Transnational Corporation of Nigeria - Presentation …...• From time to time, Transnational Corporation of Nigeria Plc (“Transcorp”)and its subsidiaries (“theGroup”)make

1

Presentation to Investors & Analysts

First Quarter 2019

Dis

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ime

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• From time to time, Transnational Corporation of Nigeria Plc (“Transcorp”) and its subsidiaries (“the Group”) make written and/or oral forward-looking statements, including in this presentation and in other communications. In addition, representatives of the Group may make forward-looking statements orally to analysts, investors, the media and others. All such statements are intended to be forward looking statements.Forward looking statements include, but are not limited to, statements regarding the Group’s objectives and priorities for 2019, and beyondand strategies to achieve them, and the Group’s anticipated financial performance. Forward looking statements are typically identified bywords such as “will”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “may” and “could”.

• By their very nature, these statements require the Group to make assumptions and are subject to inherent risks and uncertainties, general andspecific. Especially in light of the uncertainty related to the financial, economic and regulatory environments, such risks and uncertainties –many of which are beyond the Group’s control and the effects of which are difficult to predict – may cause actual results to differ materiallyfrom the expectations expressed in the forward-looking statements. Risk factors that could cause such differences include: exchange rate,market exchange, and interest rate, operational, reputational, insurance, strategic, regulatory, legal, environmental, and other risks. All suchfactors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward lookingstatements, when making decisions with respect to the Group and we caution readers not to place undue reliance on the Group’s forwardlooking statements.

• Any forward looking statements contained in this presentation represent the views of management only as of the date hereof and arepresented for the purpose of assisting the Group’s investors and analysts in understanding the Group’s financial position, objectives andpriorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate forother purposes. The Group does not undertake to update any forward-looking statements, whether written or oral, that may be made fromtime to time by or on its behalf, except as required under applicable securities legislation.

• The information used in this presentation is obtained from several sources the Group believes are reliable. Whilst Transcorp has taken allreasonable care to ensure the accuracy of the information herein, neither Transcorp nor its subsidiaries/affiliates makes representation orwarranty, express or implied, as to the accuracy and correctness of the information. Thus, users are hereby advised to exercise caution inattempting to rely on these information and carry out further research before reaching conclusions regarding their investment decisions.

2www.transcorpnigeria.com

OVERVIEW OPERATING ENVIRONMENT

GROUP FINANCIAL OVERVIEW

SEGMENT REVIEW OUTLOOK QUESTIONS

4 9 12 16 37 40

OVERVIEW

5

Our Proposition

Sound Corporate Governance

Strong Service Delivery

Growth Capacity

Capital Appreciation

Through ownership of choice assets and Provision

of extra-ordinary service, THP is redefining

hospitality standards in the continent while

remaining truly and authentically African.

OPL281

We are on a mission to ramp up domestic

upstream capacity

With sight set on Powering Nigeria Today, Tomorrow

and in the Future, TPL remains a leader in Nigerian

Power Sector

www.transcorpnigeria.com

Long-term Shareholder Returns

Socio-economic

Impact

STRATEGIC BUSINESSES

OUR ADVANTAGE

6

With an Aggressive Growth Agenda

290,000Shareholders with commanding presence in the Power, Energy & Hospitality sectors.

Listed Company with approximately

Improving Lives, Transforming Nigeria

With a

Purpose

of

Deeply rooted values are

the 3Es of

Execution, Enterprise and Excellence

Diversified conglomerate


About Transcorp

7

83% Ownership

50% Ownership

100% Ownership

• c.972MW installed capacity gas fired power plant

• Present available capacity of 596MW to increase rapidly

• Medium term capacity target of 2500MW

• Nigeria’s foremost hotel and theleading business hotel in Africa-670 rooms, 5 hotel

• Transcorp Hotels Calabar – 132room, 3 hotel

• Owner/operator of OPL 281 oil block• Estimated Oil Reserve – 189.73mn • Gas – 377.48Bn Std Cubic Feet• Exploration commences in 2019/2020


Transcorp is committed to

creating value and making socio-

economic impact

The Group at a Glance …

OPL281

8

PHASE THREE2019 - 2024

PHASE TWO2012 - 2018

PHASE ONE2004 - 2011

▪ Transcorp was

incorporated in 2004

▪ Acquisition of Transcorp

Hilton Abuja in 2005

▪ Listed on the Nigerian

Stock Exchange in 2006

▪ Acquisition of Transcorp

Hotels Calabar in 2010

▪ Heirs Holdings becomes

core investor in 2011

▪ Transcorp Ughelli Power emerges

preferred bidder for Ughelli Power

Plc (UPP) in 2012.

