…Brings Considerable Private, Public Sectors Experience

Transnational Corporation of Nigeria Plc, Transcorp, on Monday announced the appointment of Mrs. Foluke K. Abdulrazaq as the new Vice Chairman of its Board.

Effective June 5, 2020, Ms AbdulRazaq takes over officially as Transcorp board vice chairman, according to a statement by Nigeria’s leading listed conglomerate, with one of the largest shareholder bases of about 300,000 shareholders on the Nigerian Stock Exchange, NSE, owners of Transcorp Power Limited, one of Nigeria’s largest power producers and the iconic Transcorp Hilton Hotel, Abuja.

Chairman, Transorp, Mr. Tony Elumelu said, “I am delighted that Mrs Abdulrazaq is joining our Board. I am also pleased to announce her appointment as the Vice Chairman, the first occupant of this role in the history of Transcorp.

“This appointment demonstrates, once again, our commitment to the highest level of governance, human capital investment and diversity and inclusion across all layers of our business.  Mrs. Abdulrazaq’s reputation as one of Nigeria’s senior business leaders and public servants, coupled with her track record of championing the role of women in business will be an inspiration.

“Mrs Abdulrazaq’s extensive leadership experience will support the new management team, led by Mrs. Owen Omogiafo, the President/CEO, who recently unveiled her five year strategic business goals, which include the expansion of the investment portfolio of the Transcorp Group through strategic acquisitions; deepening the market share of the existing businesses, and diversifying into the manufacturing sector, to help realise our vision of improving lives and transforming Nigeria’s economy.”

Expressing her delight and enthusiasm in joining the board and management of Transcorp to assist the delivery of the organisation’s strategic objectives, Mrs Abdulrazaq said, “I am glad to be joining the remarkable team on the Group Board of Transcorp.  I look forward to working with them and the motivated management team, led by Owen, to actualize our immediate and long-term strategic goals of creating value for our stakeholders.”

She is bringing to the table considerable experience in both public and private sectors, which include serving as a commissioner in the Ministries of Finance and Women Affairs in Lagos State, when during her tenure, the broad policies that led to the state’s Accelerated Revenue Generation Programmen ARGP, were formulated; as the Chairman of the state’s Tenders’ Board; as a member of the Federal Accounts Allocation Committee, FAAC, and the state’s Executive Council.

Mrs Abdurazaq has over a period of 20 years, held series of senior positions in the Nigerian financial services sector, including appointment by the Central Bank of Nigeria/NDIC in September 1995, as the Executive Chairman of the Interim Management Board of Credite Bank Nigeria Limited.

She also served on the Group Board of United Bank of Africa Plc from 2008 to 2020, when she retired as the Chairperson of the Board Credit Committee.

She is a holder of a Master of Science, M.Sc, degree in Banking and Finance from the University of Ibadan.


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