Transcorp Moves To Reposition Business

It was like a dream! What? Licence revoked? That was the exclamation invoked by the sudden supposed revocation of the operating licence of Transcorp as regards its investment in NITEL and MTEL. The decision of Government was communicated by the earthwhile minister of information-John Odey.
Although the decision was later reversed, the effect of the political intrigue kept on hurting the company until recently when it decided to exit its investment in NITEL.

At the Extraordinary General Meeting (EGM) held on 25th February 2009, the chairman of the Company, Prof. Ndidi Onyeuike reported that the company has lost N16.1 billion accrued from bank charges on loan used for the acquisition of NITEL in 2006.

Now is the time to refocus energy on the core business of the organisation. The debt obscured the N543 million profit made in 2008 financial year.
Meanwhile, the company is ready to step into the future for improved performance and return on investment to shareholders.

There is hope for investors who will continue to work for the success of this conglomerate from Nigeria-the only one in the stock exchange.