Journalism of Courage

Osinbajo presents Certificate of Discharge To Elumelu As Transcorp Hotels Fulfils Post-Privatisation Obligations



Vice President, Professor Yemi Osinbajo SAN on Monday presented Certificate of Discharge to Transcorp Hotels Plc, indicating the company has fulfilled all privatisation conditions attached to the sale of the hotel and will no longer be subject to any post-privatisation monitoring.


Osinbajo as chairman of the National Council on Privatisation (NCP) presented the certificate to Mr. Tony O. Elumelu,  the Chairman of Transnational Corporation of Nigeria Plc (Transcorp), the core investor in the hotel.


“Our group is known for business turn around and value creation and I support public-private partnership as a viable option for catalysing our economic development, said Elumelu at the historic event.

” For public-private partnerships to work and become a viable approach for the transformation of our country, privatised entities and their owners must justify government’s confidence in them by visibly improving the acquired assets, create jobs, and increase government revenues. Such positive outcomes will encourage the government to privatise more national assets and free itself of revenue for critical social and infrastructure sectors such as education, healthcare, roads, transportation, etc.” He also commended this government for its efforts in driving economic development in Nigeria.

Also speaking on the discharge, the MD/CEO of Transcorp Hotels Plc, Owen Omogiafo said, “This is a significant milestone in the history of our company and a further demonstration of our long-term commitment to improving lives and transforming our nation.

Speaking at the event, Mr. Alex Okoh, the Director-General, Bureau of Public Enterprises (BPE) stated that Transcorp excelled at achieving the KPIs established during the monitoring and evaluation of the asset. Key areas of achievement include an increase in customer base by 113%, increase in service excellence captured by an 82% decrease in customer complaints, and an increase in operational efficiency with retained earnings rising to 70% of turnover.


The hotel recently won the prestigious World Travel Awards 2019 in five categories including Africa’s Leading Business Hotel and received the Signum Virtutis (Seal of Excellence) in the Hotels Sector for Nigeria at the 2019 Seven Stars Luxury Hospitality and Lifestyle Awards.









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