News

LAGOS, LAWMA AND THE BATTLE AGAINST FILTH

Published

3 months ago

February 8, 2024

By Bolaji Israel

The city of Lagos, with its ever-increasing population and bustling economic activities, faces significant environmental challenges. With the ever-growing influx of people from all over the country into Lagos daily in search for greener pasture, coupled with the volume of businesses, manufacturing, trading activities and human movements around the state, it is understandable that its environmental challenges would be humongous and multidimensional.

Dirty markets, littered streets, blocked drainages due to indiscriminate waste disposal and plastic wastes and homeless miscreants squatting all around the state bridges, would readily have been the disgusting optics in the absence of proactive management and control.

However, the state government, particularly the current administration, is sparing no efforts in its renewed bid to safeguard the environment and ensure a clean and healthy city for residents to live and thrive.

Lagos, which has a population of over 20 million is projected to hit 32.6 million by 2050, and over 80 million by 2100, according to Global Cities Institute at the University of Toronto.

As the state evolves into a full-scale modern city befitting of its status, the government cannot afford to do less or rest on its oars. In fact, all residents and stakeholders must join hands with in the fight to maintain a conducive environment critical for sustainable living.

Just recently, in a bold move to halt further environmental violation in the area, the Lagos State Government dislodged scores of illegal squatters and miscreants residing under Ijora Bridge.

The commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab had reiterated that the exercise was aimed at addressing issues of gross environmental abuse, perpetrated by the illegal squatters, adding that the government would leave no stone unturned in restoring sanity to the environment across the metropolis.

At the core of the campaign for a clean and healthy environment is Lagos Waste Management Authority, LAWMA, the government agency which plays a crucial role in both the proactive and daily management of environmental issues in the state, as well as enforcements against recalcitrant violators through its enforcement team.

Earlier in January, residents woke up to the cheering news of a total ban on the usage and distribution of styrofoam packs and other single use plastics by the government.

The decision had followed the menace which the single use plastics, especially the non-biodegradable styrofoam was causing on the environment, as most drainage channels in the state are daily clogged, with a larger chunk of littering across major roads and markets attributed to same Styrofoam, despite the regular cleaning and evacuation of the drains with humongous resources.

Furthermore, Oke-Afa, Isolo and Katangua Markets, in the Abule Egba area, were also sealed in January for violating waste disposal regulations and for sundry unhygienic practices, constituting grave environmental infractions.
Wahab had charged that: “The government has not jettisoned its zero tolerance for waste and the only way for markets and traders, is to engage in decent and civilised waste disposal practices as outlined by the Lagos Waste Management Authority (LAWMA) as any market or facility that runs foul will face sanctions”.

Last November, the government reopened the Mushin main market, Ojuwoye, Awolowo, Irepodun and Daleko markets in the densely populated Mushin area of the state, after the traders made amends to correct widespread environmental infractions, including indiscriminate waste dumping.

Mile 12 international, Owode Onirin and Oyingbo markets were all also not spared last October as they were all sealed but reopened only after complying with environmental standards as stipulated by the government.

Similarly, an Environmental Special Offences Court sitting in Ikoyi, Lagos, last November handed down fines and community service penalties, to over 100 environmental offenders, found guilty of indiscriminate waste disposal, across the state.

The presiding magistrate underscored the gravity of the offences and impact on the environment, subsequently imposing a fine of ₦30,000 on each offender, with an option of six hours of community service, in designated areas like the General Hospital, Odan, and Tinubu Market in Lagos Island.

Beyond shutting markets and punishing violators, dialogue, awareness and other engagements, have also been well explored by the government and its core environmental agencies especially LAWMA.

Determined to instil a positive environmental consciousness in the younger generation, the Lagos Waste Management Authority (LAWMA), last November, went on a sensitisation mission to pupils of Otto Primary School, Otto, Lagos Mainland, on proper waste management, with emphasis on recycling, as a source of personal revenue.

The Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, who led the team, addressed the pupils on the importance of proper waste management, noting that the exercise was part of the Authority’s environmental sustainability initiatives, to instill responsible waste management practices in children.

He said; “I am glad to be among you all today. In LAWMA you mean so much to us and that is why we have deemed it fit to visit your school first, being the closest to us here in Otto.

Diseases like malaria, diarrhoea and the like, thrive in environments that are unkempt and polluted with activities like littering, reckless waste dumping, and open defecation and so on.

To avoid all of these, it behoves you to do what is right by disposing of your waste properly into the waste bins’’, he stressed.

As the 3-week moratorium before the enforcement of total ban on styrofoam packs endures, LAWMA has held a consultative meeting with the Manufacturers Association of Nigeria (MAN), where it discussed ways of implementing sustainable waste management strategies, in view of the latest developments.

Addressing the stakeholders, managing director/CEO of LAWMA, Dr. Muyiwa Gbadegesin reiterated the Authority’s commitment to the Lagos State Government’s T.H.E.M.E.S Plus agenda, stressing that the state government had to ban Styrofoam to protect the environment and safeguard public health.

Gbadegesin, said the Authority would continue to place premium on establishing a cleaner and healthier environment, promising to continue to identify and address environmental challenges across the state, and to work tirelessly, to make Lagos a cleaner, more sustainable city.

On the overall, the government’s holistic approach signals a responsible, coordinated and proactive leadership in the state, helping to assure of conducive environment for all and sundry and preventing environmental disasters caused by poor hygiene and related habits.
No serious government should allow actions that can jeopardise citizens health and safety, and the state government has shown through its continued actions, that it could walk the talk and would not hesitate to take decisive measures to protect the environment and safeguard lives and properties of over 22 million residents.

News

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

Published

21 hours ago

May 3, 2024

august24admin

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

21 hours ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

News

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

Published

1 day ago

May 2, 2024

august24admin

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.