▪ Successful takeover of UPP in 2013

▪ Execution of management

agreement with Hilton for Transcorp

Hilton Ikoyi in 2013

▪ Execution of Production Sharing

Contract on OPL 281 in 2014

▪ Management Agreement for Hilton

Port Harcourt executed in 2014

▪ Transcorp Hotels IPO in 2014

▪ Awarded the Most Compliant Firm

in Nigeria by the NSE in 2014

▪ Transcorp Hotels N20bn bond

issuance in 2015

▪ Merger of TUPL and UPP as

Transcorp Power Ltd in 2015

▪ Commenced full Upgrade

Project for Transcorp Hilton

Abuja in 2016

▪ Transcorp Power

commissioned GT 15 a

115MW Gas Turbine in 2017

▪ Decision to divest from

Teragro Fruit juice

concentrate plant in 2017

▪ Closed the year 2018 with

highest profits in two Group

companies

▪ Conclusion of additional land

acquisition for Transcorp

Hilton Ikoyi

▪ Surpassed BPE-set minimum

performance target for

power generation.

TPL:

▪ To expand customer base

with Africa as part of the

target.

▪ To deepen our play in

existing businesses

▪ To expand Available

Capacity to 2500MW

THP:

▪ Leveraging on technology to

deepen our presence in

existing areas.

▪ Addition of other service

lines, e.g. spa

▪ Secure final approval &

complete construction of

Transcorp Hilton Ikoyi

OPL 281:

▪ To commence production of

oil and gas

21 3

Our Journey


OPERATING ENVIRONMENT

Nigeria has regained its position as the largest economy in Africa

_ _ _ _ _ __

201 million

population 53%

Working Population

(15-64 years)

$1859.7

Low GDP

Per Capita Income

3780 MW

Average electricity

generated

$355 billion

2018 GDP

N278 billion

2018 Total Revenue

from International

travelers

16.9%

Unemployment rate

Source: Oxford Economics

Large and growing market &

workforce

85% (2018) Mobile

penetration rate

201m* Population

7th Largest country in the world by

population

53% Working population

Investment gateway to West Africa

c.60% Of the West African market

No.1 GDP in Africa

50% Of ECOWAS manufacturing

capacity

GDP (2018 US$ billions)

35

59

76

79

102

349

355

Cameroon

Ghana

Ethiopia

Kenya

Angola

South Africa

Nigeria

Nigeria concluded its election in Q1 2019

1.8mn bpd

Average Oil

production in 2018

Source: 1NBS/UN; 2OPEC; 3BudgIT; 4NPC; 5World Bank; 6BMI; Ernst & Young

Key Indicators


Inflation rate has been decreasing; 11.25% by the end of Q1 2019

• Further devaluation of

the naira will increase

the burden of debt

servicing for

companies.

• Decline in inflation

rate may cause

interest rates to drop

which in turn reduces

the cost of capital

within the local

market.

• Increase in foreign

reserves and

favorable balance of

payment position will

strengthen the Naira

and boost investor

confidence in Nigeria

Implication

Key Macroeconomic Indicators


11

GROUP FINANCIAL REVIEW

13

Group Result Snapshot


Income Statement

N’Million Q1 ’19 Q1 ’18 Change

Revenue 18,306 26,302 (31.0%)

Gross Profit 8,142 11,979 (32.0%)

Administrative Expenses (3,079) (3,573) 14.0%

Profit Before Taxation 2,553 5,935 (57.0%)

Profit After Taxation 2,092 5,410 (61.0%)

Statement of Financial

Position

N’Million Q1 ’19 FY ’18 Change

Total Assets 304,441 297,140 2.0%

Total Liabilities 196,996 191,787 3.0%

Shareholders’ Fund 107,445 105,353 2.0%

Cash and Cash Equivalent 4,664 3,628 29.0%

Retained Earnings 40,327 39,683 2.0%

COMMENTARY:➢ The group’s revenue declined by 31% on the back of the challenges faced by Transcorp Power Limited which reduced revenue

from power generation by 37%.➢ With sight-set on operational efficiency, the group was able to keep its Admin Expenses low as we sought out cost-effective

ways to run our operations.➢ Total Assets ramped up by 2% YTD, and this was largely driven by increase in PPE.➢ As a Group committed to giving superior returns to shareholders, our Shareholders’ Fund increased by 2% YTD.

