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Business News

Meet Owen Omogaifo, Transcorp Plc’s new executive director

The board of Transnational Corporation Plc has approved the appointment of Mrs. Owen Omogaifo as an executive director of the company.

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The board of Transnational Corporation Plc has approved the appointment of Mrs. Owen Omogaifo as an executive director of the company.

The appointment takes effect from July 1, 2018.

The company’s board is presently having Tony Elumelu as its Chairman, Adim Jibunoh as President/Chief Executive Officer (CEO), Stanley Lawson, Olorogun O’tega Emerhor, Kayode Fashola, Alhaji Abdulquadir Jeli Bello, and Emmanuel Nnorom as non-executive directors. With the appointment of Nasir as a non-executive director, brings the number non-executive directors in Transcorp to five.

Nairametrics, in March 16, 2018, had reported that a subsidary of the company, Transcorp Hotel Plc, announced the resignation of Emerhor as its Chairman and was replaced by Bello at its 4th annual general meeting (AGM).

Recall that the company recently announced the appointment of Mr. Christopher Ezeafulukwe as a new executive director.

Profile of the new Executive Director

  • Mrs. Owen Omogaifo has a Bachelor’s Degree in Sociology and Anthropology from the University of Benin and an M.Sc in Human Resource Management from the London School of Economics and Political Science.
  • Prior to her appointment, she was the Chief Operating Officer of the Tony Elumelu Foundation.
  • Her work experience also includes Director Human Resources, Chief of Staff, HR Advisor to the GMD/CEO at UBA.
  • Human performance consultant at Accenture.
  • Relationship Manager Bond Bank
  • She is a certified change manager and a Member of the Chartered Institute of Personnel and Development, UK.

Transnational Corporation of Nigeria Plc (also referred to as Transcorp) is a leading diversified conglomerate, incorporated on November 16, 2004, and quoted on the Nigerian Stock Exchange (NSE). Transcorp has a shareholder base of about 300,000 investors, the largest of which is Heirs Holdings Limited.

The company focus on acquiring and managing strategic businesses that create long term shareholder returns and socio-economic impact. Transcorp’s business interests are in four strategic sectors: Power, Energy, Hospitality and Agriculture.

Transcorp owns Transcorp Hilton Hotel, Abuja, Transcorp Hotels, Calabar, Teragro Commodities Limited, operator of Teragro Benfruit Plant, Transcorp Power Limited (which acquired Ughelli Power Plc, owner of the 972MW Ughelli Power Plant) and Transcorp Energy Limited, operator of OPL 281.

The company’s shares traded at N1.44 on the Nigeria Stock Exchange (NSE), with a one year return of 1.89%.

The Nigerian Stock Exchange recently granted an extended timeframe till May 18, 2020, for the company to restructure its share capital in a way to dilute the over-concentration of shares and free more shares for minority shareholders.

The company’s financial statements for the period ended Q1 March 31st, 2018 shows revenue growth of 28% from N2.9 billion in Q1 2017 to N3.8 billion in Q1 2018. Profit before tax also grew by 61% from N543 million in Q1 2017 to N874 million in Q1 2018.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Real Estate

FG to unveil dedicated portal for sale of houses to Nigerians

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

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Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

Bottom line

Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

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Coronavirus

Covid-19: Nigeria committed to procuring 29 million J&J vaccines

The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

What the Minister said

“Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

In case you missed it

The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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