Transcorp Plc Appoints Oluwatobi Ojediran Acting CFO as Mutiu Bakare Resigns.

Transnational Corporation of Nigeria Plc (Transcorp Plc), has announced the appointment of Mrs. Oluwatobi Ojediran as acting Chief Financial Officer (CFO) of the company. This followed the resignation of the incumbent CFO, Mr. Mutiu Bakare, with effect from September 9, 2021.

This is according to a recent press release signed by the company’s secretary, Kofo Olokun-Olawoyin, and made available on the website of the Nigerian Exchange Limited (NGX).

The firm in the recent disclosure noted that pending the appointment of a substantial Group Finance Officer, Mrs. Oluwatobi Ojediran will assume the role in an acting capacity.

About Mrs. Oluwatobi Ojediran

Mrs. Oluwatobiloba Ojediran is a chartered accountant with a professional experience that spans over 10 years. She started her career at KPMG Professional Services, where she provided accounting, audit and advisory services to clients. She subsequently worked at Intercontinental Hotel, as Finance Manager, gaining financial and operational experience in the hospitality industry.

She is professional skilled in financial and corporate reporting, budgeting, audit and investigation, IFRS advisory, financial modelling, and project management. She holds a Second-Class upper degree (B.Sc.) in Mathematics and Statistics from the University of Lagos, Nigeria. She is also a member of the Institute of Chartered Accountants of Nigeria (ICAN).


Transcorp Plc appoints Oliver Andrews as Independent Non-Executive Director.

The Board of Directors of Transnational Corporation of Nigeria Plc (Transcorp Plc) has announced the appointment of Mr. Oliver Andrews as an Independent non-Executive Director of the company, with effect from 20th of August, 2021.

This information was disclosed by the leading diversified conglomerate in a notice signed by its secretary, Kofo Olokun-Olawoyin, and sent to the floor of the Nigerian Exchange Limited (NGX) today.

The notice partly reads: ‘’We write to formally notify the investing public and the Nigerian Exchange Limited that pursuant to the provisions of the Companies and Allied Matters Act and Article 31 of the Articles of Association of Transnational Corporation of Nigeria Plc (“the Company”), the Board of Directors of the Company on August 20, 2021, approved the appointment of Mr. Oliver Andrews as an Independent Non-Executive Director on the Board of the Company effective August 23, 2021.’’

Profile of the newly appointed director

Mr. Andrews is an accomplished leader, consultant and development expert with over thirty-five (35) years of relevant experience in infrastructure development, investing, public-private partnership and strategic advisory work. He was formerly Executive Director and Chief Investment Officer at the Africa Finance Corporation (AFC) and also served as CEO of TCI Infrastructure and the Gambian Ports Authority. This is in addition to various Board and leadership roles that he actively participated in.

During his career, in differing senior roles, he has overseen the investment of approximately US$10bn and originated US$100bn of infrastructure deals across the African continent on behalf of investee institutions.

Mr. Andrews holds an MBA from the University of Wales, is an Electrical and Electronic Engineer, a Chartered Marketer and also a Fellow of the Chartered Institute of Transport and Logistics.





Transcorp Energy Limited Seeks Partnership with FG to develop Nuclear Power Plants.

Transcorp Energy Limited, a subsidiary of Transnational Corporation of Nigeria Plc, has revealed that it is seeking to collaborate with the Federal Government of Nigeria to develop nuclear power plants as alternative source of energy for power generation in Nigeria using the OPEN 100 model.

This was revealed by the Head of Transcorp Energy Business, Peter Ikenga, during the unveiling of the company’s alternative energy plan at a meeting with the Honourable Minister of Science and Technology, Dr Ogbonnaya Onu.

In his remarks, Mr Ikenga said: ‘’This project is transformative and a first in Nigeria and would radically change the way nuclear power plants are deployed, offering a substantially less expensive and less complicated solution. It will further provide the country with a reliable and sustainable energy source, devoid of some of the challenges hampering stable and reliable power generation in Nigeria.’’

He further added that the recent move will help unlock greater value in the power sector.

On the other hand, the Honourable Minister of Science and Technology, Dr Ogbonaya Onu, while welcoming the Transcorp team, reiterated the commitment of the government to promote the application of science, technology and innovation within Nigeria, in line with the Executive Order No. 5 of the Federal Government.

Dr Onu said: ‘’We are delighted to see this innovation and appreciate Transcorp for leading the charge in the industry with this initiative. The approach by Transcorp to use small scale nuclear plants is catalytic for achieving the national goals on Sciency and Technolgy’’, he stated.

Dr Onu further directed that a joint committee comprised of Transcorp, and all the relevant stakeholders be set up immediately, so as to jointly manage the execution of the project. In his view, this is an affirmation that the Federal Government, particularly the Ministry of Science and Technology is committed to supporting laudable initiatives that would spur the technological advancement of the country.