14

Group Revenue Breakdown


• The group through its Hospitality segment continues to post impressive figures as revenue from Rooms and Foods & Beverages

increased by 4% and 18% year-on-year respectively.

• Revenue from Capacity Charge and Energy sent out attributable to the Power segment of the group both slipped by 37% year-on-year as there was severe shortage of gas supply.

• Revenue from other sources increased by 17% year-on-year.

Mar ‘19 Mar ‘18

Revenue By Types

Energy sent Out

Capacity Charge

Rooms

Food and Beverages

Others

Revenue By Types

Energy sent Out

Capacity Charge

Rooms

Food and Beverages

Others

9.12Bn

4.96Bn

2.57Bn

0.42Bn

14.52Bn

2.46Bn

7.92Bn

0.36Bn

15

Balance Sheet Analysis


Mar '19

Dec '18

42%

36%

51%

58%

6%

6%

Liability Mix

Trade and other payables

Borrowings (Short and Long term)

Other Liabilities

COMMENTARY:➢ Property, Plants and Equipment increased marginally by 0.28% due to the capitalized work-in-progress from the various

construction projects ongoing as at the balance sheet date.

➢ Trade receivables increased proportionally to total asset in Q1 2019 as a result of the receivables from NBET for power sale.

➢ Short and Long term borrowings by the group reduced proportionally in Q1 2019 following the repayment of some tranches ofthe debt.

Mar '19

Dec '18

51%

52%

29%

28%

2%

1%

18%

19%

Asset Mix

Property, Plant and Equipment Trade and other receivables

Cash and cash equivalents Others Assets

155.0Bn

154.6Bn 83.6Bn

89.2Bn

55.3Bn

55.6Bn

3.6Bn

4.7Bn

68.7Bn

83.6Bn

111.6Bn

12.0Bn101.4Bn

11.5Bn

SEGMENT REVIEW: HOSPITALITY

Hospitality - One of the fastest growing sector globally

RecreationFood &

BeverageLodging

Travel &

Tourism

• The hospitality sector is one of the fastest-growing sectors in the world. The sector hascontinued to thrive largely due to travel and tourism activities, which keep hospitality afloat,despite the tough economic times that have threatened other sectors.

• While the global hospitality industry has largely been dominated by a few key cities ordestinations considered most desirable for global travel (e.g., New York, Paris and London),global travelers have started to head to new destinations. This has led investors to identifynumerous opportunities in secondary markets, reflecting a broader search for higher-yieldinvestments.

$86bnGlobal revenue

$7.6trGlobal revenue

$570bnGlobal revenue

$70bnGlobal revenue

Global hospitality

Industry Figures

$570bn*Hotel Industry Market size

2018

1.32bn

10.4%Travel & Tourism GDP Contribution

International tourist arrivals

Source: Statista, UNWTO,WTTC

* Data is at 2017

Segment Review-Hospitality


Rising middle class population and demographic changes, among key factors

Rising middle class

According to the WTTC, there will be 2+ billion new middle-class consumers within the next 20 years... translating into more travelers visiting more hotels around the world.

1Millennials

Millennials are poised to take the hospitality industry by storm as self-assured, optimistic, globally connected and curious travelers

2Aging population

Baby Boomers are spending more disposable income, time and focus on travel activity and experiences

3Global connectivity

Digital technology is bringing places and experiences closer to people than before

Social media influence

The prolific use of social media apps and the rise of social influencers have engendered new behaviours amongst millennials

54

Buying power Demographics Technology



The Nigerian hospitality sector

57%Average occupancy

rate

$137.6Average daily rate

1.8 millionNumber of international visitors

4.8%Hospitality & Tourism

Contribution to GDP

21.5% 2.3%

$78.42Revenue per available

room

58Chain of branded hotels


*Source: Jumia Travel - Hospitality Report Nigeria 2018 19www.transcorpnigeria.com

Factors affecting our hospitality business


Growth Prospect in the Hospitality Segment

▪ Hospitality and Tourism continues to contributepositively to the GDP as the sector is expected tocontribute 4.3% to GDP year-on-year between2018-2028.

