Heirs Holdings, the pan-African proprietary investment company with interests in key economic sectors, has demonstrated its transformational ability over ailing businesses as one of its major investments, Transnational Corporation of Nigeria Plc (Transcorp), presented its achievements of 2013 to the Nigerian Stock Exchange (NSE) recently.
Key accomplishments for Transcorp in 2013 include the acquisition of the 1000 Megawatts Ughelli Power Plant in November, after paying a bid price of $300m. Earlier in 2013, Heirs Holdings committed $2.5b to power investments throughout Africa under the Power Africa initiative; the Ughelli purchase is the first major transaction under the programme.
Tony Elumelu, Chairman, Heirs Holdings
Transcorp’s strategy of seeking synergistic investments across the value chain in Nigeria, with the power purchase complementing existing investments in oil and gas, has been welcomed by investors, who are beginning to appreciate the strong strategic direction Heirs Holdings brings to the conglomerate.
Heirs Holdings Chairman, Tony O. Elumelu, CON, who is also the Chairman of Transcorp, said, “Transcorp represents the new Nigeria—dynamic, globally competitive, transparent and founded on good governance. We promised our investors that they would reap the rewards of their patience, and now we have built a company that is not only sharing the tangible fruits of our labour, it is also a vehicle for all Nigerians to gain access to the opportunities that our country offers.”
Transcorp’s presentation showed the company’s investments benefiting key sectors across the Nigerian economy. In the agribusiness space, the company is making new investments in food processing subsidiary Teragro, following its recent attainment of global certifications in international safety standards for its juice concentrate products. In the hospitality sector, Transcorp has commenced the refurbishment and expansion of the award-winning Transorp Hilton Hotel, Abuja. In oil and gas, the company expects to see production start on oil block OPL 281 next year.
Elumelu further stated: “Transcorp is one of the few ways through which institutional investors can obtain diversified access to Nigeria’s key economic sectors, from power and hospitality to oil and gas and agriculture. Our long term, sustainable investment philosophy reflects Heirs Holdings’ ability to create value, just as we did with the United Bank for Africa, which started as a national bank and is now one a pan-African institution.”
Speaking at the Exchange, Transcorp’s CEO, Obinna Ufudo, said, “We are delighted to be able to come to the Exchange having delivered on our promises. We believe the Transcorp transformation is only a the beginning and we look forward to recording further success for our shareholders, stakeholders and staff. We also pay tribute to the critical role leading shareholder Heirs Holdings has played in catalyzing change.”
Transcorp’s performance has been transformed from a loss of N8.88 billion loss in 2007, to a profit after tax (PAT) of N1.257 billion in 2011. This was improved in 2012 with a PAT of N2.527 billion, and by the end of September 2013, Transcorp recorded a profit before tax of N5.1 billion for the first three quarters of the year.
e Creating a brand story that resonates with your target audience can significantly help differentiate your brand from your competitors. This means crafting a narrative that highlights your values and mission to Nigerians. Now, this isn’t just about selling products or services; although that is important, it’s about connecting with your customers on a deeper … Continue reading How to Create a Brand Story for Your Business
As an entrepreneur in today’s fast-paced business world, continuously enhancing your business’s efficiency and reducing operational costs is the way to stay competitive. One of the most effective methods to streamline your business operations and improve efficiency is leveraging technology. It does not matter the size of your business right now, whether you are … Continue reading How to Streamline Your Business Operations Using Tech
It is crucial to start early and strategically plan your holiday sales to position your business and attract new traffic. Here’s a detailed guide on the best times to start and how to drive traffic to your store, showcasing your Christmas bestsellers, and ensuring good conversion strategies to tap into the N1 billion online … Continue reading Maximize Holiday Sales: A Strategic Guide for Nigerian Online Retailers
Lexi Novitske is the General Partner of Norrsken22, based in Lagos, Nigeria. Through Norrsken22’s Africa Technology Growth Fund, Lexi oversees investments across African markets, leveraging the local expertise of her partners and the strategic guidance of a board composed of founders of billion-dollar companies. This unique combination provides exceptional value to Norrsken22’s investee companies. … Continue reading Lexi Novitske: Pioneering Investment in Africa’s Tech Ecosystem