News

TOWARD ACHIEVING A CLEANER LAGOS

Published

2 years ago

September 26, 2022

TOWARD ACHIEVING A CLEANER LAGOS

Folashade Kadiri

Driving through the city of Lagos, Nigeria’s commercial capital, one cannot help but observe the practical steps taken by the administration of Mr. Babajide Sanwo-Olu to establish environmental sustainability in the state.

Following the blueprint of the T.H.E.M.E.S. agenda introduced by Mr. Governor as soon as he assumed office in 2019, the state has prioritised cleanliness and environmental sustainability.

Spearheading the government’s quest to establish a cleaner and livable environment for Lagosians, is the Lagos Waste Management Authority (LAWMA).

The Authority since the inception of the present administration has introduced various programmes and initiatives, which have all been instrumental to helping the state achieve its objectives on environment.

One of the key initiatives embarked upon by LAWMA in tackling the menace of indiscriminate waste dumping and plastic pollution is recycling.

In 2019, the Authority launched the Blue Box programme, which later metamorphosed into the Lagos Recycle Initiative, aimed at encouraging separation of waste at the point of generation, for recycling purposes.

Massive media advocacy campaigns have been carried out to educate residents on the need to embrace recycling as a way of life. Also in the last one year, recycling companies in the state have grown from three to 100, with over 12,500 jobs created.

On the recent traction gained by recycling in Lagos State, the agency’s Managing Director/Chief Executive Officer, Mr. Ibrahim Odumboni has this to say:

“Since the launch of the recycling initiative by Governor Babajide Sanwo-Olu, we’ve grown from three recycling companies to 100 recycling companies and still counting. We currently have more than 600 aggregators, and over 12,500 jobs created in the sector so far. Therefore, you can see that we have started a movement and a growth. It’s over two years now and the progress that is being made is enormous”.

What LAWMA is doing in the area of recycling deserves the support of all and sundry. Lagos, with a population of over 20 million people, is said to be generating about 13,000 metric tonnes of waste daily, with plastic materials constituting 17% of the wastes. Imagine dumping these huge numbers in the landfill.

The implication of this is that there might be no landfill to dump on. This is why LAWMA has engaged recycling as a veritable tool to make sure that the above painted scenario does not happen.

Apart from being handy in tackling environmental challenges in the state, the recycling initiative has been used to create jobs for the unemployed. This has made a massive impact on the lives of many citizens, thus alleviating unemployment challenges, with over 12,500 of such jobs created until date.

On the Authority’s plan to consolidate on the efforts made in the area of recycling, Odumboni revealed that LAWMA had concluded plans to set up 114 recycling collection centers in all the Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) in Lagos before the end of the year.

The LAWMA boss added that a $65 Million bottle-to-bottle recycling facility, built by a private firm, in partnership with the Authority, would soon commence operation, on 16 acres of land located at Lagos Ibadan Expressway.

The Authority, working in consonance with PAKAM Technology, has also introduced the PAKAM app 2.0, an all-inclusive waste management software application that connects residents to recyclers, for the exchange of their recyclable items, in real-time.

The revamped app, unveiled during the recent 3rd anniversary celebration of the Lagos Recycle Initiative, would go a long way in encouraging households to key into the opportunities presented by the seamless integration of technology, to tackle waste management challenges in the state.

LAWMA, with the support of the government, is relentlessly exploring all avenues to maximise the inherent opportunities in recycling, which has brought about numerous environmental and economic benefits, turning waste to wealth and providing means of livelihood to many who without jobs would have constituted nuisance in society.

There is no doubt that the recycling initiative in Lagos is work in progress and will get better with time. The cheering news is that refuse heaps are fast disappearing from the Lagos landscape and all well meaning residents are applauding this.

While this is not to say that Eldorado is already here, the signs are obviously good and it is just a matter of time before we get there. In order to sustain and surpass the momentum, Lagos residents must come to terms with the significance of an improved environmental habit. When we deliberately choose to act in manners that could endanger the environment, we are the ones that would certainly bear the consequences of such actions.

What is required to maintain a sane and friendly environment is not just about what the government is doing, but also about the people’s attitude. Lagosians need to stop all practices that could put a clog in the wheel of the government’s efforts at waste management. Everyone must be ready to imbibe a positive attitude in the area of waste disposal. Residents are enjoined to call LAWMA toll-free line 07080601020 to report waste management challenges in their areas.

Ours is still work in progress and with the support of all residents and stakeholders in the state, we will achieve the Sanwo-Olu administration’s vision of attaining a Greater Lagos.

All hands need to be on deck to achieve a cleaner, healthier, wealthier and livable Lagos of our dreams. Together, we can achieve this!

Folashade Kadiri is Director, Public Affairs, LAWMA.

News

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

Published

2 days 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

2 days ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

News

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

Published

3 days 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.