▪ The Availability of more rooms for use continues to

improve our top line.

▪ Additional revenue increase from the repricing ofupgraded rooms.

▪ Strategic positioning of the hotel as a “STAYCATION”destination and not just a business outlet.

Technology and Digital Trend

▪ We are leveraging on technology to better deliver aunique customer experience. We are championingwith our “ICE app”- Guests get to interact andaccess needed information, thereby helping thempersonalize their experience and expand customerbase.

21



N’Million Mar ’19 Mar ’18 Change

Revenue 4,187 3,816 10%

Gross Profit 3,102 2,793 11%

Admin. Expenses (2,072) (1,968) 5%

Profit Before Taxation 458 874 (52%)

PBT Margin 11% 23% (120Bps)

Gross Profit Margin 74% 73% 100Bps

COMMENTARY:▪ Revenue from the hospitality business increased by 10% YoY as a result of the availability of more rooms.▪ Transcorp Hotels Plc adopted several cost-saving strategies in Q1 2019 resulting in an increase in gross profit by 11% YoY.▪ The Gross Profit Margin inched up from 73% to 74% in Q1 2019 thus showing that the company was able to efficiently keep

cost down whilst increasing the top line.▪ The PBT margin for the period fell to 11% from 23% due to the expensing of borrowing cost, which has previously been

capitalized.

22

Segment Review- Hospitality


23%

11%

Mar '18 Mar '19

PBT Margin

73%

74%

Mar '18 Mar '19

Gross Profit Margin

COMMENTARY❖ Revenue also ramped up by c.10% as a result of the availability of more rooms for use.

❖ The Gross Profit Margin inched up from 73% to 74% in Q1 2019 thus showing that the company was able to efficiently keep cost down whilst increasing the top line.

❖ Our hospitality business started expensing its borrowing cost during the quarter under review, accounting thus for a lower Profit Before Tax compared to Q1 2018.

3,816

4,187

Mar '18 Mar '19

Revenue (N' Million)

10%

23

Segment Review – Hospitality


62%69%

62%

51% 48%52%

Jan '19 Feb '19 Mar '19

Average Occupancy Rate

Transcorp Hotel Industry

39,400 42,821 43,622

31,066

28,68532,946

Jan '19 Feb '19 Mar '19

Average RevPar (NGN)


72,928 67,81975,649

60,438 60,294 62,766

Jan '19 Feb '19 Mar '19

Average Daily Rate (NGN)*


*Source: STR Global (For Industry Figures)

24

SEGMENT REVIEW: POWER

25

Power - The sector is facing significant challenges globally➢ Revenues have been under pressure from the rise in renewables; in 2016, clean energy

accounted for almost two-thirds of net new power capacity around the world.

Increasing costs due to: - Replacing, maintaining and upgrading energy and

water infrastructure- Rising environmental compliance costs- Investment in innovative products and services

- Rising cybersecurity and data privacy costs

Change in consumption pattern and industry dynamics due to:

• Maturing of renewable energy technologies,

• Proliferation of distributed energy• Falling cost of battery storage

• More empowered consumer behavior are shifting how we

produce, use, value and trade electricity.

Revenues

Costs

Segment Review – Power


26

The Nigerian power sector is in a very poor state

55.6%Population that has access to electricity

1.4/7.0WEF’s scoring in terms of quality of electricity supply

Ranked 136thout of 137

countries in terms of Quality of electricity supply

0.14kWh Per

Capita

84.8million Nigerians do not have access to electric power

A far cry from other African oil producing States’ scores. Egypt has a score of 5.0 while Algeria has a score of 4.2

► Its sub-Saharan Africa counterpart, South Africa

was ranked 97th

► India, its peer in the Emerging Market category,

was ranked 80th

… lags peers’ as South Africa has 4.14kWh per capita, Indonesia has 0.82kWh per capita and Kenya has 0.17kWh per capita

Source: WEF – World Economic Forum: The Global Competitive Report; Ernst & Young



27

Presently, 14,134MW of Nigeria’s power requirement is met through self generation

Source:1BMI, part of the Fitch Group; 2NIPC

Electricity consumption per capita (Nigeria vs. peer countries)

On-grid power …

Other sources …

c. 20,000MW

Estimated power demand in Nigeria

Sources of power

➢With an electrification rate of 45%1, Nigeria is largely reliant

on self generation. An estimated 41% of Nigerian businesses

generate their own power to augment the limited grid

supply.

