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We Must ‘Theme’ Up With Sanwo-Olu To Revive Lagos Why

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Every Nigerian citizen deserves access to basic amenities that make life worth living and the good people of Lagos are no exception. Successive administrations in the state since 1999 have keyed into this vision, but recognise that it is still very much a work in progress. Ours is a bustling metropolis ideally meant for a little over 10 million people which currently accommodates an estimated 17.5 million residents. The influx of visitors and dwellers is understandable given that Lagos is the fifth largest economy in Africa, a land of opportunities which continues to churn out success stories whose dreams find expression in the City of Excellence. Lagos is home to successful politicians, business moguls, entertainers and sportsters and will continue to be in the months and years to come.  That said, Lagos has its fair share of challenges like just about every mega city across the world. In its 2017 analysis, the INRIX Global Traffic Scorecard rated New York as the third most traffic congested city after Moscow and Los Angeles. So the Lagos case with congestion is not peculiar. Optimal waste management, ease of doing business, access to affordable healthcare and education are ideals that visionary administrations in big cities across the world continually evolve innovative strategies to achieve. As such, Lagos deserves technocrats motivated by selflessness who are willing to hit the ground running because residents are out of patience with mere words. Lagos needs APC Governorship aspirant Babajide Olusola Sanwo-Olu, a banker and technocrat who holds a platinum award from the Lagos State Public Service Club and emerged the ‘Best in Human Capital Development’ awardee of the Industrial Training Fund as far back as 2009. But he is not asking for accolades. He only requests that we align with his vision and believe in his five-point THEME (Traffic, Health, Education, Making Lagos 21st Century Compliant and Entertainment) for the radical transformation of Lagos State while we are still alive to witness it. Traffic Management & Transportation A survey conducted by Planet Projects in 2016 showed that Lagosians lose at least three of every 10 years spent in Lagos to traffic. Obviously, this challenge needs to be tackled head-on to keep residents productive and scale up the state’s economic fortunes. Sanwo-Olu has rolled up his sleeves to not only identify but roundly address this if he gets our mandate. On the campaign trail, he has discovered from on-the-spot assessments that traffic congestion in Lagos is mostly caused by oversized roundabouts, closed laybys, inadequate traffic lights and the population explosion which statistics on vehicular renewals show. He has identified over 60 gridlock points across the state, including the Lagos-Apapa Road. The spill-over from this stretch runs from Apapa to the toll gate on Lagos-Ibadan Expressway. As of August last year, the Federal Executive Council (FEC) approved N72.9 billion for the road project. Sanwo-Olu has pledged to work with the Federal Government to complete the venture, even as he envisions a 5000-capacity trailer park to tackle the hazard of long-haul vehicles clogging up the road network. He is looking at a partnership with the Nigerian Port Authority for a strict on-call system that notifies trailers when to pick-up containers. This will eliminate the long wait that keeps them on the road even if they have no reason to be. But road traffic congestion is just one part of the challenge. Lagosians have long advocated for diversification that will eliminate the seeming overdependence on land for transportation. Sanwo-Olu is aligned with this yearning. His vision is to integrate road, rail and water transportation so Lagosians have the freedom to choose. At the helm, he will ensure the completion of the on-going Blue Line rail project from Okokomaiko to Marina and the Red Line from Agbado to Marina. Upon its completion, residents of those areas will heave a sigh of relief from the hours of dust and fumes that they put up with in their daily commute. We need a governor whose visionary leadership guarantees there are no potholes on our major roads or inner cities that make commuting a hassle. Sanwo-Olu’s pledge is to pick up from where the current administration has left off by fixing these roads and expanding the existing infrastructure. The least he deserves is a chance to prove his mettle. Health & Environment Every administration looking to make a difference cannot overlook the vulnerable and less privileged in society, especially those without access to affordable healthcare. The National Health Insurance Scheme (NHIS) was established by the Federal Government under Act 35 of the 1999 Constitution to achieve this feat. But at the last count, less than seven million out of the 180 million people in Nigeria are covered by the scheme. Last month, Lagos launched the state health insurance scheme (LSHS) to ensure that residents are able to access fit-for-purpose and affordable healthcare. The scheme, which will be jointly managed by the Ministry of Health and the Lagos State Management Agency (LSHMA), aims to reduce mortality rates fuelled by out-of-pocket payment for healthcare by the indigent. Sanwo-Olu is aligned with the sustainability of this laudable project. In fact, he is taking it a notch higher by ensuring that not just some, but all residents, have access to the scheme – especially the less privileged for whom the LSHS will be heavily subsidized. Even better, he is looking at creating an environment conducive to the health of residents that will eliminate