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NiMet Hosts Stakeholders Meeting On 2024 Seasonal Climate Prediction

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Ahead of the public presentation of 2024 seasonal climate prediction (SCP), the Nigerian Meteorological Agency, NiMet, on Tuesday, 23rd January, 2024, hosted stakeholders in Abuja, to discuss the socio-economic impact of the SCP.

The stakeholders who cut across different sectors of the economy ranging from aviation, agriculture, oil and gas, construction, marine, insurance and financial services, tourism, academia and so on, praised NiMet for its invaluable services towards Nigeria’s economic development, through release of the SCP over the years.

It will be recalled that in 2023, the Central Bank of Nigeria (CBN), released a statement which said; “By heeding to NiMet’s advisory in 2022 on flood prediction in the country, we saved the country more than N120bn”.

While welcoming the stakeholders, the Director General and Chief Executive Officer (CEO) of NiMet, Prof. Charles Anosike said, “President Bola Ahmed Tinubu has clearly outlined his government’s eight-point agenda aimed at moving the Nigerian economy forward through Food Security, Ending Poverty, Economic Growth, Job Creation, among others. The Nigerian Meteorological Agency (NiMet) through actualisation of its mandate is climate proofing the economy by providing timely weather and climate information”.

Continuing, he said; “Over the years the SCP has evolved in scope, including the concept of co-production which is adequately supported by the World Meteorological Organisation (WMO). This allows critical stakeholders to be part of the production process of weather and climate information in order to increase the depth of knowledge, improve accuracy and enhance relevance of information provided. This concept also makes the stakeholders to co-own the weather and climate information generated”.

Concluding, Prof. Anosike said; “As we collectively take a deep look at the draft 2024 SCP to enrich it, especially the socio-economic implication, relying on our years of knowledge, expertise, and experience in our various fields, I hope that by the end of the stakeholders meeting, we would have produced a document that is scientific, relevant and actionable. Together, we will be proud of being part of a climate resilient socioeconomic development of our dear nation, Nigeria”.

The Director General of Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo said; “All economic sectors are affected by weather and climate. This poses financial risks to governments, individuals and organizations. Climate information helps to mitigate and reduce the impact. I commend the Nigerian Meteorological Authority (NiMet) for the excellent job it is doing regarding Seasonal Climate Prediction (SCP). I further acknowledge the positive impact the Seasonal Climate Prediction (SCP) has had on Aviation safety. For example, NCAA has found the annual SCP released by NiMet to be very useful in issuing Advisory Circulars to warn Pilots and Operators of the inherent dangers associated with the onset of rainy season and the harmattan season. These Circulars have provided appropriate guidance to assist in preventing accidents and incidents which would otherwise be caused by thunderstorms and dust haze during their respective seasons. This, invariably, has reduced incidents/accidents associated with adverse weather to zero in Nigeria over the years”.

Concluding, Capt. Najomo encouraged NiMet to provide data that shows the level of accuracy of the SCP, for instance, in terms of number of Wind Shear phenomena recorded at airports across the country due to thunderstorm activities. “The NCAA calls for enlightenment on efforts being made by NiMet to (1) ensure Aerodrome Met Office
personnel possess a good understanding of thunderstorm events and (2) efforts to provide appropriate equipment that easily detect and accurately predict such events.
I charge NiMet to consolidate on its compliance with the provisions of Nigeria Civil Aviation Regulations Part 14.6 –
Aeronautical Meteorological Services – particularly with respect to training of personnel and modernization of observing, forecasting and data gathering techniques, dissemination and storage equipment/instruments for flight planning and aerodrome development in Nigeria”.

The representative of World Meteorological Organization (WMO) in Nigeria, Dr. Bernard Gomez commended NiMet as it has been issuing the seasonal climate prediction for 10 years. “WMO has established a protocol that mandates users of climate and weather information to co-produce. NiMet is following this protocol so as to meet the needs of the stakeholders. The agency can not do this alone hence the need to partner and collaborate with sectoral”.

“The stakeholders forum serves as a feedback mechanism for NiMet as it produces the final SCP draft. Stakeholders must ensure that the final SCP product meets everybody’s expectations”, Mr Gomez concluded.

The Director General of Nigeria Hydrological Services Agency (NIHSA), Engineer Clement Nze, represented by the Acting Director of Hydrogeoinfomatics, Bashir Suleiman, said that the stakeholders meeting was timely. “NIMet is fulfilling its mandate by bringing the stakeholders together. NIHSA is pleased to be part of this especially in the area of flood predictions”.

The Executive Director of Human and Environmental Development Agenda (HEDA), Mr Arigbabu Sulaimon, congratulated NiMet for keeping to time regarding the impending release of SCP. “NiMet’s work is critical to the protection of livelihoods of people and also diversifying the economy of Nigeria. It’s not only the aviation sector that benefits greatly from NiMet’s services, the food and agricultural sector benefits too”.

In his goodwill message, the Director General and Chief Executive Officer of Nigerian Safety Investigation Bureau (NSIB), Captain Alex Badeh Jnr., represented by Mr Abdulsalam Abubakar, AGM Operations in the agency, appreciated NiMet for keeping to standards through the yearly and timely release of SCP. He said that NSIB has always collaborated with NiMet and assured that the partnership will continue.

The public presentation of NiMet’s Seasonal Climate Prediction holds on Tuesday, 20th February, 2024, as approved by the Minister of Aviation, Festus Keyamo, SAN.

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

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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.

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

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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.

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

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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.

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