Transcorp Appoints Oluwatobiloba Titilope Ojediran as Acting CFO

Transcorp Hotels Plc hereby formally notifies the investing public and the Exchange of the appointment of Mrs. Oluwatobiloba Ojediran with effect from December 14, 2019. She replaces Mr. Adekunle Elumaro as the Chief Financial Officer of the Company.

Mrs. Oluwatobiloba Ojediran is an astute Accountant with over a decade of experience in Finance, Risk and Audit. She holds a B.Sc. degree in Mathematics and Statistics from the University of Lagos. She is an Associate of the Institute of Chartered Accountants of Nigeria (ICAN) and a student member of the Chartered Financial Analyst (CFA).

She began her career in KMPG Professional Services from where she moved to Intercontinental Hotel Lagos and finally to Transcorp Hotels Plc as Finance Manager in 2018.

Oluwatobiloba also worked as an Accounting Consultant where she was involved in various projects such as International Financial Reporting Standards (IFRS) Conversion and Implementation Project, Financial Statement Preparation and Review, Engagement Quality Assurance, Book-keeping Services and Audit Support Services

Mrs. Oluwatobiloba Ojediran’s contact details are as follows:
Email: oluwatobiloba.ojediran@transcorphotelsplc.com
Phone Number: 07089996951.

Transcorp Hotels Plc, formerly Transnational Hospitality & Tourism Services Limited (THTSL), is the hospitality subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), a diversified conglomerate with interests in the power, hospitality, agriculture, and oil and gas sectors, headquartered in Lagos. It was listed on the Nigerian Stock Exchange in January 2015.
Transcorp has retained its national scale ratings at A-(NG) and A2(NG) in the long term and short term respectively, with the outlook accorded as Stable. Concurrently, the national scale ratings accorded to the following Issuances were also affirmed:

• Series 1 N10bn Fixed Rate Bond: A-(NG), Stable Outlook
• Series 2 N9.8bn Fixed Rate Bond: A-(NG), Stable Outlook

According to GCR, the rating reflects Transcorp Hotels ability to maintain its market position as a leading brand in Nigeria’s hospitality industry, supported by the major renovation and facilities upgrade at Transcorp Hilton Abuja (‘THA’) and the subsequent improvement in pricing and occupancy rate.

The available support to Transcorp Hotels as a member of Transnational Corporation of Nigeria Plc (“Transcorp”), and the partnership with Hilton Worldwide Limited (“Hilton”) is considered a rating positive.
In the report released in August of 2019, it stated “Following the upgrade at THA and the accompanying repricing of the hotel facilities in FY18, revenue improved across all service lines, with rooms and food and beverages rising 26% and 28% respectively.

Per management, the Company is currently exploring other opportunities and add-on services that could be offered to boost overall earnings going forward. The average occupancy rate in 1Q FY19 stood at about 61%, albeit still well ahead of the industry average of 53%. Revenue from room lodging grew by a moderate 5% YoY in 1Q FY19, while food and other services rose 18% and 23% respectively. ”

GCR in its report affirmed that Transcorp Hotels demonstrated a stable outlook in its businesses and the ability to maintain a positive rating in the longer term.

December 03, 2019