Nigeria delists Transcorp from monitoring assets

By Cyril Okonkwo, Abuja

Nigeria’s Vice-President, Prof. Yemi Osinbajo.

The Nigerian government has issued a certificate of discharge to the management of Transnational Corporation of Nigeria, Transcorp for fulfilling its obligations following the privatisation of the public asset.

The issuance of the discharge certificate effectively delists Trans National Corporation of Nigeria from routine monitoring by the Bureau of Public Enterprises, BPE, after approval by the National Council on Privatisation, NCP.

The discharge certificate was issued at the meeting of the NCP on Monday chaired by Vice President Yemi Osinbajo.

Chairman of the Transcorp, Mr. Tony Elumelu, who spoke with State House correspondents after receiving the discharge certificate said the management of Transcorp acquired the corporation in 2005 and has fulfilled the obligations set for it.

“We were invited and presented with certificate of discharge, meaning when you privatize government assets, when you sell government asset or companies, you have certain obligations; what you must do to improve the asset, to create jobs, to enhance the tax you have to pay to government, enhance the value of the property itself. 

“You know that in 2005, we acquired Transcorp Hotel and we had certain obligations as core investors to meet. 

“I am happy to say we have met those obligations, strengthening corporate governance practices, how the company is run, improving revenue for the company, increasing our tax payment to government, creating employment for Nigerians,’’ he stated. 

Foreign dignitaries
Elumelu said the management of the corporation has worked to elevate Transcorp Hotel to a 7-Star hospitality industry where foreign dignitaries visiting Nigeria stay.

He said the management of the corporation has spent “hundreds of millions of dollars to refurbish the hotel so that when presidents come to Nigeria, like during the independence anniversary and the May 29 event, you’d be proud to see that all these presidents when they come to Nigeria, they stay at Transcorp Hilton Hotel, world class 7-star experience and quality.

“People visit countries where they can find decent accommodation to stay and I am sure all of us as Nigerians are proud and happy to see the new Transcorp Hilton Hotel, which is what we stand for. 

“We also have Transcorp Hotel in Calabar and we are in the process of building in Lagos and in Port Harcourt. “

Business environment
Elumelu said the Nigerian business environment has continued to improve since the President Muhammadu Buhari administration took office.

“I was at the World Economic Forum last January and I was interviewed like this and I said that ease of doing business is improving in our country.

“The presidential team that is driving the ease of doing business, I believe is doing a great job; we have moved almost over 20 places in terms of position from down to higher ranking today which is very good for the country.”

He expressed hope that Nigeria would continue to rise in the ease of doing business ranking in the coming years.


Lateefah Ibrahim