Tony Elumelu’s Transcorp injects $120 million into hotel rehabilitation

After 30 years as Nigeria’s leading hospitality outfit,  Transcorp Hotels is injecting more than $120 million into rehabilitating its five-star hotels.

Chairman Tony Elumelu told investors at the company’s 15th Annual General Meeting in Abuja that the move will lay an “investment foundation for a better tomorrow.”

According to a statement reported by This Day Live, Elumelu said: “This hotel is here to make money for shareholders. In terms of the value of the assets, they have significantly improved.”

The chairman added that the investment will yield enormous dividends for stakeholders. As far as Transcorp is concerned, Elemelu believes the future is bright. “This is time for wise investors to secure their future and that of their children,” he said.

Elumelu is a multimillionaire businessman and economist with a track record of successful strategic investments across sectors. He also serves as group chairperson of Heir Holdings, United Bank for Africa Plc (UBA) and the Tony Elumelu Foundation.

In March, when the UBA declared its final dividend of N0.52 (52 kobo) per N0.50 (50 kobo) shares for 2020, it was estimated that Elumelu would earn about $3.3 million (N1.24 billion) from his holdings.

Elumelu owns 194,699,555 direct and 2,185,394,184 indirect shares in the bank, totaling 2,380,093,739 shares. His indirect shares were said to have been bought through three other companies: HH Capital Limited, Heirs Holdings, and Heirs Alliance.

Transcorp

Founded in 2004, Transcorp Group is a leading diversified conglomerate based in Nigeria. It has strategic interests in hospitality, agribusiness and energy. The company focuses on acquiring and managing strategic businesses that create long-term shareholder value and socioeconomic impact.