transcorp digest

volume 2, issue 2

from the president/ceo

Distinguished Stakeholders,
It is with great pleasure that I present the third edition of our investor newsletter. In keeping with our commitment of ensuring world-class stakeholder engagement, this quarterly newsletter gives you up-to-date information on the Groups operational and financial performance. Over the last quarter, we have achieved a number of significant corporate milestones in line with the goals enshrined in Transcorps 2013-2015 strategy. These important developments are providing the bedrock for sustainable, profitable growth for the Group. N3.6billion, more than double the profit for the equivalent period of prior year and almost the same (only 8% short) as full year PBT of 2012. At Company level, PBT was N1.5billion for the first six months of 2013. This represents a growth of N461million or 44% over equivalent period of the last financial year. This impressive financial result indicate the alignment of our day to day operations with the Groups redefined corporate strategy of income diversification, cost optimization and better risk management and control.

Business Growth and Expansion

Our successful hospitality business continues to position Transcorp as a leader in that sector. The renovation, refurbishment and expansion of Transcorp Hilton Abuja is underway and our customers will be able to enjoy luxurious guest experience with improved services and technology almost immediately. In addition, we are working on new hotel developments in Lagos and Port Harcourt. We have an aggressive timeline for the opening of these hotels as part of our overall stratResult of Operations Transcorp has successfully adopted the International Financial egy of increasing revenue base. Reporting Standards (IFRS) in compliance with recent regulatory You will recall that at the Extra-Ordinary General Meeting (EGM) held on March directives of the Financial Reporting Council (FRC). At the companys 28, 2013, the Shareholders authorized the Rights Issue of Shares to raise fresh Annual General Meeting (AGM) held in June 2013, our shareholders Capital. The Rights Issue was oversubscribed, a clear demonstration of Shareholdapproved the audited financial statements for the year ended Decem- ers renewed confidence in the management and leadership of Transcorp. Funds ber 31, 2012. raised via the Rights Issue will be used to refinance our investment in the acquisiOur financial results reflect the untiring efforts of the Transcorp lead- tion of Ughelli Power Plant (UPP) in Delta State. We continue to build our pipeline ership to imbibe a culture of excellent stewardship, execution and of strategic acquisitions in the sector in the bid to become a major provider of performance across the Group. A well controlled expenditure profile electricity to Nigerians. coupled with a deliberate income diversification strategy delivered a very impressive financial performance for the year. Profit before taxation (PBT) increased year-on-year by an unprecedented N1.6billion or 123% to close at N2.9billion against N1.3billion in prior year. As I stated in my report to members at the AGM, Year 2012 performance and the resolution of all the challenging legacy issues that confronted Transcorp marked the beginning of a new era of growth and renewed hopes of fulfilling the aspirations of the companys founders. Teragro, our agribusiness subsidiary is gradually taking its place as a leading juice concentrate producer in the country. The companys recently concluded International Audit for ISO 9001:2008 (Quality Management System QMS) and FSSC 22000:2005 (Food Safety Management System FSMS) ended with ISO certification, a process which will be completed over the next few weeks with the NQA UK, the global assessment and accreditation body.

Capacity Building
In order to build capacity in our core business sector, we have headhunted two strategic professionals to strengthen our Power and Agriculture sector businesses. Mr. Adeoye Fadeyibi joined the group after a successful career with the world renowned General Electric company. Ade has since assumed duties as the Chief Executive Officer of Transcorp Ughelli Power Limited with the immediate focus on Ughelli Power Plant and other IPP slated for privatization by the government. Mr. Kumar Kota is a very experienced Food Technology specialist with a wealth of experience in fruit juice and concentrates processing. He has also joined the Group as the Plant Manager of Teragros Benfruits in Makurdi. Please join me in wishing the new members of the Transcorp family a successful career with the group.

In the current financial year, our positive growth trend has continued. The companys half year results for the period ended 30 June 2013 bears testimony to this. The Groups revenue for the six months was N7.8billion with a gross margin of 79%. The PBT for the period is

in this issue
Q&A with Adeoye Fadeyibi News Highlights Group News About Transcorp Stakeholder Reactions and Photo Gallery Our Half-Year Results Share Price Review 10

2 3 5 6 8 12

For the rest of the year

Transcorp plans to make the final payment for the acquisition of UPP this quarter (i.e. Q3) and take over the operations and management of the plant immediately. We have mapped out appropriately phased-plans to stabilize and refurbish the plant for efficiency. Also, foundation laying ceremonies for the new hotel developments are expected to take place in the third and fourth quarters of the year. We hope to complete the construction in 24 to 36 months thereafter. I welcome you to enjoy this edition of our newsletter and the deep insight it provides to our company and aspirations. We will be glad to receive your feedback and reactions. Thank you.

