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The company has grown from a hospitality group that bought stakes in NIRMSCO Properties Limited – the then owner of the Nicon Hilton Hotel, Abuja- in 2005 to one of the biggest conglomerates in Nigeria. The group was incorporated in 2004 and has since expanded its interests to other sectors. In 2005, Transcorp purchased proprietary stakes in NIRMSCO Properties when the Obasanjo administration was deregulating many sectors in the economy, hence formed Transnational Hotels & Tourism Services Limited (THTSL) which became the hospitality arm of the conglomerate. Transcorp bought out other partners in the hotel consortium and became a controlling investor with a 51% stake in the hotel venture. The hotel subsidiary has been the most stable and steady income generator for the group for years. However, Transcorp is neck-deep in other major sectors of the Nigerian economy.
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Teragro Commodities Limited is the agro-allied arm of the group operating out of Teragro Benfruit Plant in Nigeria’s Middle Belt. Transcorp is also in the oil industry. In 2007, the DPR revoked license for OPL 281 which it was awarded earlier that year and Transcorp’s license would not be reinstated until 2011. Since then, it has been in the oil industry too. In the power sector, Transcorp has owned and operated the Ughelli Power Plant through Transcorp Ughelli Power Limited since 2013 and is responsible for 8%of Nigeria’s national electricity grid capacity. Since 2010, Tony Elumelu’s Heir Holdings has its own majority shares in Transcorp Group and Elumelu is the group chairman. The group chief executive officer is Valentine Ozigbo who has been at the position since inception. Featured Image Source: Transcorp Nigeria
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