News

Lagos Assembly Cautions LGs, LCDAs Against Extortion of Courier/Logistics Operators, Others

Published

3 years ago

June 28, 2021

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Obasa

Lagos Assembly Cautions LGs, LCDAs Against Extortion of Courier/Logistics Operators, Others

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos State House of Assembly has ordered the local governments and Local Council Development Areas (LCDAs) in the state to desist from extorting and harrassing operators of courier and logistics services in the state.

This was contained in House of Assembly Motion No. 31 moved by Hon. Ganiu Sanni Okanlawon (Kosofe 1).

This was discussed during plenary on Monday.

The Assembly then resolved to call on the Lagos State Government to direct the Commissioner for Transportation and other relevant agencies to ensure that operators of courier services and logistics are not harrassed by the local governments.

“The House call on Local Governments and LCDAs to desist from harrasing and extorting operators of courier and logistics services and restrain their traffic department from doing so.

“The Ministry of Information and Strategy should educate operators of Courier and Logistics Services and informed them about what is expected of them,” he said.

It was added that the state Commissioner of Police should ensure that all extortionists in the state are apprehended.

Okanlawon stated that the laws and restriction orders on the ban of motorcycles in some areas in the state exempted the movement of motorcycles of courier and logistics services.
The lawmaker said that the motion is concerned about the compliant of operators of courier and logistics services, adding that touts and local government staffers disturb the activities of courier and logistics services.

Speaker of the House, Rt. Hon. Mudashiru Obasa, said in his submission that it was disappointing that Lagos State came third behind two northern states on ease of doing business, and that something must be done on this urgently.

The Speaker emphasised that it is common for local governments to harass and extort people on a daiy basis.

“The power of the local governments is limited to bicycle and some others in that category. They should not be disturbing a business that is reducing unemployment in the state. The services of courier services reduce congestion and poverty in the state.

“Local governments have nothing to do with the registration of motorcycles and tricycles. Operators of courier and logistics services should not be made to pay in all the local governments considering what they charge for their services,” he said.
Obasa stressed that local governments should be informed about their limitations on the collection of fees.
Commenting, Hon. Bisi Yusuf
said that the motion was timely, and that the use of task force to deal with operators of courier services was an embarrassment to the state government.

He said that some operators took some local governments to the court on the issue in the past and won.

Leader of the House, Hon. Sanai Agunbiade said that courier and logistics services help people in different areas to interact with their customers.

Agunbiade added that it is a way of boosting the economy of the state and empowerment for the people through employment.

“The motion did not say they should not be regulated. A courier service should not pay from one local government to the other or else it would defeat the purpose of theur business.

“The revenue should be centralised among the local governments. The House once passed a law to regulate collection of fees by local governments. The law stated that whoever is collecting levies for the local governments must be identified,” he said.
Hon. Lukman Olumoh (Ajeromi/Ifelodun 1) said that some of the local governments officials issue out fake documents and that consultants should be employed for such activities.
Hon. Fatai Mojeed (Ibeju Lekki 1) stated that some of the riders of the bikes are graduates who have no jobs, and that there have been many cries on the harrasment of courier and logistics operators by local government officials.

Hon. Abiodun Tobun (Epe 1) said in his comments that the emergence of courier services led to the creation of jobs, but that some of the courier services organisations do not live up to expectations.

“Some local governments use consultants and we cannot stop them because of their excesses. We must not throw the local governments out totally as they have a role to play as an arm of government,” he said.
Also speaking, Hon. Lanre Afinni (Lagos Island 2) said that the collection of revenue for the local governments could be centralised and shared among them, adding that multiple taxation affect the profit of courier services companies.

Hon. Olayiwola Olawale (Mushin 2) said that the motion was okay as Lagos State is the commercial hub of Nigeria, but that the consultants of the local governments, the staff and party faithfuls benefit from it.

In his view, Hon. Moshood Oshun (Lagos Mainland 2) said that most of the local governments and LCDAs have traffic sections and that they charge a lot of money as fines, while stating that the traffic sections should be looked into as they go into the extreme to arrest and harrass people.

Hon. Jude Idimogu (Oshodi/Isolo 2), who said he had personally experienced the harrasment of the touts, said they the courier services are providing jobs for people after the issues surrounding COVID-19 pandemic.

Also supporting the motion, Hon. Setonji David (Badagry 2) said that courier operators play major roles in the state but that the local governments do not see it from this angle.

“Most of the receipts issued by the local governments are fake. We must ensure that the local governments limit themselves to what they ought to do.

“We have to find a way to stop the local governments from bothering the courier services since they are recognised by law. They also help transportation in the state as they help in distributing items,” he said.

News

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Published

16 hours ago

May 3, 2024

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:
• Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.

• Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.

• Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.

• Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.

• Profit before tax from ordinary business of the Group surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.

• Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.

• The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.

• Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.

• Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.

• On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.

• Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence.

Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets.

We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

About Transnational Corporation Plc (Transcorp Plc)
Transnational Corporation Plc (Transcorp Group) is a leading, listed African conglomerate, with strategic investments in the power, hospitality, and energy sectors. Driven by its mission to improve lives and transform Africa, Transcorp has built a longstanding reputation for sector transformation, operational excellence, and exceptional financial performance, delivering value to its shareholders.
In the power sector, Transcorp’s businesses – Transcorp Power Plc and Transafam Power – provide over 16% of Nigeria’s installed power capacity.

