| Nitel has potential
to return to profitability
By SOLA FANAWOPO
Wednesday, April 30, 2008
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Photo:
Sun News Publishing
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Amid its ongoing challenge, Transnational Corporation of
Nigeria still believes that Nitel has enormous potentiality
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.
Patrick Okigbos’s paper, Transcorp and the Nigeria economy
highlights global trends in nation building which has led
to the development of countries such as South Korea and Japan.
These countries, according to him, have been able to compete
favourably in the global market because of the various investment
varieties created by the government.
To achieve the set objectives 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 now going through
a major transition.
Responding to questions from members of IOD present at the
event, Patrick said Transcorp is aware of the investors’
challenge in view of the dwindled price of Transcorp stock.
However, the investors are assured that soon and very soon
the price of Transcorp stock 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.
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