… Also Emerges as The Industry’s Sustainable Energy Company for 2023

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy PLC, leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has clinched the Daily Independent Newspaper’s Indigenous Oil & Gas Company of the Year Award.

L-R: Publisher, The Niche Newspaper, Ikechukwu Amaechi; General Manager, Finance, Seplat Energy Plc, Adetaiwo Osindero; Manager Corporate Communications, Stanley Opara; and Associate General Counsel Corporate & Compliance, Adebowale Eboda, at the Daily Independent Newspaper Awards, where Seplat Energy was name as the Indigenous Oil & Gas Company of the Year, held in Lagos … recently.  

 The company was recognised for recording remarkable exploits in the Nigerian oil and gas sector while partnering local communities who are seen and treated as key stakeholders to its operations and overall corporate well-being through inclusive engagement models.

Speaking at the Independent Newspaper Award Ceremony held in Lagos at the weekend, the Managing Director/Editor-In-Chief of the Publication, Mr. Steve Omanufeme, said Seplat Energy was also recognised for its invaluable contributions to the Nigerian economy in many other ways since it was founded, including the supply of natural gas to the domestic market while helping to displace expensive and carbon-intensive oil based power, which dominates Nigeria’s electricity sector.

Omanufeme added: “In all of these, the Company creates direct and indirect employment, while enhancing expertise and technology across the nation’s energy value-chain.

L-R: Head of Marketing, PZ Wilmar, Chioma Mbanugo; Manager Corporate Communications, Seplat Energy Plc, Stanley Opara; and Head of Digital Marketing (B2C) Olam Grains Nigeria, Oladotun Babatunde,  during The Industry Summit & Awards, where Seplat Energy emerged as the Sustainable Energy Company of the Year, held in Lagos … recently.

“This award is to celebrate this Company that has stayed committed to its mission of leading Nigeria’s energy transition with accessible, affordable, and reliable energy that drives social and economic prosperity.”

The award ceremony was attended by leaders across industries in Nigeria, regulators, politicians, and other government leaders. Seplat Energy was represented at the event by General Manager, Finance, Adetaiwo Osindero; Associate General Counsel Corporate & Compliance, Adebowale Eboda; and Manager Corporate Communications, Stanley Opara.

In a related development, The Industry Newspaper at its 2024 Summit and Awards, also announced Seplat Energy as the Sustainable Energy Company of the Year whilst its Director, External Affairs & Social Performance, Chioma Afe, was honoured as the 2023 Industry Pathfinder in Sustainability (Corporate).

The Publication noted that Seplat Energy has demonstrated the capacity to be responsible and adhering to the ethics of the business during the period under review.

Responding to the awards by Daily Independent and The Industry Newspapers, Seplat Energy thanked the publications for the recognition and commended them for their display of professionalism, tact and commitment to developmental reportage over the years.

The company thus reemphasized its resolve to leading energy transition in Nigeria with strong focus on the environment, communities and governance frameworks.  

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos Waste Management Authority (LAWMA), has served 343 contravention notices on construction sites at various locations around the state in the last one year.

Commissioner for The Environment and Water Resources, Mr. Tokunbo Wahab, disclosed this at on-going ministerial press briefing to mark one year of the second term of Governor Babajide Sanwo-Olu Administration, in Alausa, Ikeja.

He said the notices were served on them for not complying with the construction waste regulation procedure supervised by LAWMA.

Wahab added that 354 new introductions notices were issued to construction firms within the same period while enforcement was carried out on 10 recalcitrant sites.

According to him, “LAWMA in the last one year has served no less than 343 contravention notices on construction firms at various locations in the state, for not complying with the rules and regulations governing construction waste management. It is the responsibility of the Construction Demolition and Disaster Waste Department of LAWMA, to work with construction firms, for smooth evacuation of waste generated by them. But some of them are not playing by the rules, hence the notices”.

Speaking further, he said the agency identified 103 black spots around the state, which LAWMA at various times mobilised its operations men to clear.

He said, “It is a sad commentary that despite persistent public awareness, warnings and actual enforcements, some residents still refuse to patronise assigned PSP operators, preferring to dump waste in canals, on road medians and other illegal points. This habit must stop”.

The commissioner also disclosed that LAWMA, through the Ministry of The Environment and Water Resources, had signed an MoU with the State Government and Jospong Group, on waste treatment solutions.

He noted that the MoU entailed identifying existing landfill sites, for proper re-engineering of solid waste management system, to generate employment.

Still on the activities of LAWMA in the last one year, he intimated that the agency had worked with United Nations Industrial Development Organization (UNIDO) and Food and Beverage Recycling Alliance (FBRA), to identify locations for the installation of plastic recycling facilities, adding that the move was aimed at mass removal of plastic items from the environment, and for job creation.

He stated further, that the Marine Unit of LAWMA, had additional 5 rafters within the last one year, to aid the collection of on-shore and off-shore waste.

On markets in the state, he noted that LAWMA had a year round stakeholders engagement, considerably improving hygiene practices, waste containerisation and evacuation among others.

Wahab reminded residents who indulge in defacing the environment, that LAWMA, within the time under review, apprehended and prosecuted about 1,100 defaulters, a majority of whom were sentenced to hours of community service or fined various sums of money.

He contended that to sustain the current momentum of achievements by the agency, stakeholders engagement, public enlightenment must continue on all media platforms, sending messages on efficient waste management best practices to all strata of society.

The commissioner commended LAWMA Academy for continuously expanding its reach of pupils for waste management education, which averaged 1,400 pupils in eight primary schools across the state.

Wahab lauded LAWMA for prioritising 24-hour response time to complaints, urging residents to shun reckless waste disposal at unauthorised locations, to avoid harsh environmental consequences as the rains approach.

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.