What you should know:

  • The OPEN100 is the world’s first open source blueprint for nuclear power plant deployment for a small, standard, pressurized water reactor that will accelerate deployment of the modular nuclear plants for power generation.
  • Transcorp Energy, a subsidiary of Transnational Corporation of Nigeria Plc, is a leading energy company, engaged in upstream petroleum development and spearheading innovation in alternate energy sources



Valentine Ozigbo and Saratu Umar retire as Directors of Transcorp Hotels Plc.

Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria, has notified the public of the retirement of two of its Directors- Mr Valentine Ozigbo and Hajia Saratu Umar.

According to a disclosure signed by the company’s secretary, Chike Anikwe and sent to the Nigerian Exchange Group Plc, the recent action was communicated to relevant stakeholders during the company’s recently concluded Annual General Meeting (AGM) held on the 26th of April, 2021.

About the retirees

Mr Valentine Ozigbo is an astute businessman cum politician, with over two decades of experience in banking and hospitality. He was a former president and CEO of Transnational Corporation of Nigeria Plc and Member of Nigeria Institute of Directors. He was appointed into the board of Transcorp Hotels Plc as Non-Executive Director in 2019.

Mr Ozigbo is an alumnus of the prestigious University of Lancaster and the University of Nigeria, Nsukka where he obtained an MBA and BSc degree respectively.

Hajia Saratu Umar is an accomplished banker, economist and strategist with over 25 years of working experience. She was appointed into the board of Transcorp Hotels Plc as Independent Non-Executive Director in 2016. Prior to joining Transcorp, she was the former Chief Executive Officer & Secretary at Nigerian Investment Promotion Commission and Secretary of Nigerian Export – Import Bank.

She obtained an MBA and a BSc degree in Economics from the prestigious Ahmadu Bello University.

What you should know:

  • Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The Company owns and operates Transcorp Hilton Abuja, and Transcorp Hotels Calabar Limited.

Transcorp Plc profit surges exponentially by over 2,000% to N2.04 billion in Q1 2021.

Transnational Corporation of Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N24.4 billion. (+58.8% YoY)
  • Cost of sales was N14.01 billion. (+38.3% YoY)
  • Administrative expenses totalled N3.7 billion. (+9.4% YoY)
  • Operating profit of N6.9 billion. (+67.3% YoY)
  • Profit for the period was N2.04 billion. (+2,426.5% YoY)
  • Earnings per share of N0.018. (+244.4% YoY)

See link to results.

Transcorp Group Plc announces appointment of 4 executives across the group.

The Board of Transnational Corporation of Nigeria Plc (Transcorp) has announced the appointment of 4 key executives across the group, effective 22nd April 2021.

This is according to a disclosure signed by the company’s secretary, Chike Anikwe and published on the website of the Nigerian Stock Exchange (NSE). According to the press release, the new appointments cut across Transcorp Plc Group and its subsidiaries, Trans-Afam Power Limited and Transcorp Energy Limited.

Appointed Executives

Mr Victor Famuyibo will be joining the firm’s Board of Directors effective from the aforementioned date. Prior to joining the Board, Mr Famuyibo gained valuable experience with some multinational companies such as UAC Nigeria, Heineken and the Nigerian Breweries. He retired from the Nigerian Breweries as a Director of Human Resources and a member of the Board after 32 years of service.

Mallam Ahmadu Hamman Sambo was also appointed into the Board of Transcorp as a Director. He is a veteran with over three decades of experience spanning across private and public sectors in Nigeria. He served in various leadership capacities, occupying esteemed positions in public service, such as the Managing Director of NNPC Oilfield Services Limited, NIDAS Marine Limited and NNPC Pension Fund Limited among others.

Engr Vicent Ozoude was appointed as the MD/CEO of Trans-Afam Power Limited. Prior to joining the Transcorp Group, he was a Sales Director at General Electric Inc- Sub Saharan Africa. Engr Ozoude has over 20 years of experience in the power generation services sector.

Peter Ikenga was appointed as the MD/CEO of Transcorp Energy to lead the conglomerate integrated energy strategy with focus on gas, renewables and alternative energy. Prior to his appointment, he was a Refining Director for an indigenous oil and gas operator.

What Transcorp Plc is saying:

While commenting on the appointments, Mr Tony Elumelu, Chairman, Transcorp Group Plc, said: “Transcorp has made a succession of important recent business acquisitions, consolidating our position in the power, oil and gas sectors, demonstrating our commitment to Nigeria’s economy and the rapid advance in our integrated power strategy. We are delighted to complement these with further investment in human capital. These announcements illustrate the depth, diversity and quality of experience of our leaders, both executive and non-executive. Our Board and management team, led by the President/Group CEO, Mrs. Owen Omogiafo, are further capacitised to deliver our vision. Mr. Famuyibo, with his considerable experience in human resources, will be invaluable in working with management to deliver cutting edge employee management practices. Mallam Sambo brings crucial knowledge of the energy sector, further accelerating our integrated energy strategy”.

Transnational Corporation of Nigeria Plc is a public quoted conglomerate, with a diversified shareholder base of over 300,000. Some of its portfolio includes; Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and Aura by Transcorp Hotels.