Posted by By DAMIETE BRAIDE on
Amidst its ongoing challenge, Transnational Corporation of Nigeria still believes that NITEL has enormous potential to return to the path of profitability.
Amidst its ongoing challenge, Transnational Corporation of Nigeria still believes that NITEL has enormous potential to return to the path of profitability.
Speaking at the recently held IOD dinner in Lagos, Patrick Okigbo, Group Treasurer of Transcorp, said that NITEL, as it stands today, is going through a phase, a reform that will restore it to profitable path, especially if the corporation is allowed controlling power.
Okigbo's paper, Transcorp and the Nigeria Economy, highlighted global trends in nation building, which has led to the development of countries like South Korea and Japan. These countries, according to him, have been able to compete favorably in the global market because of the various investment varieties created by the government.
To achieve the set objective of Transcorp, Patrick said the corporation embarked on restructuring its business model, such that its focus is now on agriculture, real estate, energy and telecommunication. He further revealed that its agricultural business has started the process of increasing food supplies in the country after due evaluation of the challenges facing farmers, particularly in the area of preservation of produce. 'On the side of real estate, Transcorp will acquire land and build properties while the energy business is presently going through a major transition,' he said.
Responding to questions from members of IOD present at the event, Okigbo said Transcorp is aware of the investors challenge in view of the dwindled price of Transcorp stock, adding, 'however, the investors are assured that soon and very soon the price of Transcorp will be on the rise again especially when it concludes the reform of NITEL and Mtel."
In his words, 'Transcorp has not departed from its objectives and set goals, particularly as reflected in the offer document, which states that the institution will declare dividend in 2009; we are going to do that because we are presently recording huge success in various areas of our operations, we are reversing brain drain through employment of world class professionals, thus our skills and technical depth is on the rise to deliver on our promises."