Transcorp Records PBT of 2.9N Billion 4

Obinna Ufudo, President/CEO

q&a with adeoye fadeyibi

Adeoye Fadeyibi is the CEO of Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria Plc.

My undergraduate studies began at the University of Lagos but due to educational strikes in the early nineties, I moved to the United States of America to complete these at the New York State University. There, I earned a degree in Mechanical Engineering. My key power sector encounter began in General Electric (GE). After a few short jobs, I felt like I found a niche in Power- GE Power Service. My roles increased from Design Engineer to Turbine Services Engineer all the way through to heading the operations and sales team and becoming a Director on the Board of GE Nigeria. This experience spanned 2000-2013. Power Generation is definitely my forte. Ughelli Power Plc is a power generation company unbundled from the Power Holding Company of Nigeria during the privatization of Nigerias power assets. Why did Transcorp choose Ughelli and what is the current situation of the plant? Although I hadnt joined the Transcorp Group when Transorp submitted the bid and emerged the preferred bidder for Ughelli Power Plc, but Id like to appreciate the leadership of Transcorp and members of the consortium for their foresight and for obviously doing their groundwork. Not only had I worked at the plant as a GE employee a decade ago so know it well from an asset/infrastructure stand point, I would say that Ughelli is one of the leading thermal plants being sold under the initial privatization process. The plant ranks high based on three key selective criteria 1) Gas- from an input perspective, there is fuel to run the equipment; 2)Generating Units (quality and ability to refurbish)-there are a good number of experienced Nigerian personnel already at the plant. Although the units are only running at about 20%-30% of installed capacity, we have the right strategy to refurbish and bring back the plant to optimal generation. 3.) Transmission and Distribution- Importantly, we have infrastructure in place to evacuate the power. What plans do you have towards ensuring that the Ughelli Power Plant is transformed? How long do you anticipate this will take? We have developed a clear, ambitious and achievable capacity target. Over the next 3-5 years, we would move the plant from its current generating capacity of 20%-30% to 85-100% of installed capacity. We would also be investing in green field expansions bringing in new generation. Im excited about the opportunity of bringing the plant to 1.5GWU which will exceed anything the plant has ever generated. Localization is a key component in our strategy to sustain high level of performance from human capital to supply chain. The focus is to avoid short cuts. Put the investment upfront in people i.e.

q. a.

Lets meet Adeoye Fadeyibi.

q. a.

During Obamas visit to Africa he pledged the sum of $9billion towards the US Power Africa initiative, how does TUPL plan to access part of these funds? Obamas visit to Africa and his intent to focus on fixing Africas power is strategic. . Heirs Holdings committed the sum of $2.5billion of investment and financing in energy to generate an added 2000MW over the next five years to the Obama Power Africa Initiative. As you are aware, Heirs Holdings Limited founded by Tony O. Elumelu, CON is Transcorps strategic investor. Since their investment in Transcorp in 2011, Heirs Holdings has succeeded in providing the strategic direction to Transcorps businesses based on sound corporate governance.

q. a.

trainings, certifications and supply chain management. These are countable and competitive. The Government has been working closely with us through the transitional committee made up of the BPE, TUPL and PHCN to ensure a smooth and timely takeover.

q. a.

Its simple as far as this asset is concerned. Unlike most people, I have a simple scorecard. I am measured on a few things in order of importance: 1.) Deliver on capacity targetstimely, under or within budget. 2.) Sustain this capacity By doing this, I satisfy two sets of people-my board and most importantly, Nigerians who use this power on a daily basis. 3.) Build a world class organization whereby in a couple of years, if you walk into Ughelli Power Plant, you will probably not be able to spot the difference between our plant and any of the worlds best rated plants. Is Transcorp planning to venture into other strategic acquisitions within the Power sector? I dont doubt this is in the strategy, however, the only very clear mandate that I have from my Board is to focus on delivering on this significant asset, the Ughelli Power Plant. Thank you.

q. a.

How will your success be measured?

q. a.

TRANSCORP DIGEST www.transcorpnigeria.com

transcorp hilton abuja transcorp hotels, calabar

www.transcorpnigeria.com

hospitality like never before!

