All strategies were fermented and implemented by the financial experts and gurus under the past administration. The billionaires and millionaires gathered to create something out of nothing, a gigantic global business that is sufficient in everything. Then to give it a competitive advantage above other corporation, the chairman of Transnational Corporation Plc became the NSE boss herself.

After acquiring the strategic Federal Government stake in leading businesses, people gained confidence in Transcorp and decided to invest their hard-earned money. Today, with the staggering fact that Transcorp has not generated any profit to her shareholders and the sale of NITEL/MTEL being revoked, can we say this is the beginning of the end for Transcorp?

I hope they pick up and deliver what they promise. I invested heavily into that company.

hi,i know this isnt the right place tod othis,but i really want to learn hw to post a thread can some1 pls help me out.

The truth about transcorp is that it was a good idea from a bad man.what drives a business is not the number of eggheads asembled to run a business but the spirit behind the business.transcorp mixed too much of business with politics and it wasnt really good for the company.I personally wished transcorp would survive despite not taking the risk of investing in it as my instinct told me it might get to this point.
 But I believe that the government did the wrong thing by the way it took over the company.This administratiion is not business sensitive and investor friendly from what Ive seen so far.Such a news can destabilise the economy or hinder potential investors if care is not taken.A sensitive government should have held closed door meetings withn transcorp officials and if need be to actually takeover the coy,do so by "coercing" the majority shareholders to shed some of their shareholding and the government then buys back through the stock exchange.by so doing,millions of nigerian investors will still have value for their money.take for instance Abramovich never really wanted to sell his company Gazprom to the russian government,but because the company was strategic to the country"s expansion plan as far as gas supply to its neighbours was concerned,Abramovich had to be "coerced' and he sold his coy withuot making much noise about it.]

I just hope the president with all due respect still has his mind with him or is he just trying to reverse whatever OBJ has done just to look popular?.I suggest he creates his own transcorp as that will be our only saviour fromm all these shylock expatriates who care more about their businesses and less about the communities in which they operate in.

Please the FG should learn the right way of  treating economic issues and am particularly not comfy with the way the govt goes to press on such issues.such an attitude might cause a downward economic spiral.GOD FORBID!

not justifying the process that sold NITEL to this company born a giant; but I think the FG shud b more obejctive n try n look forward in this case, there has bin a meeting in the senate and they had given them 6 months to revitalise the company, so why the sudden change of heart??

Managing the financial liability alone is gud enuf to take any person out of sanity. . .blending this with steady growth is definitely not an easy task. o well, I dont know what they have up their sleeves by revoking this deal but I dont see them doing any better.

- What is the fall back plan upon the reversal? Are we going to wait for the 'rule of law' kind process from BPE, which should produce a higher bid price from a genuine investor (to be optimistic)? What happens to the operations and all that has been done so far?

- What amount of resources has the FG injected in NITEL/MTEL, that concurs to its holding 49% of the company since the sale, be it monetary or intellectual human capacity?

I admit there might have been procedural flaws in the sale to Transcorp, but the kind of degradation NITEL as an entity has suffered, both in infrastructure and resources (monetary and intellectually); im not sure what a third shot (with no commiserate improvement) at privatisation would yield for the nation.

Na wa o, my money dey transcorp!!

Hello badaboom  

To post a new Thread, Login to Naira land, Click Home, Select the Forum you want your thread to go under, look at the top right on your screen and click on "New Topic"
then follow the instrauctions.

I hope this helps.

Father ab,
Transcorp is a castle built on sand
I never invested in their IPO beacause I knew they are just a buch of People Deceiving People (PDP)!

i've alwayz known transcorp had noo future,,

the admin was faulty, the concept was just too good to be real,,

it took gullible nigerians to invest there money for the use of others,

maybe they at the end of the day u'all be able to sell your shares for 0.50k,

hungry people, they did their calculations and were expecting so much, sorryyooo ''nigerians will always be nigerians''

OMG  

My Money!!!!    

@tTola,
i agree with you jare my brother.Sometimes i wonder how nigerians dey analyse b4 they invest.I knew right from onset that Transcorp na dead end,no good can come out of it.

This is indeed the fall of a giant, whether its the final fall is a different matter. I and many people in the
Diaspora were supporters and invested in the idea of Transcorp. However, the company became very
politicized and it appeared that the egos and greed of some of the founding members/directors got in
the way. Hey, its the Nigerian way.

I also agree that the process that led to NITEL sale was less than perfect, but please show me any
company that was sold by the government whose process was either transparent or perfect. But as
someone commented earlier, it amazes me how the government of Yar Adua is clueless or insenstivie
to the messages its sends to the investment community when actions like this are taken. Issues of
this magnitude are handled behind closed doors and a little coercion or incentive given to enable the
owners cede their grounds.

Pray, can someone tell me why the government announced the reversal of the sale and at the same
time arrived at a 10% stake for Transcorp? If indeed the issue was that of lack of due process or non
performance how did they get from 51% to 10% without even consulting Transcorp? What happened
to the resolution that was reached between Transcorp and the same Federal Government two months
ago in which both parties agreed to cede part of their stake to make way for the new core investor?
What kind of signals are they sending to the potential core investor that their investment will be safe
a year or few years from now? How can a government be this dumb and insensitive to things like this?

