Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate has announced new appointments to its Board and executive management.
Valentine Ozigbo has been appointed as the President/CEO of Transnational Corporation of Nigeria Plc with effect from January 1, 2019. He will succeed Mr. Adim Jibunoh, who is retiring on December 31, 2018. Mr. Ozigbo, currently the MD/CEO of Transcorp Hotels Plc, owner of the prestigious Transcorp Hilton Abuja, will bring over 20 years’ experience in banking, business development, hospitality and corporate transformation. A multiple award winner, Mr. Ozigbo holds an M.Sc. Finance from Lancaster University, UK; an MBA in Banking & Finance and a B.Sc. in Accounting from the University of Nigeria. He is a Fellow of the Institute of Chartered Accountants of Nigeria.
Owen Omogiafo has been appointed as the MD/CEO of Transcorp Hotels Plc effective from January 1, 2019. She is currently the Executive Director, Corporate Services at Transnational Corporation of Nigeria Plc. She has over 18 years’ corporate experience in organisational development strategy, human capital management, banking, change and business management. She holds a B.Sc. in Sociology & Anthropology from the University of Benin and an M.Sc. in Human Resource Management from the London School of Economics and Political Science. Mrs. Omogiafo is a member of the Chartered Institute of Personnel and Development (CIPD), UK and a Certified Change Manager with the Prosci Institute, USA.
The Board of Transcorp also approved the appointments of Ms. Obi Ibekwe and Mrs. Toyin F. Sanni as Non-Executive Directors, following the retirement of Mr. Kayode Fasola and Alhaji Abdulqadir Jeli Bello. These appointments are effective October 30, 2018.
Oluwatoyin F. Sanni was Group Chief Executive Officer at United Capital Plc , a position she retired from in June 2018. She has over 25 years of experience in investor services, law and finance. Mrs. Sanni holds a Bachelor of Law degree from the University of Ife, an LLM (Hons) from the University of Lagos as well as a professional qualification of the I.C.S.A. UK and the Chartered Institute of Stockbrokers (C.I.S) Nigeria.
Obi Ibekwe holds a Bachelor of Arts degree in International Relations from Tufts University, Medford, Massachusetts, U.S.A., a Bachelor of Law degree from the University of Lagos and an MBA degree from the Ross School of Business, University of Michigan, U.S.A. She has over two decades experience in banking, holding senior executive and senior management positions spanning credit and marketing, credit risk management, human resources and customer service.
Transcorp Hotels Plc has also announced the appointment of Emmanuel Nnorom as the Chairman of its Board, following the retirement of Alhaji Abdulqadir Bello.
Mr. Nnorom is the Group Chief Executive Officer of Heirs Holdings, after retiring as the President/CEO of Transcorp. He brings over three decades of professional experience in the corporate and financial sectors, working with publicly listed companies. He is an alumnus of Oxford University’s Templeton College, and a prize winner and Fellow of the Institute of Chartered Accountants of Nigeria.
Speaking on these appointments, the Chairman, Transcorp Mr. Tony O. Elumelu, CON, expressed his confidence that the newly appointed chief executives and non-executive directors will further strengthen Transcorp’s core purpose of improving lives across Nigeria.
“We are pleased to have the diversity, depth and quality of experience that these directors bring to our group. The executive appointments are a testament to our internal succession capacity and the appointees will build on the achievement of their predecessors. By these appointments, we have further deepened our corporate governance capabilities, and firmed up our leadership position in the sectors we invest in”
Mr. Elumelu went further to thank the retiring Directors for their meritorious service to the Group over the years. He highlighted that the Board of Transcorp will continue to implement its defined strategy, which has led its investee companies being leaders in their industries and to take the Group to the next level.
About Transcorp Plc and Transcorp Hotels Plc
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 power, hospitality, agribusiness and oil and gas sectors. Our businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels Calabar; Transcorp Power Limited and Transcorp Energy Limited.
Transcorp Hotels Plc (“Company”) is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The Company owns and operates the multiple award-winning Transcorp Hilton Abuja, which provides luxury accommodation, world-class cuisines, conferencing and leisure facilities to business travelers and tourists from all over the world. The Company also holds 100 percent interest in Transcorp Hotels Calabar Limited, which owns and operates the Transcorp Hotel in Calabar.
COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.
The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.
This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.
He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.
The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.
He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.
To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.
The company’s profitability in question?
An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.
Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.
“There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.
What you should know
- Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
- From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
- While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.
Highest paid Nigerian bank MD/CEOs of 2020
Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.
The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.
Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.
Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.
In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.
The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.
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