Professor Ndi Okereke-Onyiuke resigns and Tony Elumelu steps in as chairman

23rd February 2012

Transnational Corporation of Nigeria Plc (Transcorp) held its 5th Annual General Meeting yesterday at the Transcorp Hilton Hotel, Abuja. Shareholders endorsed unanimously all proposals presented by the board including the appointment of Tony O. Elumelu, MFR as Chairman of its Board of Directors.

Professor Ndi Okereke-Onyiuke, who has served as Transcorp’s board chair since 2004, graciously announced her resignation after nearly seven years of leading the company.

Speaking on passing the baton to her successor, Professor Okereke-Onyiuke said, “Tony Elumelu is an energetic, bright man with brilliant ideas and a track record for business turnaround. As a founding director, he has known the blueprint of Transcorp since 2004.” “He has the midas touch.”

“You have to make a succession plan for any great company.” “Now is the time for me to handover to Tony to build on our success and create value for our stakeholders,” she further shared.

Tony O. Elumelu, MFR is Chairman of Heirs Holdings (HH), an African investment company and Founder of The Tony Elumelu Foundation (TEF), an Africa-based and African-funded not for profit organization. Under Mr. Elumelu’s leadership, HH and TEF share a commitment to the economic transformation of Africa through investments that generate economic prosperity and social wealth and by enhancing the competitiveness and growth of the African private sector. With close to three decades of experience in the financial services industry, he is recognised as a champion for socioeconomic transformation with his growing influence in the private sector. Mr. Elumelu serves on the Board of Africa Finance Corporation and on the Advisory Board of Development Partners International LLP, London.

“I am pleased to assume the role of leading Transcorp through its next phase of development and to demonstrate its value to our shareholders,” said Mr. Elumelu.

Last month, Transcorp’s board of directors appointed Manz Denga as Executive Director and Acting Chief Executive Officer.

Transnational Corporation of Nigeria Plc (Transcorp), a company quoted on the Nigerian Stock Exchange, is a diversified conglomerate with strategic investments and core interests in the hospitality, agro-business and upstream petroleum exploration sectors. Some of its more notable assets include Transcorp Hilton Hotel, Abuja; Transcorp Metropolitan Hotel, Calabar; Teragro, the agribusiness subsidiary operating Benfruit Nigeria, a processing plant in Benue State for fruit juice concentrates production and Transcorp Energy which has an interest in an oil block.

For more information about Transcorp, please visit www.transcorpnigeria.com