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The Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, yesterday explained the company’s decision to invest over $120 million into the rehabilitation of Transcorp Hotels.
According to the Investment guru, the move was meant to lay an investment ‘foundation for a better tomorrow.’
Justifying further, he explained that shareholders had invested wisely in the project, assuring them that, ‘your investment will yield huge dividends.’
Speaking at the 15th Annual General Meeting (AGM) of the company in Abuja, he noted that it was the first time the level of rehabilitation was being undertaken in the hotel since its existence about 30 years ago.
He said: ‘We did this because we are long-term investors. We believe in investing today for a better tomorrow.
‘This hotel is here to make money for shareholders. In terms of the value of the assets, they have significantly improved.
‘We are laying an investment foundation for a better tomorrow.‘
He further assured shareholders that for “Transcorp, the future is extremely bright. This is time for wise investors to secure their future and that of their children.”
This is as the shareholders commended the board for significantly cutting administrative expenses and ensuring the sustainability of the company amidst the adverse operating environment imposed by the COVID-19 pandemic.
Among other things, they said, they expressed their appreciation over transcorp’s milestone on energy especially the successes at the Ugehli and Afam power plants which had to enable it to commence commercial exports.
AFRICA TODAY NEWS, NEW YORK