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FG INAUGURATES DEIWG, DIRECTS NITDA, NCC TO ESTABLISH NATIONAL CYBER SECURITY RESEARCH CENTRE

Published

2 years ago

October 31, 2022

AJAGBE ADEYEMI TESLIM

Sponsored by: H&H

The Federal Government has inaugurated the Digital Economy Industry Working Group (DEIWG) to serve as an action group and Public Private Dialogue (PPD) platform to be formed by the Nigerian Economic Summit Group and the Federal Ministry of Communications and Digital Economy.

Minister of Communications

and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) inaugurated the group on behalf of the Federal Government during the closing ceremony of Digital Nigeria International Conference held in Abuja.

According to him, the group will be saddled with the responsibility of mapping out government initiatives and policies that are affecting the private sector pertaining to the Digital Economy
He maintained that the group will harmonise and harness the work done by both the FMoCDE and the NESG to unlock the potentials of a fully Digital Economy and deliver benefits to the public, private and social enterprise sectors, with a view to supporting the delivery of the short, medium and long-term ministerial strategy for driving the growth of the Digital Industry in Nigeria.

The objectives of the group include; to establish a Public-Private Partnership Platform as communication link between the public and private sector to drive the Digital Economy Policies and Strategies; to create a framework for strengthening the immediate delivery of initiatives based on the 8 pillars as outlined in the Nigerian Digital Economic Policy and Strategy (2020-2030); to facilitate the creation of an Enterprise Programs Management Office (EPMO) and funding mechanism which will serve as a framework of funding for DEIWG Secretariat and to formulate, in partnership with the government, mechanisms that drive and catalyse growth and increase investments in the Digital Economy.

Other objectives of the group are to examine the current efforts by the Federal Government to digitally transform through policies, projects and programmes and co-create a private sector response plan; to facilitate leadership mindset that is digital-driven for shared prosperity and shared national vision and drive continuity of the policies to enhance the institutional arrangement that drives the Digital Economy and to call to action on private sector to take lead of the creation of the Nigeria Digital Economy Policy and Strategy.

Highlighting the composition of the group, the Minister noted that it comprises of the government representatives, the private sector and the academia adding that it is a model the ministry has adopted in the last three years. “We don’t formulate policies alone, we ensure that we bring together all stakeholders to work with us as part of the implementation model, we try to interact with other people from different sector, this is what we are promoting.”
Meanwhile, the minister has disclosed that he has directed National Information Technology Development Agency and Nigerian Communications Commission to come up with the National Cyber Security Research Centre in Nigeria.

Prof. Pantami noted the centre when completed would actively support the Nigerian participation in the Fourth Industrial Revolution.
“We are working every important component of the Fourth Industrial Revolution because we don’t want to be left behind.

As at today, at least five African countries are part of the chase group that are chasing the developed countries and we have been displaying this in so many international events,” he added.

While decrying that African missed out in the previous three Industrial Revolutions, he expressed delight that the Fourth Industrial Revolution would usher in hope for Africa because it is a knowledge based revolution.
He said, “It is because of this we have been very proactive in Nigeria.

The Nigerian Start-up Act, 2022 is to support our participation actively in the Fourth Industrial Revolution, also my directive to NITDA for the renaming of the National Centre for Artificial Intelligence and Robotics from NITDA Academy was to make us proactive in the fourth Industrial Revolution. And recently we have built the National Centre for Emerging technologies under NCC.”

The Minister also revealed that the ministry would soon present the Nigeria Data Protection Bill to the Federal Executive Council.

According to the him, the bill has been forwarded to the Minister of Justice and Attorney General of the Federation for review and to give go ahead for it presentation to the council.

He said the bill will ensure confidentiality and privacy of Nigerians’ data when it comes to dealing with data and citizens’ information. He said Nigeria is one the countries to have data protection as a subsidiary law but it is now in the process of integrating the subsidiary law to a principal law.

Earlier, the NITDA’s Director Gerenal, Kashifu Inuwa, CCIE has said as the conference comes to an end, the government has reviewed the potentials availed in the country and had learned from the global community what is happening in other countries and regions and understood that all these prosperity and wealth are not evenly distributed.

He stated this on the backdrop that the 2022 Digital Nigeria International Conference has not come to end and urged the participants to continue with the momentum. “We want to keep the tempo until the end of November, when President Muhammadu Buhari will officially close the digital Nigeria 2022 ceremony.”

While acknowledging that this year’s conference is very massive, he reiterated that there are a lot to learn from it.

He noted that the government is a listening government and ready to work with the tech ecosystem to make Nigeria the most vibrant ecosystem in the world.

He said, “We are already leading in Africa, but if we can compete globally, why do we need to settle for Africa? We have all what it takes to be the global talent party, and we have you, the youth, you are the greatest resources of this country. When we talk about digital economy or innovation economy, your greatest resource is not what is lying underneath you, but it is what you have in your brains.”

He advised Nigerians have to understand what it takes to make wealth through innovation because it is the only way a nation can be lifted out of poverty. “We have the brain; we have the government’s political will, and government has provided the enabling environment.

What left is for you to use the opportunity; to use the legal framework, to use all what government is doing to complement it.

Digital Nigeria is for all of us. Government is just one part of it and you are all critical stakeholders. And with you on board, nothing is impossible for us,” he declared.

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.