...more hotel projects underway...
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group news transcorp records pbt of n2.9 billion

transcorps shareholders approve rights issue

Transnational Corporation of Nigeria Plc held an Extraordinary General Meeting (EGM) on Thursday, March 28, 2013 at Oriental Hotel, Lekki Road, Victoria Island, Lagos for the purpose of approving a Rights Issue that will enable its Shareholders take up rights of one new share for every two shares held. At the meeting, Shareholders of the Company approved an increase in the Authorized Share Capital of the Company be increased from N18,000,000,000.00 (Eighteen Billion Naira) to N22,500,000,000.00 (Twenty-two Billion, five hundred Million Naira) by the creation of 9,000,000,000 new ordinary shares of 50 kobo each. Shareholders authorised the Board of Directors to issue up to 13,000,000,000 Ordinary Shares from the Companys share capital by way of Rights Issue. The President/CEO of Transcorp, Obinna Ufudo confirmed that the Company would immediately undertake all the necessary actions to give effect to the resolutions. The Rights Issue represents one in a series of strategic corporate moves geared towards the realization of Transcorps vision of creating sustainable value for its stakeholders. Tony O. Elumelu, CON, the Chairman of Transcorp on the successful outcome of the EGM expressed optimism about Transcorps future: Transcorp is now better positioned to focus on investments in our selected sectors and to move at an even more accelerated pace in closing all transactions. The resolutions and approval by our esteemed Shareholders demonstrate your continuing commitment and support to move the Company forward. We believe we have taken a step in the right direction to deliver long-term value to all our shareholders. We appreciate your continued trust, and thank you for being a valued shareholder.

The 7th Annual General Meeting of Transnational Corporation of Nigeria Plc (Transcorp) was held on June 21, 2013 at the Congress Hall, Transcorp Hilton Hotel, Abuja. The audited accounts of the Company prepared in accordance with International Financial Reporting Standards were approved by the Shareholders. In addition, the Chairman of Transcorp, Tony O. Elumelu, CON was re-elected. During the meeting, the Chairman stressed the significant progress made by the company in terms of improved operational and financial performance. He stated that a foundation has been built for sustainable growth based on sound corporate governance and listed the acquisition of Ughelli Power PlC and the aggressive expansion of Transcorps hospitality business as achievements worthy of note. As the Chairman aptly stated We want to build a business that lasts, whose shares you can give to your heirs. The President/CEO, Obinna Ufudo presented the companys 2012 audited accounts showing a PBT of N2.9 billion which represents an increase by N1.6 billion on previous years results signifying a growth of 123% from N1.3 billion. He attributed this unprecedented growth to the significant reduction in administrative expenses and a quantum increase in investment income. The cost optimization exercise instituted at the Companys corporate centre continues to yield desired results. According to Ufudo This is indeed the beginning of a new era for Transcorp an era of accelerated and sustainable growth.

march 2013 Transcorp holds Extra-Ordinary General Meeting for Rights

Issue Approval

news highlights

april 2013 Transcorp holds Completion Board Meeting may 2013 Transcorps Rights Issue Opens june 2013 Transcorps Rights Issue Closes
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Transcorp released its Audited Financial Statements for the year ended December 31, 2013

Transcorp holds 7th Annual General Meeting

TRANSCORP DIGEST www.transcorpnigeria.com

group news elumelus heirs holdings commits usd2.5 billion to obamas power africa initiative
Heirs Holdings Limited is the single largest investor in the US-led pan-African power initiative- Power Africa. African business leader, Tony O. Elumelu, CON through his African Investment company, Heirs Holdings has committed USD 2.5b as part of his commitment to deliver affordable and accessible power to the African continent. Power Africa is a multi-stakeholder partnership between the US, the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria and Ethiopia and the African private sector with the shared objective of accelerating investment in Africas power sector over the next five years. The initiative was launched in South Africa during Obamas town hall at the University of Cape Town. Earlier this year, through its investee company, Transnational Corporation of Nigeria (Transcorp), Heirs Holdings Limited will acquire an ownership stake in the Ughelli Power Plc, owners of Nigerias largest power asset, which Transcorp plans to restore to its full generating capacity of 1000 megawatts. The investment we are making demonstrates our intent to become a significant player in the power sector. It also shows in a clear and meaningful way that African capital can and should be part of the solution to Africas challenges. We need more African companies to step up and get involved in Africas development. Heirs Holdings investment in Power Africa is not just about creating value for shareholders. We want to conduct business in this strategic sector for the long term, in a way that links economic return to social benefits a key component of what I call Africapitalism. According to Elumelu, power is the single biggest obstacle to Africas development and as such, it is the most catalytic and strategic investment anyone can make in Africa. He describes President Obamas focus as so timelyand so necessary. Doubling Africas generating capacity will double Africas GDP, and move us toward sustainable, domestically led growth he said. He further added, Given its economic importance, the power sector also presents an attractive investment opportunity for long-term investors: there is little competition, and so the return, when it comes, will be high. It will be similar to returns that early investors in African telecommunications realized before the sector became saturated and highly competitive.

