Lagos, Nigeria, 12 August 2014– The Board of Directors of Transnational Corporation of Nigeria Plc (Transcorp) announced today the appointment of Emmanuel Nnorom as President/CEO. Mr Nnorom will formally take office on September 1, 2014, succeeding Obinna Ufudo, who led the Company since 2011.
The appointment represents a further important milestone in Transcorp’s transformation, as the Company moves from stabilisation; following the acquisition of a strategic stake by Heirs Holdings, to accelerated growth, as investments in power, oil & gas and real estate & hospitality come to fruition.
Mr. Nnorom’s key role will be to lead the acceleration and deepening of the Company’s investments in its four strategic business sectors — Hospitality, Power, Agriculture and Oil & Gas and to build on Mr. Ufudo’s achievements in repositioning Transcorp for growth.
Mr Nnorom is currently President/COO of Heirs Holdings, and served as a non-Executive Director of Transcorp earlier this year. Previously, he was an Executive Director of United Bank for Africa Plc (UBA), occupying a number of senior roles leading the Group’s African subsidiaries. He has also held the position of Group Chief Operating Officer at UBA, with responsibility over information technology, operations, corporate services, marketing and corporate communications and regulatory affairs. He is an Alumnus of Templeton College, Oxford University and a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
The Chairman of Transcorp, Mr. Tony O. Elumelu, CON, thanked out-going Transcorp chief Obinna Ufudo for delivering on the company’s objectives under Phase 1 of the turnaround programme.
“In his three years as CEO of the Transcorp Group, Obinna Ufudo laid a strong foundation of good governance, achieved significant financial returns for the Company and played a key role in transforming an ailing enterprise, into an emerging investment powerhouse, with a market capitalisation of over US$1.2bn. He will be handing over a transformed business to Emmanuel Nnorom. With the implementation of Phase 2 of our strategic intent, we expect accelerated growth in all spheres of our business, with a clear objective of US$1bn in profits by 2018.”
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate with a diversified shareholder base of over 300,000 investors. Our portfolio comprises strategic investments in the hospitality, agribusiness and energy sectors. Our businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Ughelli Power Plc, Teragro Commodities Limited, operator of Teragro Benfruit plant – Nigeria’s first-of-its-kind juice concentrate plant; and the oil block OPL 281.
For more information about Transcorp, please visit www.transcorpnigeria.com
Dupe Kupoluyi Olusola
Director of Resources
Transnational Corporation of Nigeria Plc
38 Glover Road (formerly 22B)