Untold Embezzlements in Transcorp Hilton

In Chinua Achebe’s classic, “the trouble with Nigeria”, a strong theme of
poor leadership was identified as Nigerian’s undoing as a nation; no doubt bad leadership is the bedrock for corruption in Nigeria. Corruption from which ever phase it is being look at; religious, tribal or ethnic angles are the avenue from which financial embezzlements and other rots springs from.

Nigeria commons over the years, have being waiting for a way out of this mess like war victims, this largely account for one of the reasons they massively voted for President Mohammadu Buhari in view of his track records of transparency and hatred for corruption and corrupt practices 

Mr. President's Declaration to wage strong war against corruption in his administration is highly welcome but this fight can be more effective and sincere if the war goes beyond former president Jonathan’s administration to others specifically OBJ’s privatization era that saw to the unlawful improper sales of government owned investments

Most alarming is the undue sale of Transcorp Hilton Hotel, Abuja: In December, 2005, acquired 51% controlling stake in the Hilton Abuja for the sum of $105 million (equivalent at the time to N13.7billion) after a very competitive bid. The remaining 49% is owned by the Bureau of Public Enterprise (BPE) other huge money yielding investment of Transcorp Hilton include; Transcorp Hotels, Calabar, Teragro Commodities Limited, operator of the Teragro Benfruit Plant, Benue State and Nigeria Transcorp Energy Limited, operator of OPL 281 these subsidiaries are functioning at optimum capacity with good turn over on yearly basis.

On January 30, 2013, Transnational Corporation of Nigeria Plc and General Electric (GE) signed a framework agreement to collaborate to address the infrastructural needs of Nigeria, with emphasis on the power and transportation sectors specifically rail transportation. GE, a global leader in the design, manufacture, supply, installation and maintenance of technology and services for the power sector, confirmed its commitment to facilitate the generation of 10,000MW of additional power in Nigeria over the next decade in line with its existing agreement with the Federal Government of Nigeria, signed in March 2012, investigation reveals that this project has not translated to the common good of all Nigerians as intended? 

National Lifewatch was reliably informed that since Mr. Tony Elumelu took over that chairmanship of the corporation things has never be the same again. The insider said the banker turned hotelier, has never paid dividend to other stakeholders. Tony Elumelu and Bureau of Public Enterprise (BPE) who have 49 per equity as a trustee for the nation are the only sole beneficiaries of this transaction done in secrecy.

We are also told that Transcorp Hilton makes a turnover of between 1.4. And 6 billion on monthly basis the big question is, who is benefiting from this windfall, is it Nigerians or the few cabals that within the top circle of the hotel?

National Lifewatch investigations further reveals that issues of staff welfare in regards to healthcare and monetization is at a decline as a result of Mrs. Elumelu’s monopoly and this has greatly affected their psychological and physical performance.

No gain saying that poor management basically led to the privatization of so many of the Nigerian establishments, but, Nigerians are still the ones manning and running these projects. In view of the symbolic importance of Transcorp to the nation in hosting world class citizens such as President Bush, Bill Clinton, UN Secretary General Ban Ki Moon, pride of government control is certainly paramount. 

President Buhari’s sword against corruption if it is well intentioned should revisit the so called privatization that ended up as public wealth stealing and former President Obasanjo who championed this course should be call for questioning. 

We at National Lifewatch are watching how events are unfolding. 

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