Nigeria: Transcorp Appoints Abdulrazaq Board Vice Chairman

9 June 2020

Transnational Corporation of Nigeria Plc (Transcorp), a listed conglomerate and owner of Transcorp Power Limited and Transcorp Hilton in Abuja, has announced the appointment of Mrs. Foluke K. Abdulrazaq to its Board of Directors as vice chairman.

The appointment became effective since last Friday.

According to a statement yesterday from the company, Abdurazaq brings considerable experience in both the public and private sectors to the board.

It explained that her public service career includes serving as a Commissioner in the Ministries of Finance and Women Affairs in Lagos State, when during her tenure, the broad policies that led to the state's Accelerated Revenue Generation Programme (ARGP) were formulated.

She was also the Chairman of the state's Tenders' Board, a member of the Federal Accounts Allocation Committee (FAAC), and the state's Executive Council.

Mrs. Abdurazaq has held, over a period of 20 years, various senior positions in the Nigerian financial services sector, including her appointment by the Central Bank of Nigeria/NDIC in September 1995, as the Executive Chairman of the Interim Management Board of Credite Bank Nigeria Limited.

She also served on the Group Board of United Bank of Africa Plc from 2008 to 2020, when she retired as the chairperson of the Board Credit Committee.

Mrs. Abdulrazaq holds an M.Sc in Banking and Finance from University of Ibadan.

Commenting, Chairman of Transcorp, Mr. Tony Elumelu, was quoted to have said: "I am delighted that Mrs. Abdulrazaq is joining our board. This appointment demonstrates once again our commitment to the highest level of governance, human capital investment and diversity and inclusion across all layers of our business.

"Mrs. Abdulrazaq's reputation as one of Nigeria's senior business leaders and public servants, coupled with her track record of championing the role of women in business will be an inspiration. I am also pleased to announce her appointment as the Vice Chairman, the first occupant of this role in the history of Transcorp.

"Mrs Abdulrazaq's extensive leadership experience will support the new management team, led by Mrs. Owen Omogiafo, the President/CEO, who recently unveiled her five-year strategic business goals that include the expansion of the investment portfolio of Transcorp Group through strategic acquisitions; deepening the market share of the existing businesses and diversifying into the manufacturing sector, to help realise our vision of improving lives and transforming Nigeria's economy."

On her part, Abdulrazaq expressed enthusiasm for joining the board and management to assist in the delivery of the organisation's strategic objectives.

"I am glad to be joining the remarkable team on the Group Board of Transcorp. I look forward to working with them and the motivated management team, led by Owen, to actualise our immediate and long-term strategic goals of creating value for our stakeholders," she said.

Transcorp has one of the largest shareholder bases with about 300,000 shareholders, on the Nigerian Stock Exchange, and is a leading power producer in the country and owner of the iconic Transcorp Hilton Hotel in Abuja, among other significant assets including oil and gas.

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