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Transcorp investors to get
dividend next year
Investors in the Initial
Public Officer (IPO) of Transnational Corporation Nigeria Plc (Transcorp) may
be paid their first dividend next year, according to Mr. Patrick Okigbo, the
Chief Finance Officer of the company.
Okigbo, who is also the
corporation's Group Treasurer, assured investors at the April 2008 Institute of
Directors (IOD)
Before the statement,
investors, who had been following recent happenings in the multi-billion
corporation had been entertaining fears of investment loss.
But Okigbo, who stood in
for the Group Managing Director of the company, Mr. Tom Iseghoni, said the
organisation would stick to the original plan contained in the prospectus
during the public offer.
Describing the
subscription of the offer as a near success with about 32.6 per cent, he said
the corporation would reward its investors for reposing confidence in it.
Okigbo stressed that the
current repositioning in the Nigeria Telecommunications (NITEL) by Transcorp
would soon bring joy to investors despite the low price the company's stock
sells in the market.
According to him, plans
are in top gear to secure an investor, which will make the organisation check
obstacles to its progress and raise the share price in the market.
Describing the current
problems with the privatisation of NITEL as unfortunate, Okigbo said there was
light at the end of the tunnel following the resolution of the grey areas which
were inimical to the working of NITEL.
Okigbo, who spoke on the
topic "Global sector trends: Transcorp and
He criticised the
involvement of government in business, stating that global trends demanded that
the private sector must drive the economic engine.
Describing Transcorp as a
unique vehicle to lead the charge, he said the organisation was in tune with
the seven-point agenda of President Umaru Musa Yar'Adua and had structured the
operations of the company in five areas of project management, infrastructure
development, agriculture and brain drain reversal.
He said investors would
start enjoying the dividend of their investment as soon as the exercise was
completed.
Reacting to the recent
strike action embarked upon by NITEL employees over unpaid salaries, he said
the incident occurred because the company lacked money to pay them.
According to him, the
strike has raised several questions relating to financial impropriety, which
made NITEL inefficiency in the past years.
Earlier, President of the
institute, Olusola Dada, had said Transcorp was invited to attend the meeting
because the company represented the hope to complete the nation's last phase of
privatisation.
He said the institute was
worried by developments in Transcorp, especially as it concerned NITEL
Source:
The
Guardian Newspaper
Thursday
April 25, 2008