What does announcing a new interim management headed by the ministers for both NITEL and MTEL
do for the actual running of the organizations between now and when the the core investor emerge?
Except the Federal Government has a pre-written script (so much for due process) how certain and
how soon do they think they will be able to go through a bid process to find the core investor? In the
interim how does that help the NITEL they are trying to save? Haven't we been down this road before,
the government had decades to run NITEL and where did it run it into? Its almost a year since the sale
of the refineries where reversed, tell me what has changed in those organizations today? Have they
pumped or refined a drop of oil?

Obasanjo had some good visions but his greed always got the best of him and the results are evident
for all to see. Yar Adua's lack of vision or strategic thinking will take this country down economically. I
hope either the Federal Government comes to its senses by patching up this latest blunder or at least
compensate Transcorp fully for whatever it has invested on NITEL. Needless to say, this action leaves
a very bad taste in the mouth of investors in the Diaspora and the country will suffer for it in the long
run. As for me, I have given up on this country completely!

i'v always had my reservations about dat company;
anyway 4 d sake of d strugglers like us who put their hard earned money into dat company may the Almighty see dem thru!

a friend pointed something about transcorp out to me -

the only thing the company had going for it was the patronage/backing of OBJ

so the moment obj stepped off the stage. . .

any project , business venture, etc, whose sole bais for survival is political will die as soon as there is a change of guard.

Transcorp still owns Transcorp Noga hotel and some oil licences.
I am actually a big fan of the Transcorp idea. Transcorp did not just get it right with Nitel. For more than a year, no tangible results.
I believe the govt will still negotiate with Transcorp on Nitel. They may be forced to sell off some holding

that's what decision making is all about, some turn out good while others dont.

I feel so sorry for the investors in Transcorp. I actually know someone who borrowed N10,000 to invest in it.

Transcorp was a beautiful idea but anything the govt. is involved in somewhat never stands the test of time. I sincerely pray they can recuperate form his heavy blow. It is well

obua:

Transcorp still owns Transcorp Noga hotel and some oil licences.
I am actually a big fan of the Transcorp idea. Transcorp did not just get it right with Nitel. For more than a year, no tangible results.
I believe the govt will still negotiate with Transcorp on Nitel. They may be forced to sell off some holding

As for the Transcorp Hilton Hotel in the heart of abuja, that might be a major backbone for the Transcorp empire, but as for the reserved oil licences and blocks, dont even go there when Yar'adua is the president. Uncertainties looms but my earnest hope is that the giant gets back to its feet and DIVERSIFY instead of expecting favouritism from the FG.

transcorp is good
organisation.

we just need the right
people there!!

May God bless my stockbroker, when i wanted 2 invest in d transcorp's IPO, he categorised some stocks as 'CLOSE YOUR EYES AND SLEEP' ie. d nice ones and categorised others as 'CLOSE YOUR EYES AND PRAY' ie. d bad ones. He said dat if i want 2 invest in transcorp, dat i must be a prayer warrior because it belong 2 the 2nd category. Just look at it now.

@Ogalanya,
pls email me ur stockbroker's contact. I need to change one of my stockbrokers. He's not a performer.
ab2k7@yahoo.com

It is just the beginning of the fall of Transcorp. When a business strategy is based solely on government patronage there will be big problems when it stops.
All the state-owned companies bought by Transcorp for peanuts will have to be revoked one-by-one. Moreover the founders are only schemers out for the easily beguiled nigerians out for their own share of mega bucks.
See any similarities with Russian oligarchs emergence post-Soviet Union?

lf Transcorp collapse, then all shareholders shld forget about their shares in other companies!
l never had interest in shares since ever, when i kn many long lasting investment that can do more than shares!
Take heart! any one who invested in Transcorp!

they just didnt get their plans right in the first place,and to me,all the guys were new to that field(Ndi Okereke et al), worked at Mtel before and knew then that it was i sinking ship.

I was one of the main supporters of Transcorp,  bought a large qq of the shares at (N6 or N3 after the split) at the PP. Even during the turbulent past, my support remained strong. But It got to a point where I saw danger signs, that's when I sold ALL my stocks a few weeks back at N3.50.

You may ask what the signs where?

1) The Yar'Adua (Umoooru) goverment is a pupulist and visionless one. I knew it was only a matter of time before this President sanctioned the revokation of the licenses to score cheap political points, or did something similarly drastic.

2) The board of directors are self serving, greedy and full of big egos. What is Jim Ovia doing setting up Visafone when he could easily have worked with TransCorp to do something similar, if he had any commitment whatsoever to the Transcorp vision? What was Dangote doing setting up a major telecoms company and bidding for a 3G license when he is supposed to be a major player in Transcorp and Transcorp needed all the help it could muster to get going? The truth is that they alll joined at the time to please their benefactor, OBJ. Their commitment is hollowness personafiled.