Through its investments in the energy sector including OPL287, Transcorp is developing Nigeria’s domestic energy value chain.

The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and Aura by Transcorp Hotels, a digital hospitality platform enabling travellers to book accommodation across Africa.

News

AEDC Partners with Government and Stakeholders to Tackle Power Challenges in Nasarawa and Niger State.

Published

17 hours ago

May 3, 2024

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Amid mounting concerns over erratic power supply in Nasarawa State, Abuja Electricity Distribution Plc (AEDC) has reaffirmed its commitment to addressing the electricity challenges facing the region.

Rt. Hon. Danladi Jatau, Speaker of Nasarawa State House of Assembly (middle), alongside Yakubu Suleiman Umar, GM of Nasarawa Electricity Power Agency (fifth left), and Engr. Johnathan Adeyemi, Chief Business Officer of Kogi, Niger, and Nasarawa (KNN) regions (sixth right), and other delegates engaged in a crucial dialogue on electricity service enhancement at the Nasarawa State House of Assembly, Lafia on April 30th, 2024.

Engr. Jonathan Adeyemi, AEDC’s Chief Business Officer for Kogi, Niger, and Nasarawa, represented tye Disco at the Nasarawa State House of Assembly on April 30th, 2024, following its summon by the assembly to address the pressing issues.

Acknowledging the frustrations of residents grappling with inconsistent electricity provision, AEDC assured Niger State’s residents of its proactive measures to ameliorate the situation. Promising increased allocation contingent on national generation improvements, AEDC emphasized its dedication to meeting the energy needs of the community. Engr. Adeyemi also urged residents to embrace the deregulation of prepaid meters to expedite their deployment, thus facilitating more efficient monitoring and management of electricity consumption.

During constructive discussions with representatives from the Nasarawa State House of Assembly, both entities resolved to collaborate towards enhancing customer satisfaction and improved service delivery.

In Niger State, AEDC is working to proactively ensure the safety and security of its personnel and infrastructure. Engr. Samuel Odekina, the Niger State Regional Manager and his team, paid a courtesy visit to key law enforcement officials, including the Commissioner of Police, Niger State, CP Ebenezer Danmamman, and the Commandant of NSCDC Niger State Command, Cmdr. Joachin Okafor, on April 26th, 2024. The aim was to foster a conducive environment for reliable electricity supply by addressing pertinent security concerns.

Through continued dialogue and cooperation among AEDC, government agencies, and customers, there exists a shared determination to surmount challenges and improve the electricity landscape in both Niger and Nasarawa state respectively.

Customers were advised to escalate all electricity-related issues via AEDC’s social media platforms or its offices for technical or commercial support.

News

Tree4Life Project: NEPL/Seplat JV, Edo Sign Reforestation Agreement

Published

1 day ago

May 2, 2024

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The NNPC Exploration and Production Ltd/Seplat Energy Joint Venture and the Edo State Government have signed an agreement that will see the state government allocate 6,000 hectares of land from its protected forest reserves to enable a large-scale tree planting initiative by Seplat Energy Plc.

This is in furtherance to the Seplat Tree4Life Initiative and the Edo State Government’s identification of the need to increase forest cover and carbon sequestration efforts within the region.

Seplat Energy has been selected as the partner to implement this reforestation project, which aims to plant millions of indigenous trees on the allocated land over the next five (5) years. This project represents a significant investment in environmental conservation and sustainable development for the state.

Speaking at the agreement signing ceremony, which happened in Edo State Government House, the Managing Director, Seplat West Limited, Seplat Energy, Ayodele Olatunde, said the partnership will contribute in the global efforts around mitigating the effects of climate change, whilst providing economic, social, health and other environmental benefits to the region.

“This will stir more advocacy as far as climate change is concerned and put the Edo State Government with the Seplat JV on the map as change agents. The partnership is well aligned with our Tree4Life Initiative and has the capacity to boost our economy and the environment; advance our soil health and drive carbon capture; preserve our ecosystem; enhance biodiversity; create jobs; conserve our forests; and promote physical and mental wellbeing of our people,” Olatunde said.

The Commissioner for Environment & Sustainability, Edo State, Joshua Omokhodion, said the synergy between Edo State and the Seplat JV is a huge attempt at mitigating the impacts of climate change in Nigeria. “Beyond the economics of this move, the science of it is very important to us because it is an attempt to deliberately create an ambience that will be conducive for humans and other creatures here.”

The Director, External Affairs & Social Performance, Seplat Energy, Chioma Afe, in her address, thanked the Edo State Government for partnering with the NEPL/Seplat JV on this sustainable journey of reforestation. She said: “This will drive forward our shared goals of environmental conservation and sustainable land use.

“These 6,000 hectares of land being allocated today, we believe, will provide a major boost to efforts at increasing tree cover and also to sequester carbon in our region. We believe also that this will not only tackle climate change, but will promote the local economy as well as local wildlife. The agreement demonstrates the NEPL/Seplat JV strong commitment to supporting impactful environmental projects.

The Managing Director, NEPL, Nicolas Foucart, represented by Mr. Uzoma Ezulu, DM Operations Management Seplat, NEPL, said the partnership between the state government and NEPL/Seplat JV is a laudable response to the global warming crisis. “The world is turning around for the worst; human activities in the name of development have done more harm than good to the environment. The Tree4Life project, therefore, is a conservative effort for all of us,” he said. Teasoo Consulting Limited was also among the facilitators of the agreement signing ceremony.