➢At N78/kwh Nigerians overpay significantly for each unit of

off-grid power consumption, which is 2X higher than the Grid

at 32/kwh and +3X higher than the next most expensive

African country, Zambia

➢Investments in energy is a key pillar in driving growth under

Nigeria's ERGP and development projects recommended

will increase demand on Nigeria’s energy supply.

*Installed capacity of 28 operating power plantsLoss Supplied capacityTotal installed capacity

-

2,000.0

4,000.0

-

100,000

200,000

300,000

South Africa Egypt Ghana Kenya Nigeria

Kw

H

‘000

Population Consumption per capita



28

Factors affecting our power business


There has been inadequate supply of gas to TPL since late last year;

• The NGC closed the gas shutoff valve to TPL as a result of

persisting low gas line pressure.

• Gas offtake to TPL was restricted as a result of insufficient gas from

NGC.

• The current gas supply volume has reduced more than 50%.

GAS SUPPLY

• There were several instructions from NCC requesting TPL to reduce

generation due to load rejection by the Discos.

• In March 2019, TCN lost the 330KV line G3B due to vandalism,

which greatly limited TPL’s ability to evacuate power generated

• A total of 6 grid collapses were recorded from Jan 2019 to date.

This further reduced power transmission to the grid.

TRANSMISSION

• The Payment Assurance Plan (PAP) window continues.

• TPL was paid up to 80% of its invoice as guaranteed under the

scheme in Q1 2019.

NBET N701 BN PAP

▪ We expect the situation with the gas supply to

improve going forward based on the activation

of the reviewed Gas Supply & Aggregation

Agreement and optimization of the

opportunities therein. Also, we would be

exploring additional affordable gas supply

sources.

▪ We are looking to explore opportunities

created by the Eligible Customer regime

initiated by the Federal Government, this would

allow us to sell power directly to certain end

users who meet the criteria set out in the

governing regulation. By so doing, we can put

to good use, the stranded capacities.

▪ With regards to our outstanding receivables

from NBET, our focus is to fast track payment

going forward. Also, there is an ongoing

discussion on modalities for the repayment of

legacy debt.

Way Forward

• Improved access to Forex as means for debt service and

rehabilitation of turbines.

• Gains from Forex for financing activities increased by 198% year-

on-year due to the relative stability in the exchange rate.

STABLE FOREX

29

Segment Review-Power


N’Million Mar ’19 Mar ’18 Change

Revenue 14,120 22,486 (37%)

Gross Profit 5,040 9,187 (45%)

Admin. Expenses 748 1,140 (36%)

Profit Before Taxation 2,867 6,113 (53%)

COMMENTARY:▪ Revenue from Transcorp Power Limited fell 37% YoY as a result of the reduction in gas supply as earlier identified.

30



27%

20%

Mar '18 Mar '19

PBT Margin

41%

36%

Mar '18 Mar '19

Gross Profit Margin

22,486

14,120

Mar '18 Mar '19

Revenue (N' Million)

COMMENTARY❖ As addressed earlier, issues around reduction in gas supply affected power generation thereby causing reduction in

Revenue.

37%

31



650 652 644 579 587514

531 469 433

304

Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19

Available Capacity (Mwh) Vs Generated Capacity (Mwh)

Available Capacity (Mwh) Generated Capacity (Mwh)

*Rebased

Reduction in capacity Utilization,

mirroring the reduction in Gas availability

78% 80% 80% 81% 82% 81% 79%78%

62%69%

80%

75%52% 49% 54%

0%

50%

100%

0

0.5

1

1.5

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

Monthly Capacity Utilization Vs Gas Consumed

Gas Consumed, mmScF* Monthly Capacity Utilization



POSITION AS NIGERIA’S TOP GENCO (MWh)

444

371 350322

291 290251 229

137105

0

100

200

300

400

500

January

382341 321 303 281 263 248

217177 161

050

100150200250300350400450

February

459385

328 307 292 288 269 254204 195

0

100

200

300

400

500

March

33

SEGMENT REVIEW: OIL & GAS

34

Key Energy indicators in Nigeria

XXXXXX

$68.6Average brent crude

oil price for the

month of April 2019.

