News

Another More Suspicious Fund Allegedly Found In CJN Onnoghen’s Account

Published

5 years ago

January 23, 2019

Eniola Olayemi

Detectives may have found more “suspicious” funds in Chief Justice of Nigeria (CJN) Walter Onnoghen’s accounts, The Nation has learnt.

There are also “suspicious” transactions, including an $800,000 Standard Chartered Bank investment subscription, sources said.

Also found is $630,000 lodged in some of the accounts through what is described as “structured payments” in tranches of $10,000 each.

Most of the lodgments, affected between 2012 and 2016, were undeclared in Justice Onnoghen’s assets declaration form, the sources claimed, pleading not to be named because of the “sensitivity” of the investigation.

The Nigerian Financial Intelligence Unit (NFIU) has restricted the operation of five accounts with about $3million

The accounts in the Standard Chartered Bank are USD No. 870001062650; Euro account No. 93001062686; Pound Sterling A/CNo. 285001062679; e-Saver Savings (Naira) account No. 5001062693; and a Naira A/C No. 0001062667.

Detectives believe that most of the lodgments and transactions are “suspicious”.

The Nation has stumbled on an intelligence report on the CJN’s accounts, which reads in part: “Pattern of structured payments of $10,000.00 each in 2012. For example, a total of $630,000.00 was credited to the accounts using this pattern.

”Similarly structured payments of $10,000.00 amounting to $297,800.00, $50,000.00 and $36,000.00 were deposited in the account in 2013, 2015 and 2016 respectively.

“There was also a credit of $121,116.00 into the account from 2014 to 2016 from Life Friend Plc. The payments were in four installments, of $30,279.00 each. These payments suggest the suspect has investments.

“A payment at $482,966.00 from Alicia Redemption Pro and shortly after, $800,000.00 was invested in SCB Investment subscription. We are in the process of verifying these transactions;

“Other suspicious transactions in the account are credit of $19,764.00 from Pur of Noble and seven (7) payments of $3,250.00, each amounting to $22,750.00 from Lloyds TSB.

On the pound sterling (GBP), the investigative team discovered “a self- transfer of £40,268.40 into the

Account on May 31 2016.”

“There were also self-deposits by the suspect of £49,760.00 from July 2015 to September, 2016

but the balance as at September 30, 2016 was £108,348.00,” the report added.

Regarding the Naira account, the report said: “The following highlights some of the suspicious activities in the account: A transfer of N41, 262.000.00 ($260,000) was made from the dollar account. The money was used to make payment of N41million to Ad hoc Committee on the Sale of Federal Government Houses, suggesting that he bought a property with proceeds of the transfer;

“The only other significant transactions in the accounts are six (6) structured cash payments of N500,000.00 each and one payment of N700,000.00 amounting to N3.7mlllion from November, 2013 to August, 2016.

All the transactions, sources said, are being investigated whether or not they violated the “Revised Code of Conduct for Judicial Officers of the Federal Republic of Nigeria” which was put in place by the National Judicial Council.

Sections 7 and 13(4and5) of the Code of Conduct deal with financial interests.

Section 7 reads: “7.1 A Judge shall inform himself or herself about his or her personal and fiduciary financial interests and shall make reasonable efforts to be informed about the financial interests of members of the Judge’s family in respect of matters for adjudication before him.

“7.2 If it appears in respect of a matter before him or her, that the Judge, or a member of the Judge’s family or other person in respect of which the Judge is in a fiduciary relationship, is likely to benefit financially, the Judge has no alternative but to withdraw from the case.

“7.3 For the purpose of this rule, “Financial interest” includes ownership of a legal or equitable interest, however small, or a relationship as director, advisor, or other active participants in the affairs of an institution or organization. The following are not to be regarded as financial interests:

The proprietary interest of a policy holder in a mutual insurance company, unless the outcome of any proceeding could substantially affect the value of the interest.
Ownership of government securities unless if the outcome of any proceeding could substantially affect the value of the security.

“For the purpose of the Rules contained in this Code –

(a) “Fiduciary” includes such relationships as executor, administrator, trustee and guardian;

(b) “financial interest” means ownership in a substantial manner of a legal or equitable interest, or a relationship as director, adviser or other active participation in the affairs of a party except that:

(i) ownership in a mutual or common investment fund which holds securities, unless the Judicial Officer participates in the management of the fund;

(ii) an officer in an educational, religious, charitable or civil organization is not a “financial interest” in securities held by the organization;

(iii) the proprietary interest of a policy holder in a mutual savings’ society or similar proprietary interest, is a “financial interest” in the organization only if the outcome of the proceedings could substantially affect the value of the interest; and

(iv) ownership of government securities is a “financial interest” in the issues only if the outcome of the proceedings could substantially affect the value of the securities.”

Section 13.4 and 5 deal with Business and Financial Activities of judges.

Section 13. 4 says: (i) A Judicial Officer may own investments and real property PROVIDED that in the management of his investments, he shall not serve as an officer, director, manager, general partner, adviser or employee of any business entity.

(ii) Otherwise permissible investment or business activities are prohibited if they:

(a) Tend to reflect adversely on judicial impartiality,

(b) Interfere with the proper performance of judicial duties,

(d) Involve the Judicial Officer in frequent transactions with legal practitioners or with people likely to come before the Judicial Officer’s court.

13.5 Acceptance of Gifts

A Judicial Officer and members of his family shall neither ask for nor accept any gift, bequest, favour or loan on account of anything done or omitted to be done by him in the discharge of his duties.

A Judicial Officer is, however, permitted to accept:

(i) Personal gifts or benefits from relatives or personal friends to such extent and on such occasions as are recognized by custom.

(ii) Books supplied by publishers on a complimentary basis.

(iii) A loan from lending institution in its regular course of business on the same terms generally available to people who are not judicial Officers;

(iv) A scholarship or fellowship awarded on the same terms applied to other applicants.”6

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.