Business mogul and Chairman of Transnational Corporation of Nigeria (Transcorp) Plc., Tony Elumelu, gave reasons for the injection of $120 million into the rehabilitation of Transcorp Hotels.
Elumelu explained that the investment into the business was for a “better tomorrow”.
He said this at the 15th Annual General Meeting (AGM) of Transcorp Hotels held in Abuja, stating that “We did this because we are long term investors. We believe in investing today for better (sic) tomorrow.
“This hotel is here to make money for shareholders. In terms of value of the assets, they have significantly improved.
“We are laying investment foundation for a better tomorrow.”
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He urged invetsors to seize the opportunity, describing it as a “wise” time to invest, as the future was “extremely bright”.
He said, “Transcorp, the future is extremely bright. This is time for wise investors to secure their future and that of their children.”
Addressing the N97 million dent in the company’s financial books, Elumelu explained that it was created by a debt owed to power companies by the Federal Government.
He said, ”I am sure it should be more now. It’s actually a debt owed by the federal government to power companies.
“But as I said, things are now improving. Let me recognise the efforts of government especially the CBN governor who had been extremely patriotic and involved in driving the improvements in the repayments in the power sector. We hope that progressively they’ll clear all of these.”