10.7%Industry

Contribution to

Nigeria GDP

>$26bnTotal industry

Revenue

$30bnEstimated total lost

income from gas

flaring between 2006

- 2015

40-50Marginal

undeveloped fields

are available for

bid after the

election

686mn1.8mn bpdAverage

production for the

year 2018.

5,500bcmProved Crude Oil

reserve in Nigeria

m

Key insights

1

2

3

4

5

Global crude oil prices is

increasing due to ongoing OPEC

supply cuts and US Sanctions on

Iran and Venezuela

Nigeria’s average daily crude oil

production is lower than the 2.3m

bpd OPEC benchmark.

Price ceilings imposed by the

federal government for the

downstream sector has hampered

economics of trade

The renewable energy industry is

expected to grow 13% till 2021.

Global LNG export capacity is rising.

The current top seven exporters of

LNG in the world are Qatar, Australia,

Malaysia, Nigeria, Indonesia, Algeria

and Russia.

Total barrels of

Crude Oil

Exported in the

year 2018

Segment Review – Oil & Gas


35

The oil and gas industry in Nigeria continues to face a number of challenges. . .

The occasional agitations by indigenes in

the Niger Delta due to environmental and

political reasons has remained a challenge

for the oil and gas industry. However, recent

times have seen a relatively peaceful

atmosphere.

The continued uncertainty surrounding

the Petroleum Industry Bill (PIB) has also

slowed the exploration and production

scene in Nigeria. The long-promised

sector reform has been repeatedly

delayed, creating uncertainty among

investors with respect to the future legal

and fiscal environment.

Key industrychallenges

Fluctuation in global oil prices in 2016 had

its toll on the external reserve of the

country and also dampen investors interest

in the upstream sub sector

The price ceiling placed by the

government in the downstream sub sector

has hampered the economics of trade as

prices are not determined by market

forces.

Lack of infrastructure in form of

transportation and distribution network

for natural gas remains a huge

challenge to the development of the

domestic gas value chain.



36

ReservoirOIL GAS

MMSTB BSCF

Proven 174.64 346.74

Prospects 15.09 30.74

Total 189.73 377.48

• Million Stock Tank Barrels (MMSTB), * Billion Standard Cubic Feet (BSCF)

OPL 281 – Hydrocarbons in Place

*National Petroleum Investment Management Services

• Exploration is expected to

commence in 2019/2020.

• We see a strategic fit between the

gas-rich OPL 281 Asset and our

Power Asset.



OUTLOOK

38

Q2 2019 Outlook

Hospitality

Power

Business

ADR (N) 72,023 85,084

Occupancy(%) 64 75

Rev Par (N) 46,388 63,818

Average (MW) Available Capacity

587 590

Average (MW) Generated Capacity

304 350

Q1 2019 Actual

Q2 2019 Target


39

Key facts about Afam Genco


Facility Gas turbine modelCurrent Available

Capacity (MW)

Available Capacity

after Recovery/

completion (MW)

Status

AFAM IV

GT 13 BBC Type 13D 0 75 Not in Service




GT 17 BBC Type 13D 45 75 In Service

GT 18 BBC Type 13D 65 75 In Service

AFAM V

GT 19 Siemens V 94.2 0 138 Not in Service

GT 20 Siemens V 94.2 0 138 Not in Service

AFAM III Fast Power

8 X 30MWGE TM-2500 gas

turbines

240 (Ready but

not yet hooked

up)

240

Ready but not yet

hooked up

Total 350 966

QUESTIONS

41

Contact: Mutiu Bakare

[email protected]

Adekunle Elumaro

[email protected]

Ejike Alumona

[email protected]

mailto:[email protected]



Thank You

Documents

Transnational Corporation of Nigeria - Presentation …...• From time to time, Transnational Corporation of Nigeria Plc (“Transcorp”)and its subsidiaries (“theGroup”)make