their susceptibility to preventable illnesses. He aims to rejig the existing waste management system by getting the Lagos State Waste Management Authority (LAWMA) to deliver better on its mandate as the regulator of waste collection. He is a firm believer in the waste-to-wealth scheme and his strategy is to incentivize waste sorting by interested individuals who will ensure the separation of organic from household waste for processing by recycling companies. Education & Technology Education is enshrined in the Universal Declaration of Human Rights (1948) for good reason. It unlocks lifelong opportunities for individuals, communities and entire nations. In fact, the United Nations Educational Scientific and Cultural Organisation (UNESCO) pegs the benchmark for the funding of the sector at 26 percent of the national budget and 6 percent of the Gross Domestic Product (GDP) to reinforce its importance. Lagos has always prioritized qualitative educational programmes for this reason, with a vision to ensure there is meaningful progress that keeps youths off the streets and gives every family equal access to opportunities available. Sanwo-Olu is particularly irked by the plight of the less privileged who cannot afford the skyrocketing costs of private education. As such, he is on a mission to subsidize costs and increase budget allocation in line with the specified benchmark. He aims to renovate existing public schools and enhance the capacity of teachers so they can embrace teaching as a lucrative field rather than just a pastime which often constrains them to churn out half-baked students. In the short run, he wants to work with educational institutions to improve curriculums and include entrepreneurial studies in educational programmes. Like the best of us, Sanwo-Olu understands the transformative power of technology and its wide-ranging impact on the rule of law, ease of doing business and government processes. His vision is to create a smart economy for Lagos which will include incubation hubs for technology start-ups and coding education in the public school curriculum. He foresees that if technology is included in the public system, it will help entrepreneurs and SMEs thrive, generating more jobs and public-private sector partnerships. Making Lagos a 21st Century Economy Governments across the world do not directly create jobs. Rather, they create the enabling environment for businesses to thrive – with employment as a by-product. Sanwo-Olu is a 30-year veteran of the public and private sectors. He recognises that a synergy between both arms generates funds for laudable projects and fast tracks growth. He is looking at a collaborative system where government and the private sector work hand-in-hand to provide the basics that will make residents proud to call Lagos State their home. Sanwo-Olu has identified stable power supply and security as two major enablers for the growth of any 21st century-compliant economy. His strategy is to simplify access to government services to make the private sector thrive. Most importantly, he will work with the power distribution and power generating companies to tackle the power supply challenge such that the state will generate enough power to drive its economy and improve the lives of residents. He envisions Lagos as a 24-hour economy with security agencies equipped with high-tech equipment that will make residents sleep with two eyes closed at night. Entertainment & Tourism Lagos is celebrated as the hub of culture and entertainment in Africa. The task before any forward-looking administration is to translate these tourist opportunities into money-generating and employment opportunities for the teeming number of the state’s population. Lagos boasts renowned tourist spots such as the Afrikan Shrine, Tarkwa Bay, Lekki Leisure Lake, Kalakuta Museum and the National Museum, to mention a few. These sites should not exist in isolation for local fun-seekers on weekends. Sanwo-Olu plans to create a calendar around these priceless assets. He has pledged to work with the music, film and fashion industries to make Lagos an international tourist destination. The reason is not far-fetched. The International Monetary Fund (IMF) has declared that Nollywood is the second largest employer of labour in Nigeria which at the last count, generates 1.42 percent of the country’s GDP. Sawo-Olu is not out to overlook this. He feels the industry requires professional representation at the higher levels of government so it can voice its needs where it matters. He has pledged to address this at the state level if given the nod by the Lagos electorate in due time. The Future After all is said and done, some Lagosians might claim they have heard similar assertions from gubernatorial aspirants that never saw the light of day. But the truth is, Sanwo-Olu’s illustrious track record inspires trust and deserves our confidence. As a dyed-in-the-wool technocrat with a 30-year track record of integrity cutting across the public and private sectors, he is on a game-changing mission. He cut his teeth in the John F. Kennedy School of Government, the London Business School and the Lagos Business School. Lest we forget, each of those institutions is built on visionary leadership, ethics and financial propriety. Even if we displace his experience as a banker and politician, we must recall that Sanwo-Olu virtually made a career of public service light years before he even thought about dabbling into politics. How much more now that the collective aspirations of the City of Excellence look set to rest on his shoulders?

 

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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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