Transcorp Hotels' Executive Director, Helen Iwuchukwu, Resigns Amidst Revenue Decline

The Executive Director of Transcorp Hotels, Helen Iwuchukwu, has resigned from her position in the hospitality company. The resignation of Iwuchukwu was disclosed in a statement obtained by AllNews. It was gathered that her resignation was approved by the Board of Directors of Transcorp Hotels.

Her resignation was announced today, July 21, 2020, but it was accepted by the Board of Directors of Transcorp Hotels on July 20, 2020.

However, Iwuchukwu will remain in her position as Executive Director for the next two months until October 20, 2020, which is when her resignation will be effective.

"We write to formally notify the investing public and The Exchange that the Board of Directors of Transcorp Hotels Plc at its meeting on the 20th of July 2020 accepted the resignation of Mrs. Helen Iwuchukwu as an Executive Director of Transcorp Hotels Plc with effect from 20th October 2020." Transcorp Hotels said in the statement seen by AllNews.

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The reason for her resignation was, however, not stated, and effort to reach Transcorp Hotels was abortive as email sent were not responded to as at the time of filing this report.

Transcorp Hotels Income To Decline

AllNews had reported that Transcorp stated that it's 2020 result will be impacted by Coronavirus, "Transcorp Hotel plc started the year 2020 optimistic with detailed plans and budget to surpass the N20bn revenue performance achieved in 2019. With the Global Coronavirus Pandemic, the hospitality industry has been negatively impacted." Transcorp Hotel said in the statement seen by AllNews.

The company added that "Nigeria has witnessed an increase in confirmed cases which led to the closure of airports and flights and an official lockdown of the FCT issued by the Federal Government to ensure the effective combat of the virus. All of these have negatively impacted the hotel and its business activities in this period.

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"The Company anticipates that its future results of operations, including the results for 2020, will be materially impacted by the coronavirus outbreak. However, given the speed and frequency of continuously evolving developments with respect to this pandemic, the Company cannot reasonably estimate the magnitude of the impact on its results and its operations, and, if the outbreak continues on its current trajectory, such impact could grow and become material to its liquidity or financial position."