News

CSR Reporters’ Philanthropic Awards on Social Impact and Sustainability Practices in Nigeria: The Journey So Far

Published

1 year ago

December 23, 2022

By, Eche Munonye

The third edition of the CSR Reporters’ Philanthropic Awards on Social Impact and Sustainability Practices in Nigeria was held on November 26, 2022, at LCCI Auditorium, Alausa, Ikeja, Lagos to great acclaim.

The 2022 edition followed our tradition of celebrating individuals and corporate organizations that, in the year, made impacts in Corporate Social Responsibility and sustainability practices in various categories, in both private and public sectors.

The publication has instituted these social impact and sustainability awards to recognize corporate initiatives in the area of corporate social responsibility (CSR) to achieve inclusive growth and inclusive and sustainable development.

Although there is still a lot of vagueness and instability about what corporate social responsibility truly implies and additionally what drives a business to seek it; whatever the inspirations driving corporate social responsibility endeavours, they are not far off from the desire to achieve organizational goals.
Although still mostly discretionary and philanthropic and characterized by donations, charities and community developments, CSR initiatives in Nigeria are beginning to be strategic, providing a thorough engagement of businesses in society and nation-building.

The CSR Reporters Philanthropic Awards on Social Impact and Sustainability Practices was instituted to celebrate those organizations and well-meaning individuals who are at the forefront of the laudable culture of helping to build a better society for all.

Since 2018, CSR Reporters has been the main organizer of this annual event, receiving 200 award nominations every year.

The prestigious awards given under various categories are much sought-after by corporate entities in Nigeria, most of which are leading ethical organizations engaged in sustainability and corporate social responsibility initiatives.

The award ceremony honours and celebrates the outstanding achievements of organizations that have played pivotal roles as change agents in the nation’s socio-economic transformation and prosecute noble initiatives to promote sustainable economies in Nigeria and serve society.

With a deep desire to create logic and transparency in the entire process, CSR Reporters constituted the Awards Steering Committee, co-chaired by the President of the International Network for Corporate Social Responsibility and the Director of Impact Assessment at the Federal Ministry of Environment.

The Steering Committee has representation from Government, NUJ, Nigerian Bar Association, NECA, and NACCIMA.

A detailed operational strategy outlining the application process and field verification of applications/ nominated entries through an independent panel is approved by the Steering Committee for due diligence and operational openness.

The judges review all nominations through the provided online system, hosted on www.csrreportersawards.com, before getting together for the final judging day.

The list usually has the Person Of The Year (POTY). This year, 2022, the renowned economist and Africapitalist proponent, Tony Elumelu is the CSR Reporters Person of the Year. He joined the CSRR POTY Alumni of Abdul Samad Rabiu (2020) and Allen Onyema (2021).

Each year, without reinventing the wheel, we easily find new entrants who are making a difference on the CSR scale and as well sustaining their efforts. Some names returned to the list every year.

They remain as constant as the Northern Star. What is so heartwarming is the realization that corporate Nigeria is taking sustainability seriously as a cornerstone of its activities and businesses.

Organizations like Dangote Cement, BUA Foods, BUA Cement, IHS Nigeria, AIICO Insurance, IN-CSR, Leadway Assurance Plc, First Bank Nigeria, Fidelity Bank Plc, TGI District, FCMB, Interswitch Nigeria, Recare Cosmetics, Cybele Cosmetics, Ikeja Electric Plc among others have all won the prestigious awards in different categories.
Our focus is well-founded. Sustainability is organic―it encapsulates environmental, corporate and social dimensions.

With a plethora of natural problems triggered by climate change and exacerbating social problems, it is becoming clearer that if we want a better world, individuals, corporates and governments have to become sensitive, responsive and responsible to their natural, economic and social environment.

Indeed, the future of the world rests on how these responsibilities are fulfilled to achieve a good balance in environmental quality, economic equilibrium and social dynamics in which we exist.

Only then, too, will there be reduced costs and increased profits (the holy grails that businesses pursue endlessly) as well as employee satisfaction and enhanced social responsibility, the panacea to all ills. Steadfastness to the canon of social responsibility and sustainability will ultimately lead to the easy attainment of the UN Sustainable Development Goals. Therefore, it is a cause worthy of pursuit.

Additionally, the CSR/Sustainability spectrum is vast, varied unmonitored and also evolving. There is a need for watchers.

CSR Reporters has taken up the role of a watcher in this space, serving as a compass to point out areas that need attention and recognizing entities who are trailblazers, dynamos and emergents in sustainable CSR.

We aim to spotlight trends and encourage actors to improve. In three years, we have been able to set agenda and bring the CSR and sustainability topic to the front burner.

We shall continue to drive the process in the country and the continent.

News

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

Published

15 hours 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

16 hours ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

News

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

Published

1 day 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.