3) Why was there hardly any news coming out from the company,  the website is hardly ever updated. Shareholders are left guessing.

4) Ndi Okereke, unfortunately, started suffering a haemorage of credibility. She has a habit of overstating facts, making unsubstanciated, unconfirmed and unverified statements where it concerned TransCorp. What was she doing dishing Christopher Kolade to the Press when he hadn't even been approached officially to be chairmain? His refusal to be chairman, and comments afterwards was exactly what T'corp could do without at that point in time.


I have to say I'm glad I got out when I did. Sometimes I wonder though, what would have been, had I over two years ago when I invested in T'corp PP shut my eyes and I picked any 3 companies and invested in them then instead of in Transcop. Then my broker insisted I bought Oceanic (N6), Access (N2) etc etc. My portfolio value in the NSE today would have been well in the 9 figure range,

Well, Transcorp was my first investment in the NSE and I have learnt an important lession. No fundamentals, no interest.

As for Umooru, I was an avid supporter of his initially, but now I have to say, being removed by the election Tribunal will be no bad thing at all. With Yar'Adua's lacklustre performance so far, the likes of Atiku (the greedy thief) start to look like Visionaries.

The story of Transcorp is a quintessential Nigerian episode.
We know the best things in the world. We know what we deserve and what we want. But essentially what do we lack in achieving our lofty dreams? We are not always ready to pay the price (this factor alone is the greatest impediment to our national prosperity).
I never bought into the Transcorp dream (and i am not anyone's typical nay-sayer)solely because it was a business venture being engineered by the government of the day (third termers who thought OBJ would at least have had a go for another five years).
A mega company of the type OBJ imagined needed to have had an organic growth not just one that would have started from the top to survive the tests of time. Even if OBJ had stayed another ten years as President I could have had my bet that Transcorp would not have lasted 20 years at the max. Transcorp was built not bottom-up but as an inorganic edifice with no roots and definitely no one was indeed ready to stake out for such (case example Jim Ovia setting up a rival company to it, what that tells any discerning individual is that these guys were only serving someone's agenda on the board and did not particularly share in the dreams of the organisation). Most of the Directors were government appointees, exposed to the whims and caprices of a maximum OBJ and essentially it worked more like another ad-hoc parastatal of government. And we know what the history of such ad-hoc arrangements are in Nigeria.
Another company that comes to mind that actually depended massively on government patronage is Dangote's, and herein lies the difference between the two coys in that, one is the dream of an individual who has taken the time and paid the price to build an organisation from the scratch. It will take more efforts at destroying Dangote's empire without tearing a massive part of the nation's economy apart with that action. Which is not the story of Transcorp, as soon as the dream (and the dreamer) fizzled out of political reckoning, all hell was let loose.

If Transcorp had succeeded, we would have recreated a serious case study for MBA students from around the world.

A lesson in time!

I was about to buy the transcorp Shares, until i watched a TV interview with the DG  or Ed SOmething sha,of Transcorp trying to promote their shares. The Guy was just saying absolute nonsense, he could not give any sensible information, he kept flaunting the fact that he went to a Foreign university and Transcorp was a world Class Company, Callers called with Genuine Cornerns but rather than answer he went back to those two statements. When BAyo, the Presenter asked him a question on how he measured development he said development is measured by the Number of women willing to go and shop in shop rite instead of Going under the sun to the market. Then it struck me that this guy had absolutely no idea what he was doing there. Transcorp had no structure, no real office address and no real employees ( When Bayo asked him he could not give a coherent answer).
That Interview saved me my chicken change

Funny how Nigerians would always be Nigerians.
See some people here crowing about how they were smarter than those that invested in Transcorp. Why do naijans love the "i told you so" attitude?

@Aisha,

Lucky you.

@oshkosh

oshkosh:


4) Ndi Okereke, unfortunately, lost a lot of cridibility. She has a habit of overstating facts where it concerns TransCorp.

I guess you know something about credibility that I do not. Did she have any to start with? Credibility naija way or credibility ISO

texazzpete:

Funny how Nigerians would always be Nigerians.
See some people here crowing about how they were smarter than those that invested in Transcorp. Why do naijans love the "i told you so" attitude?

Say what you want to say and stop generalising.

quote , "madness is doing the same thing over andover again yet expecting different results"
if we are all in agreement that the Transcorp situation was not d best deal 4 Nigeria, why all d noise if Yar Adua had d courage to reverse d decision? if we are to be honest with ourselves, it was always bound to happen. OBJ coerceed and arm-twisted all manners of strange-bedfellows to form Transcorp. immediately he was no longer around to keep them together, they were bound to implode and thats exactly what they did.

if there was any doubt in mind as to the future of Transcorp, it was because of Fola Adeola's (founder GTB) involvement and i almost bought into d scam because of his headship of the conglomerate. he soon fell out with OBJ over his refusal to sing d 3rd term blues and was surmmarilly displaced. at that point, even d blind could see d hand-writting on the wall.

i do sympathise with anybody whose pepper went into this racket. i pray it's not too late to get ur capital at least