executive appointments okaima ohizua adeoye fadeyibi

Ade has broad experience in Power Generation and related services, mostly garnered from General Electric (GE) - the international leader in power generation services and equipment. Whilst at GE, he worked in several capacities ranging from Turbines Technical Adviser and Service Manager Installations, Africa to Portfolio ManagerSub-Saharan Africa and Acting Service Director - Africa, India and Middle East. Also at GE, he played a key role in structuring deals for GE Africa projects and was responsible for power plant installation projects across the continent. Ade was also in charge of the following GE Projects-NLNG Bonny Island Nigeria, NNPC Warri Refinery Nigeria, Akenerji Power Plant Kemalpasa, Turkey, the 18 X 9E Nigeria Integrated Power Project, and 1227MW Combined cycle project at Hadjret En Nouss, Algeria. Ade has a degree in Mechanical Engineering from New York State University. He has attended several technical and management trainings from the General Electric Power Systems University and Management Learning Programs.

managing director/chief executive officer, executive director of transnational hotels and tourism services limited transcorp ughelli power limited
Okaima joins Transcorp as ED, THTSL. Prior to this, she has served in various capacities within the financial services sector with institutions such as Heirs Holdings, UBA, where she was Director for Customer Service and Citi Group where she was Assistant Vice President and Head of Electronic Banking & Implementation. Okaima is passionate about achieving excellent quality service delivery at all times. She is a qualified lawyer from the University of Benin, the Nigerian Law School and has an Advanced Management Program from the Pan-Atlantic UniversityLagos Business School.

about transcorp
Transnational Corporation of Nigeria plc (Transcorp) was incorporated on 16 November 2004 with the objective of creating a truly Nigerian conglomerate with the ability to compete successfully on a global scale. One of the founding goals included setting up a company capable of mobilizing local and international capital in the development of world-class enterprises, under strong Nigerian management and leadership. Today, Transcorp is a publicly quoted conglomerate with a diversified shareholders base of about 290,000 investors, the most prominent is Heirs Holdings Limited, a pan-African proprietary investment company. The Trranscorp portfolio comprises strategic investments in the hospitality, agriculture and energy sectors. Our notable businesses include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit juice concentrate plant- Nigerias first-of its-kind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL281.

agriculture
Teragro Commodities Limited The agribusiness subsidiary of Transcorp, Teragro Commodities Limited is a full value-chain enterprise with the objective of creating value in agricultural raw materials using technology to develop, manufacture, distribute and market them to international standards and specifications, thus positioning them for competiveness within Nigeria and global markets. Our world-class fruit concentrate production plant, with a capacity of 26,500 metric tonnes per annum, is located at industrial layout in Makurdi, the capital of Benue State. Ours is a story of a successful public-private-partnership that has provided opportunities for job creation for Benue State and other local markets contributing to the development of the Nigerian economy as a whole. The Teragro plant is complete with an extraction unit, product receiving and juice preparation units, juice concentration unit, concentration and aseptic filling units, fruits nectar unit and sterilization sections. The plant produces orange, pineapple and mango concentrates, as well as mango puree. The concentrate is produced using the utmost hygienic and professionally sound internationalstandard technology. Over the next two years, Teragro plans to install a world-class production plant which is estimated to be five times larger (in size and capacity) than the existing facility. Ongoing discussions are being held with several state governments for joint ventures in rice, cassava, tomato, cocoa and palm production.

our businesses

our vision
To create sustainable value for our stakeholders in our chosen markets.

our mission

To build a conglomerate of successful businesses underpinned by execution, excellence and entrepreneurship.

our core values (h.e.i.r.)

