Saturday, 13 June 2020


Mrs. Foluke Abdulrazaq
A finance pundit and erstwhile Lagos State Commissioner for Finance and Women Affairs, Mrs. Foluke Abdurazaq, has been appointed as Vice Chairman, Board of Directors of Transnational Corporation of Nigeria Plc.

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The Chairman of Transcorp Plc, who doubles as Chairman of United Bank for Africa Plc and Heir Holdings Limited, Tony Elumelu, has expressed his happiness following the  at the appointment. According to Elumelu, 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 that 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.

“I am delighted that Mrs. Abdulrazaq is joining our board. 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. I am also pleased to announce her appointment as the Vice Chairman, the first occupant of this role in the history of Transcorp,” Elumelu commented

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Tectono Business Review gathered that Mrs Abdulrazaq’s appointment became effective Friday, June 5, 2020 and she is expected to bring to the board her considerable experience in both the public and private sectors. Her public service career includes 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 Programme (ARGP) were formulated. She was also the Chairman of the State’s Tenders’ Board, a member of the Federal Accounts Allocation Committee (FAAC), and the State’s Executive Council.

Mrs Abdurazaq has held, over a period of 20 years, a series of senior positions in the Nigerian financial services sector, including her 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.

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She also served on the Group Board of United Bank for Africa Plc from 2008 to 2020, where she retired as the Chairperson of the Board Credit Committee. While commenting on her appointment, Mrs. Abdulrezaq, who is an M.Sc degree holder in Banking and Finance from the University of Ibadan, expressed her enthusiasm for joining the board and management to assist delivery of the organisation’s strategic objectives.

She 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.”

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