News
UZodimma’s Disposition to National Unity Irresistible, Say Northern Onion Producers
UZodimma’s Disposition to National Unity Irresistible, Say Northern Onion Producers
OKPU UGOCHUKWU (OWERI)
SPONSORED BY: H&G
Imo state Governor, Senator Hope Uzodimma being administered his second Jab of the astra zenaca vaccine by Rev Sis Dr Maria Joannes Uzoma at the Ndubuisi Exco Chambers, Owerri
Imo State Governor, Senator Hope Uzodimma (left) with the Assistant Controller General of Federal Fire service, Zone J, Achi Okidi Ijeoma(right) after presenting an Ambulance to the Governor to help support the fire fighters in Imo State at the Government House, Owerri
The north has again reiterated her believe that Governor Hope Uzodimma of Imo State is one patriotic Nigerian who craves for the unity of Nigeria and her people.
It was the position which northerners who produce, process and market onions in Nigeria took on Thursday when they paid an official visit to the Governor at Government House Owerri.
Coming under the umbrella of National Onion Producers, Proccesors and Marketers Association of Nigeria who are mainly northerners the group said that Governor Uzodimma’s disposition to national unity is irresistible and that it was the person of the Governor that made them have a rethink about continuing to send onions to the South East.
Speaking in an address he presented to the Governor on behalf of his members drawn from different parts of the North, the National President of NOPPMAN, Alhaji Aliyu Maitasimu Isah described Governor Uzodimma as “the bond of unity of Nigeria.”
“As a Governor since assumption of office he has exhibited keen interest and demonstrated a rare commitment of passion to cooperative mechanism that will enhance unity, togetherness, social cohesion and solidarity among the diverse people of Imo State in particular and Nigeria in general.”
The Association said the decision to visit the Governor was “an opportunity for them to collectively access, engage and harness the challenges and opportunities posed by the recent crisis in the South East region and the Country at large.”
The group further said it saw the visit as an opportunity to reassure each other and solicit understanding with the Governor and other Nigerian citizens in the South Eastern parts of the Country.
The members seized the opportunity to inform the Governor of the progress of their union in the areas of exports to many Countries of the World which have led to Nigeria earning a huge foreign exchange and has contributed significantly to the gross domestic product (GDP) and as well has positioned Nigerian Onion value chain in the global map of onion exporting countries which has created job opportunities for small holder farmers and MSME’s.
The association, however, expressed regret on the losses they suffered recently during the period of violence and security breaches which Isah said ran into billions of naira and passionately appealed to the Governor to come to their assistance “by compensating their members who are at the verge of going out of business as a result of a huge losses.”
Earlier on his opening remarks, leader of the delegation and the Hausawa of Imo State, HRH Alhaji Alwal Baba Sule thanked Governor Uzodimma for working hard to return Imo to a peaceful state and noted that his kits and kin visited because he gave strong assurance to the northern leadership and their people that they are safe in Imo.
He said the Hausa community in Imo State has confidence in the ability of the Governor to protect them and the entire Imo people.
In his response, Governor Uzodimma told them to be rest assured that their lives and property will be protected in line with the oath of office he took.
He urged them to continue to partner with him to ensure that “our common enemies are fished out”.
The governor regretted that lives were lost needlessly during the security breaches and assured them that Imo State is now safe and that the enemies have been chased away.
On the group’s appeal for compensation for their goods that were destroyed Governor Uzodimma promised to set up a committee that will see to the promotion of the onion business in Imo State and Nigeria in general by ensuring that the movement of their goods to their destinations is protected.
His words: “We need onions and cows to be alive here.”
He also promised to work out modalities on how their members whose goods were destroyed will not be sent out of business.
Governor Uzodimma said his government will protect the genuine Hausa, Fulani, Muslims or Christian business men in Imo State and
called for a united front against the common enemy
He emphasized that Nigerians must come together to find out who are after them and join hands with all and sundry to fight the monster.
“Nigerians co-existence is inevitable as the North needs the South. In order words, the Northern herders need the Southern farmers and vice versa.”
The Governor exhibited his unwavering Nigerian nature when he informed the association that “Imo State is an integral part of Nigeria governed by one law as a Country that makes it non-negotiable,” and told all and sundry that all Nigerians living in Imo State have equal protection from the Security Agencies.
The Governor noted that the Nigeria is interwoven hence “there is no need for confusion in Nigeria. We must be together.”
He promised to do his best to pacify those that lost their goods both onion dealers and cow dealers during the period of violence after engaging with their leadership.
News
Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion
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.
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
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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