Transcorp Plc has announced the resignation of Mr Joseph Adegunwa from his role as Group Chief Financial Officer with effect from Friday, July 14th 2023.
This is according to a statement signed by the Acting Group Company Secretary, Funmi Olofintuyi and filed with the Nigerian Exchange Limited (NGX) on Tuesday, July 18th 2023.
Excerpts of the press release read:
- “We write to formally notify the Nigerian Exchange Limited and the investing public of the resignation of the Group Chief Finance Officer (GCFO) of Transnational Corporation Plc, Mr Joseph Adegunwa, with effect from Friday, July 14, 2023.’’
Mr Joseph Adegunwa’s resignation comes less than 2 years after his appointment as CFO.
Profile of Mr Joseph Adegunwa
Joseph Adegunwa is an astute finance expert with experience in Finance, Audit, Advisory, Strategy and Investment Management. He has worked in different sectors including but not limited to banking, real estate, advisory and investment management, among others.
Joseph is an alumnus of the Lagos State University where he obtained a degree in Accounting (Second Class Upper Division). He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the Chartered Institute of Management Accountants (CIMA).
About Transcorp
Transnational Corporation of Nigeria Plc (Transcorp) is a publicly listed conglomerate, with a diversified shareholder base of about 300,000.
It has diversified business interests that cut across the power, hospitality, and oil and gas sectors.
Some of its portfolio include; Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and digital hospitality platform, Aura by Transcorp Hotels.
What you should know
Transcorp Plc in the first quarter (Q1), of 2023 declared N32.39 billion in revenue, representing an increase of 3.30% from N31.39 billion in Q1 2022.
The increase in revenue was primarily driven by N24.14 billion generated from Power, followed by N8.25 billion from Hospitality in the period under review.
Transcorp’s Profit Before Tax (PBT) also fell by 50.18% to N2.85 billion in Q1 2023 from N5.73 billion in the first quarter of 2022.
