Accountant-General to represent finance ministry on Transcorp Hotel board

The Accountant General of the Federation, Oluwatoyin Madein, has been named a Non-Executive Director at Transcorp Hotel.

The Group Company Secretary, Stanley Chikwendu, disclosed this in a letter addressed to the Nigerian Exchange Limited on Tuesday.

According to the letter, Madein has been appointed to represent the Federal Ministry of Finance Incorporated, a major shareholder of the company.

Over the decades of its existence, MOFI, by virtue of the provisions of its enabling Act, has been is in charge of the management of a significant portfolio of Federal Government investments, spanning a wide range of about 130 asset classifications, including Government Owned Entities and Government Linked Companies in which it controls a majority stake in more than half of them.

The letter partly reads, “We write to formally notify the investing public and the Nigerian Exchange Limited that the Board of Directors of Transcorp Hotels Plc (“the Company”), on March 5, 2024, approved the appointment of Dr Oluwatoyin Madein as a Non-Executive Director.

“Dr Madein represents the interest of one of the Company’s significant shareholders, the Ministry of Finance Incorporated, on the Board. Dr Madein is currently the Accountant-General of the Federation and has served variously as Assistant Director, Deputy Director and Director, Finance and Account in the Federal Civil Service.

“She is an alumnus of Walden University, USA, where she obtained her PhD in Management (Finance). She also obtained an MBA from Ogun State University.

“Dr Madein holds the Fellowship of various professional bodies, including the Association of Chartered and Certified Accountants, UK, Institute of Chartered Accountants of Nigeria, and the Association of National Accountants of Nigeria, among others.

“As a company that places great premium on governance as a performance enabler, we believe that this appointment will further strengthen the Board’s oversight functions, and thereby enhance value creation and delivery for all shareholder.”