Transcorp Hotels Fulfills Post-Privatization Obligations

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Abuja, Nigeria October 14, 2019: The National Council on Privatization (NCP) at its meeting today, 1 4 October 2019 presented Transcorp Hotels Plc with a Certificate of Discharge, indicating the company has fulfilled all privatization conditions attached to the sale of the hotel and will no longer be subject to any post-privatization monitoring. At a ceremony that took place at the Presidential Villa, the Vice President, Professor Yemi Osinbajo SAN GCON, who chairs the Council presented the certificate to Mr. Tony O. Elumelu CON, the Chairman of Transnational Corporation of Nigeria Plc (Transcorp), the core investor in the hotel.

The Director-General, Bureau of Public Enterprises (BPE), Mr Alex Okoh stated that Transcorp excelled at achieving the KPIs established during the monitoring and evaluation of the asset. Key areas of achievement include an increase in customer base by 1 1 3%, increase in service excellence captured by an 82% decrease in customer complaints, and an increase in operational efficiency with retained earnings rising to 70% of turnover.

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Recall that in 2005, Transcorp emerged the core investors in the privatization of the hotel asset, which later became Transcorp Hotels Plc in 201 4 following a decision to make this iconic asset available to the investing public as shareholders. The company later extended its reach to Calabar operating as Transcorp Hotels Calabar and further acquired strategic properties in Lagos and Port Harcourt where it intends to develop new hotels. In 2018, Transcorp Hotels completed a USD$100m upgrade of the iconic and multi-award winning Transcorp Hilton Abuja, which was a key factor that led to the final discharge of the company by the BPE from further post-privatization obligations.

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Transcorp Hotels Plc (‘Company”) is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The Company owns and operates Transcorp Hilton Abuja, which provides luxury accommodation, excellent cuisine, conferencing and leisure facilities to business travellers and tourists from all over the world. The Company also holds 1 00 per cent interest in Transcorp Hotels Calabar Limited, which owns and operates the Transcorp Hotel in Calabar.

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