Lagos Island East LCDA Holds 17th Edition of Subsidy Removal, Palliative Community Market as Council Boss Asks Residents to Report Contractors Undertaking Shoddy Jobs
Lagos Island East LCDA Holds 17th Edition of Subsidy Removal, Palliative Community Market as Council Boss Asks Residents to Report Contractors Undertaking Shoddy Jobs.
The Executive Chairman of Lagos Island East LCDA, Hon. Muibi Folawiyo Popular known as Pepper has charged residents to raise the alarm whenever they find shoddy jobs undertaken by any of the council’s contractors.
He also vowed to continue implementing social intervention programs for the benefit of the vulnerable and less privileged in the council area.
August24news.com Editor, Ajagbe Adeyemi Teslim gathered that the council boss stated these at the 17th edition of the Subsidy Removal and Palliative Community Market held within the council area.
He, however, warned that anyone caught with fake tickets for the purchase of highly subsidized food items at the community market will face the full wrath of the law.
According to him, five people arrested during the last community market spent five days in detention but were later released after much pleading from prominent elders of the council.
Folawiyo explained that though the tickets may not go round at once, the council also reached out to those with pressing needs, saying that the administration remains committed to bringing relief and succor to residents in different ways.
He noted that the prices of food items keep increasing daily since the removal of the fuel subsidy, expressing gratitude to Governor Sanwo-Olu and party leaders for their support in delivering the dividends of democracy to the people.
Recently, the Chairman said that educational materials were given to schools and grants to widows in the area to start petty businesses.
The council boss, who appealed to residents to voluntarily pay their taxes, announced that four major projects are currently ongoing, assuring that the community market will not hinder infrastructural development.
The Council Manager, Ademola Azeez, in an interview with August24news.com, said the magic behind the success of the program was the prudent spending of council resources.
According to him, the council is currently embarking on projects in various sectors that will add value to the lives of residents.
Some of the beneficiaries applauded the Chairman and his team for sustaining the project, which they said always puts smiles on their faces.
Food items sold at pocket-friendly and heavily subsidized prices include rice, beans, eggs, smoked fish, plantain powder, live chicken, palm oil, garri, yam powder, semovita, and Indomie.
Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders’ value.
The facade of Transcorp Hilton Abuja from the pool
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group 40.6 billion shares to 10.2 billion shares.
Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Commenting on the share reconstruction, Owen D. Omogiafo OON, President/GCEO of Transcorp Plc, said, “This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximising shareholder value.
The reconstruction will bring the company’s capital structure to a manageable position.
Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.
About Transnational Corporation Plc Transnational Corporation Plc (“Transcorp”) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp’s power businesses – Transcorp Power Plc and Transafam Power Limited – provide over 20% of Nigeria’s installed power capacity.
Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL28 and its renewable energy drive through Transcorp Energy Limited.
The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has the digital platform, Aura by Transcorp Hotels. www.transcorpgroup.com
Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has reported its financial results for the third quarter ending September 30, 2024, showcasing remarkable year-on-year growth.
The Group’s Q3 2024 unaudited results demonstrate strength across key financial performance measures, highlighting the success of its growth-driven strategy.
In Q3 2024, Transcorp Group achieved revenue of N298 billion, a 133% increase from N128 billion recorded in the same period of 2023. Profit before tax (PBT) increased by a remarkable 303%, to N105.5 billion, compared to N26.2 billion recorded in Q3 2023, further solidifying the Group’s position in Nigeria’s business landscape.
Key Financial Highlights:
Revenue Growth: 133% increase, rising to N298 billion from N128 billion in Q3 2023.
Profit Before Tax: Surged by 303% to N105.5 billion in Q3 2024, from N26.2 billion in the same period last year.
Total Assets: Grew by 29%, increasing from N530 billion in December 2023 to N684 billion in Q3 2024.
Shareholders’ Funds: Increased by 34%, from N187 billion in December 2023 to N251 billion in Q3 2024, driven by profit accreting to retained earnings.
Operating Expenses: Increased by 38% to N32 billion in Q3 2024, compared to N23 billion in the previous year, reflecting the impact of inflation on the cost of operations.
Net Finance Cost: Increased by 12% to N12 billion in Q3 2024, from N10 billion in Q3 2023, due to rising interest rates. Owen Omogiafo, OON, President/Group Chief Executive Officer, Transcorp Group, attributed the Group’s exceptional performance to its focus on innovation, operational excellence, and ability to navigate a complex market environment.
She said: “We are proud of our consistent year-on-year growth. This remarkable financial performance is a reflection, once again, of our vision and spirit of execution. As we approach year end, we will focus on enhancing operational efficiency, investing in high-growth sectors, and delivering long-term value to our shareholders. We are investing for the future, particularly in the energy and hospitality sectors, delivering for our shareholders and our nation.”
About Transnational Corporation Plc
Transnational Corporation Plc (“Transcorp”) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp’s power businesses – Transcorp Power Plc and Transafam Power Limited – provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL28 and its renewable energy drive through Transcorp Energy Limited. The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination.
IBEDC and Bresson sign 180Bn naira Magboro Power plant Purchase Agreement .
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The first phase of Magboro Power Plant Kicked of Monday 28th October 2024 with official signing and unveiling of the 30 MW Power purchase agreement between Bresson A S, Magboro Power Company and Ibadan Electricity Distribution Company.
Customers around Magboro, Mowe are expected within 11 months to benefit from 24hours uninterrupted electricity supply as a result of the collaboration between Bresson and IBEDC at competitive rates.
The Magboro plant designed as a 90 MW plant is expected to receive its first shipment of Titan 170 Solar Turbine by the end of April 2025.
In his remarks, Engr. Francis Agoha, the Acting Managing Director of IBEDC, emphasized that this partnership aligns with the federal government’s target of 6000 Mega Watts power projection for 2024 and the company’s strategic goal of improving customer energy availability.
“This agreement marks a significant milestone in our continuous efforts to ensure consistent and affordable power for the Magboro community and beyond,” he stated.
“We are committed to forging partnerships that foster progress and deliver lasting solutions to the power challenges faced by communities within our network.”
Magboro Power Company Limited, a respected independent power developer, will play a crucial role in this initiative.