TONY ELUMELU STEPS IN AS TRANSCORP CHAIRMAN

Transnational Corporation of Nigeria Plc (Transcorp) held its 5th Annual General Meeting yesterday at the Transcorp Hilton Hotel, Abuja. Shareholders endorsed unanimously all proposals presented by the board to include the election of Tony O. Elumelu, MFR as Chairman of its Board of Directors.

Professor Ndi Okereke-Onyiuke, who has served as Transcorp’s board chair since 2004, graciously announced her resignation after nearly seven years of leading the company.

Speaking on passing the baton to her successor, Ndi Okereke-Onyiuke said, “Tony Elumelu is an energetic, bright man with brilliant ideas. As a founding director, he has known the blueprint of Transcorp since 2004.” “He has the midas touch.”

“You have to make a succession plan for any great company.” “Now is the time for me to handover to Tony to build on our success and create value for our stakeholders,” she further shared.

Tony O. Elumelu, MFR is Chairman of Heirs Holdings (HH), an African investment company and Founder of The Tony Elumelu Foundation (TEF), an Africa-based and African-funded not for profit organization. Under Mr. Elumelu’s leadership, HH and TEF share a commitment to the economic transformation of Africa through investments that generate economic prosperity and social wealth and by enhancing the competitiveness and growth of the African private sector. With close to three decades of experience in the financial services industry, he is recognised as a champion for socioeconomic transformation with his growing influence in the private sector. Mr. Elumelu serves on the Board of Africa Finance Corporation and serves on the Advisory Board of Development Partners International LLP, London.

“I am pleased to assume the role of leading Transcorp through its next phase of development and to demonstrate its value to our shareholders,” said Mr. Elumelu.