Humility: The quality of being modest and respectful Our business environment is constantly evolving, and we are continuously learning and adapting. We are open to learning from others , no matter who they are. Excellence: A quality which is unusually good and so surpasses ordinary standards We are committed to achieving maximum value-add in whatever we do. we believe in continuous improvement to ensure sustained high-quality performance. Integrity: A concept of consistency of values, actions, methods, measures, principles, expectations and outcomes Integrity defines who we are and how we interact with others. We will demonstrate honesty and truthfulness in all that we do. Resilience: The ability to manage and learn from difficulties and bounce back after adversity We welcome challenges, see them as opportunities and they make us stronger. We see complexity as an opportunity to showcase our ability. We consistently look for solutions and never give up.

TRANSCORP DIGEST www.transcorpnigeria.com

hotels and tourism

energy
energy

Transnational Corporation of Nigeria Plc

agribusiness

Transcorp Energy Limited Transcorp Energy Limited is a fully owned subsidiary which was established in 2008 to spearhead the Groups thrust into the energy sector and to focus on upstream petroleum exploration. The company oversees a joint venture agreement with Sacoil Holdings Limited (Sacoil) to develop OPL281in collaboration with Energy Equity Resources limited (EER). Transcorp Ughelli Power Limited Transcorp Ughelli Power Limited (TUPL) is a subsidiary of Transcorp. The company successfully emerged as the preferred bidder for the acquisition of Ughelli Power Plc which is being privatised by the Federal Government. The Ughelli plant is located in Delta State and has an installed capacity of 972MW and an available capacity of 228 MW as at end 2012.

Transcorp Hilton Hotel, Abuja

hospitality

Transcorp Hilton Hotel, Abuja Transcorp Hilton Hotel is situated in the heart of Nigerias Federal Capital Territory, 40-minute drive from the Nnamdi Azikiwe International Airport, Abuja. It is a 670 room, 5-Star hotel that provides luxury accommodation, exotic cuisine, fully equipped meeting rooms and leisure facilities to business travellers and tourists from all over the world. The hotel offers the benefit of the international standard guest reward programme, Hilton Honors with which Points and Miles are earned by members for stays at 3,700 hotels world-wide and airline miles with over 50 airline partners. Under Transcorps effective leadership, the Transcorp Hilton Hotel was awarded the best Hilton Hotel in Africa, Middle East and Asia for the year 2010. The hotel was also named the winner of Hilton worldwide Prize for the 2012 GC& E (Group Conference and Events) Sales Team of the year for the Middle East Africa regions.

Transcorp Hotels, Calabar The 146-room Transcorp Hotels, Calabar is a premier destination hotel in Calabar, Cross River State which is fast becoming the destination stop for vacations and conferences in Nigeria. The hotel is located in the heart of Calabar and is a wellknown landmark for both locals and visitors. It provides the perfect meeting ground for business and pleasure. It also provides outstanding conferencing facilities; fine dining, 24-hour room service, a fitness centre, complimentary airports, complimentary WiFi connection in all guest rooms and guest discounts with local merchants. Transcorp continues to develop strategies in the medium and long term that will consistently position the company as a key player in the hospitality industry.

stakeholder reactions

Tony, your record at UBA speaks for itself and I have no doubt you would bring the same experience and resourcefulness to bear in this new venture as the chairman of Transcorp. We the shareholders are looking forward to the significant value that you are bound to create in this Organisation. Dr. Paul Chukwuma Mbagwu

Transcorp Management and team!!! Congrats on your unprecedented performance. We look forward to the appreciation of the value of the companys shares. Dan Amanze, Shareholder

I am happy about the current progress of the corporation under the able leadership of the CEO in the person of Mr. Obinna Ufudo. I pray things continue the way it is.. Lawrence Ezenyi, Shareholder

On behalf of officers, ratings and civilian staff of Eastern Naval Command, I wish to express our profound appreciation to you and your entire staff for the assistance rendered to the Nigerian Navy (NN) during the recently concluded familiarization tour to Calabar by the National President Naval Officers Wives Association, Mrs. Vivian Ifenyiwa Ezeoba and her entourage between 19-20 February 2013. It is pertinent to state that the level of comfort provided by the use of your facilities demonstrated your commitment to sustaining the special relationship that exists between the Command and Transcorp Hilton International Hotels. Once again, I thank you for the assistance and looking forward to a more improved working relationship with Transcorp Hilton Hotels. Please accept assurances of my esteemed regards. Jo Aikhomu, Rear Admiral, Flag Officer Commanding of the Eastern Naval Command, Nigerian Navy

TRANSCORP DIGEST www.transcorpnigeria.com

photo gallery

Chairman of Transcorp with Shareholders during the Extraordinary General Meeting of Transcorp

l-r Obinna Ufudo, President/CEO, Tony O. Elumelu, CON, Chairman and Chinedu Eze, Company Secretary of Transcorp during the Completion Board Meeting of the Company.

