The Chairman of Transnational Corporation of Nigeria (Transcorp) , Mr. Tony Elumelu, has explained the decision to commit $120 million to the rehabilitation of Transcorp Hotels.
He spoke at the 15th Annual General Meeting (AGM) of the company in Abuja where he said the decision was to lay an investment, “foundation for a better tomorrow.”
He said shareholders had invested wisely in the project, adding that, “your investment will yield huge dividends.”
He noted that it was the first time the level of rehabilitation was being undertaken in the hotel since its existence about 30 years ago.
“We did this because we are long term investors. We believe in investing today for better tomorrow.
“This hotel is here to make money for shareholders. In terms of value of the assets, they have significantly improved.
“We are laying investment foundation for a better tomorrow.”
He further assured shareholders that for “Transcorp, the future is extremely bright. This is time for wise investors to secure their future and that of their children.”