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Wednesday, April 30, 2008

Okigbo predicts NITEL potential for return on investment

Group Treasurer, Transnational Corporation Plc, Mr. Patrick Okigbo, has predicted a potential return on investment for its shareholders, especially on NITEL.

Champion Infotel recalls that Transcorp is the major stake owners in the Nigeria Telecommunications Limited (NITEL) and its mobile subsidiary, Mobile Telecommunications Limited (M-Tel).

Speaking at the April session of Institute of Directors (IOD) Nigeria, Mr. Okigbo noted that despite the challenges the telco has a huge potential to return profitability to the shareholders.

According to him, Transcorp still believes that NITEL has enormous potential to return to the path of prosperity.

Mr. Okigbo noted that NITEL has its stands today is going through a phase, “a reform that will restore it to profitable path especially if the corporation is allowed controlling power.”

Dwelling on “Transcorp and the Nigeria economy” Okigbo highlighted that global trends in nation build has led to the development of countries like South Korea and Japan.

“These countries according to him have been able to compete favourably in the global market because of the various investment varieties created by the government,” he said.

He also said that in order to achieve the set objective of Transcorp, the corporation embarked on restructuring its business model such that its focus is now on agriculture, real estate, energy and telecommunication.

Revealing that its agricultural business has started the process of increasing food supplies in the country after due evaluation of the challenges facing farmers particularly in the area of preservation of produce.

On real estate, he pointed out that Transcorp would acquire land and build properties while the energy business is presently going through a major transition.

Equally responding to questions from members of IOD at the event, Okigbo said Transcorp is aware of the investors challenge in view of the dwindled price of Transcorp stock.

In addition, he assured investors that very soon the price of Transcorp would be on the rise again especially when it concludes the reform of NITEL and MTEL.

“Transcorp has not departed from its objectives and set goals particularly has reflected in the offer document which states that the institution will declare dividend n 2009,” he said.

The corporation, he said, is presently recording huge success in various areas of operations, by reversing brain drain through employment of world-class professionals.

“… Thus our skills and technical depth is on the rise to deliver on our promises,” Mr. Okigbo said.

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