The Chairman of Heir Holdings and former Group Managing Director of United Bank for Africa (UBA) Plc,has emerged as chairman, board of directors of Transnational Corporation of Nigeria(Transcorp),Abuja.
Shareholders at the 5th Annual General Meeting of the company praised the appointment of Mr.Tony Elumelu.
Elumelu, succeeded Mrs Ndi Okereke Onyiuke, who retired from the board.
According to the shareholders, the coming of Elumelu would herald a new begininig for the company, considering the exemplary feats he recorded during his time as group managing director of United Bank for Africa (UBA) Plc.
Elumelu joined the board of the Transcorp in April 2011, following the strategic buy-in of HH Capital,an investment arm of Heirs Holdings into Transcorp.
Speaking after the meeting, Elumelu assured stakeholders that the future of Transcorp remained bright as it has concluded plans to diversify.
He further hinted that a seven star hotel named Transcorp Hilton, Ikoyi would soon be built in Lagos State.
We have investors’ friendly environment and where we are lacking, we want to share your experiences and your input to make it better.”
On the issue of diversification of UNTL into the cement sector, and the request for certain incentives, such as equipment import duty free status to be granted the company, the minister assured that the ministry would look into their request based on the fact that federal government has been promoting backward integration policy in the country.