Cross section of Professional parties during the Completion Board Meeting

photos from the 7th agm

l-r Obinna Ufudo, President/CEO, Transcorp, Dr. Umar Farouk, National President of the Advancement of the Rights of Nigerian Shareholders (AARNS) and Chairman of Transcorp, Tony O. Elumelu, CON

Cross section of Shareholders during the AGM

The Company Secretary, Chinedu Eze, reading the Notice of AGM during the Annual General Meeting

photos from the iso certification audit at teragro

L to R, Kumar Kota, Plant Manager, Teragro, Tunji Timothy, Qualitex Consultant, Mr. Yemi Sodipo, NQA Auditor UK and Dr. Jide Adedeji, CEO, Teragro

L to R; Dipo Olabiyi of Qualitex Consulting, Musa Bamayi QC/QA Manager, Teragro Kumar Kota, Plant Manager, Teragro, Mr. Tunji Timothy, Qualitex Consultant, Mr. Yemi Sodipo, NQA Auditor UK, Dr. Jide Adedeji CEO,Teragro, Tim Age Production Manager,Teragro, Mark Abuh, CFO, Teragro and Titus Ubah Mantenance Manager, Teragro

Management Staff of Teragro, Qualifex Consultants and the NQA Auditor, UK at the Exterior of the Teragro Plant

our half-year results

STATEMENT OF FINANCIAL POSITION

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TRANSCORP DIGEST www.transcorpnigeria.com

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share price review

corporate information
Transnational Corporation of Nigeria Plc 38 Glover Road,(Formerly 22B) Ikoyi, Lagos Telephone: +234-1-9033946-50 Email: info@transcorpnigeria.com Website: www.transcorpnigeria.com

subsidiaries
Transcorp shares have recorded an improved performance in 2013. The stock price closed the 2012 financial year at N1.05 per share and opened the current year at the same price. As at July 2013, the stock returned about 28.5%; although, it had accumulated up to 86.7%, when the share price hit a 2-year high of N1.96 per share on February 12, 2013. The performance recorded by the stock is in tandem with the return delivered by the aggregate market over the same period. Besides the stocks yield, the volume of transactions was quite impressive with a staggering average daily volume 49.9 million. This attests to the increasing investor appetite for the stock. Furthermore, the stock currently trades at a price-to-book (P/B) multiple of 1.2x versus an estimated P/B multiple of 3.4x for major equities in the conglomerates sub-sector of the Nigerian Stock Exchange (NSE). This represents a discount of 183%. Therefore, a P/B multiple valuation basis, this implies that the stock has the potential to appreciate by more than 100% over the next few quarters; all other factors held constant. Although, analysts are of the opinion that investors are only looking for a better recovery in earnings for them to take more aggressive bets on the stock. On this, management believes and has demonstrated there is immense potential for the company and its stock. Recent investments in various high growth sectors like power, agriculture, oil and gas are necessary factors for sustained growth in revenue and profits. The sufficient factors will include the professional and efficient management of these investments. This factor has been taken into cognizance with the crop of talented members of Transcorps management team. Now is the time to join the Transcorp train before the last available spaces are taken up. Transnational Hotels and Tourism Services Limited Owners of Transcorp Hilton Hotel 1 Aguiyi Ironsi Street Maitama Abuja Telephone: +234-9-461 3000; +234 803901 3000 Email: info@transcorpnigeria.com Website: www.transcorpnigeria.com Teragro Commodities Limited Km 5 Naka Road Makurdi Industrial Estate Makurdi Benue State Telephone: +234 7034328483 Email: info@transcorpnigeria.com Website: www.trasncorpnigeria.com Transcorp Energy Limited 38 Glover Road(Formerly 22B) Ikoyi, Lagos Telephone: +234-1-9033946-50 Email: info@transcorpnigeria.com Website: www.transcorpnigeria.com Transcorp Ughelli Power Limited 38 Glover Road (Formerly 22B) Ikoyi, Lagos Telephone: +234-1-9033946-50 Email: info@transcorpnigeria.com Website: www.transcorpnigeria.com

registrar
Africa Prudential Registrars Plc 220B Ikorodu Road Palmgrove, Lagos TEL: 01-8931504, 01-7450427, 01-8401153 info@africaprudentialregistrars.com www.africaprudentialregistrars.com

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TRANSCORP DIGEST www.transcorpnigeria.com