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Transcorp Board Appoints Manz Denga as Acting Chief Executive Officer

LAGOS, Nigeria, August 14, 2011 - Transnational Corporation of Nigeria Plc (Transcorp) today announced the appointment of Mr. Manz Denga, as Executive Director and acting Chief Executive Officer with immediate effect. This follows the resignation of Mr. Nicholas Okoro as Group Managing Director/Chief Executive Officer of the company. Mr. Denga comes to the Board following a successful banking career spanning over two decades. He was until December 2010, Managing Director of UBA Kenya. Prior to that, he spearheaded the bank's start up operations in Cameroun, Uganda, Tanzania and Zambia. Mr. Denga is a graduate of Harvard Business Schools Advanced Management Programme. He holds a B.Sc. in Accounting and an MBA degree, both from the University of Calabar. The appointment of Mr. Denga comes on the heels of renewed investors' confidence in the company and expectations of improved operating performance. Earlier this year, Heirs Holdings acquired a strategic stake in Transcorp. Heirs Holdings, an African investment company led by Tony O. Elumelu, MFR, pledged at the time to work with the Transcorp board and other shareholders to turnaround the fortunes of the company, in order to fulfill the company's original mission as a vehicle for popular capitalism and mass participation in Nigeria's economic potential. Manz Dengas experience and insight will contribute significantly to the growth of Transcorp and our continuing focus on supporting Nigeria's economic development, said Professor Ndi Okereke-Onyiuke, Chairman of the Board of Directors of Transcorp. Mr. Denga will bring his strong entrepreneurial and leadership skills to support the growth of the company. Mr. Elumelu was quoted as saying Manz has worked with me first as Treasurer of STB, and later Group Treasurer of UBA before becoming my chief of staff, a role he played until his appointment to lead UBA's entry into East Africa. I believe he is strongly equipped to create greater value for all shareholders of Transcorp, especially at this significant moment in the life of the company, Mr. Elumelu ended.

Transnational Corporation of Nigeria Plc Transnational House 11, Alfred Rewane Road Ikoyi, Lagos, Nigeria Tel: +234-1-4630704 info@transcorpnigeria.com www.transcorpnigeria.com

Mr. Denga said, I welcome the challenge, coming just after leaving Harvards AMP180, and hope to grow the companys existing assets with the strategy of increasing value through segregation by products and geography, while ensuring the entrenchment of best in class governance practices and a culture of business excellence. I see our markets beyond Nigeria, but first we must excel in Nigeria at what we do, he ended. Transnational Corporation of Nigeria Plc, a company quoted on the Nigerian Stock Exchange, is a diversified conglomerate with strategic investments and core interests in the hospitality, agro-business and upstream petroleum exploration sectors. Some of its more notable assets include Transcorp Hilton Hotel, Abuja; Transcorp Metropolitan Hotel, Calabar; Benfruit Nigeria, a processing plant in Benue State for concentrates production and Transcorp Energy which has an interest in an oil block that is about to commence production soon. For more information about Transcorp, please visit www.transcorpnigeria.com.

Contact: Yinkha Okotore Corporate Communications Transnational Corporation of Nigeria Tel: +234 -1-4630704 ###

Transnational Corporation of Nigeria Plc Transnational House 11, Alfred Rewane Road Ikoyi, Lagos, Nigeria Tel: +234-1-4630704 info@transcorpnigeria.com www.transcorpnigeria.com