Transcorp actually took some time coming. The idea was first floated after government introduced the NEEDS. Fiscal reforms, budget regulation and due process and then the telecommunications revolution were instituted. These were accompanied by tighter controls on monetary policy and government spending while a new pensions scheme, which is expected to mobilise over N600 billion for investment in the economy meant that the days of idle wealth accumulation were gone; the future belonged to investors. Transcorp commenced operations with an initial share capital of N56 billion. It hopes to raise an additional N66 billion from the Nigerian Capital Market through its initial public offer (IPO) due for the first quarter of 2006. She will also be quoted on the Nigerian Stock Exchange.
Transcorp will be a fully private sector owned venture. It’s core promoters include Dr. (Mrs.) Ndi Okereke-Onyuike, Director General, Nigerian Stock Exchange and Chairman, Transcorp Board.
Other board members include:
• Festus Odimegwu, Chief Executive Officer, Nigerian Breweries PLC.
• Aliko Dangote, President, Dangote Group.
• Jim Ovia, Managing Director, Zenith Bank
• Jacob Moyo Ajekigbe, Managing Director, First Bank of Nigeria Plc
• Otunba Funso Lawal, Chief Executive Officer, Charterhouse
• Femi Otedola, President, Zenon Petroleum
• Tony Elumelu, Managing Director, Standard Trust Bank
• Tony Ezenna, Chief Executive, Orange Drugs
• Waziri Mohammed, Chairman, Nigerian Railway Corporation
• Adegboyega Olulade, investment banker and stockbroker, and
• Nicholas Okoye, Technical Secretary/Business Strategy Adviser for Transcorp.
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