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Transcorp Hotels gets BPE’s discharge certificate; this is what it means

Transcorp Hotels gets BPE’s discharge certificate, this is what it means

Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc), on Monday, received a Certificate of Discharge, indicating the hospitality company has fulfilled all privatisation conditions attached to the sales of Transcorp Hilton Hotel, and will no longer be subject to any post-privatisation monitoring.

The discharge certification was presented by Vice President Yemi Osinbajo to Transcorp Plc chairman, Tony Elumelu, at the Presidential Villa, Abuja.

The Director-General of the Bureau of Public Enterprises (BPE), 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 113%, 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.

Commenting on the development, Elumelu said, “I support public-private partnership as a viable option for catalysing our economic development.

“For public-private partnerships to work and become a viable approach for the transformation of our country privatised entities and their owners must justify the government’s confidence in them by visibly improving the acquired assets, create jobs, and increase government revenues.

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“Such positive outcomes will encourage the government to privatise more national assets and free itself of revenue for critical social and infrastructure sectors such as education, healthcare, roads, transportation, etc”.

Owen Omogiafo, the hospitality company’s Chief Executive Officer (CEO), also said “This is a significant milestone in the history of our company and a further demonstration of our long-term commitment to improving lives and transforming our nation”.

Transcorp had emerged the core investor in the privatisation of hotel asset in 2005, which gave birth to Transcorp Hotels Plc in 2014 following a decision to make the hotel 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 $100 million upgrade of the Transcorp Hilton Abuja, which was a key factor that led to the final discharge of the company by the BPE from further post-privatisation obligations.

Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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