come next year.


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