AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transcorp Hotels Plc, the hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), has sustained its remarkable financial performance as shown in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The company recorded a 72% increase in revenue to N13.8 billion compared with N8 billion reported in Q1 2023.  

Highlights of Transcorp Hotels Q1 2024 Results
Q1 2024 RevenueN13.8 billion, up 72%, in comparison with N8 billion reported in Q1 2023.

Profit before Tax rose by 568%, amounting to N6 billion in Q1 2024, compared to N911.6 million during the same period last year.

Profit after Tax grew by 844 % year-on-year to N5 billion in Q1 2024, compared to N531 million in the same period last year.

Occupancy grew to 82% in Q1 2024, up from 75% in Q1 2023.

Commenting on the Q1 results, Oluwatobiloba Ojediran, the Chief Financial Officer said, “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge.

We have continued to break our own revenue records and outperform industry performance on all indices”.  
Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola said, “Our excellent first quarter performance marks the beginning of another great year for our company.

We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74% and profit growth in excess of 844%”.

“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”

About Transcorp Hotels Plc 
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors.

Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels. www.transcorphotelsplc.com 

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Shareholders of Zenith Bank Plc unanimously approved the restructuring of the Bank to a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday, April 26, 2024.

The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (Right) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Left) during a court-ordered Extraordinary General Meeting (EGM) held virtually from the Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday.

in accordance with the Scheme of Arrangement dated March 28 2024, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank Plc to Zenith Bank Holding Company Plc (the HoldCo) in exchange for the allotment of 31,396,493,787 ordinary shares of 50 Kobo each in the share capital of the HoldCo in the same proportion to their shareholding in the Bank. Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR.

The shareholders also approved that all of the shares held by the nominees of the Bank in Zenpay Limited, a direct subsidiary of the HoldCo, together with all rights and liabilities attached to such shares, be transferred to the HoldCo. The Board of Directors were also authorised to delist the shares of the Bank and the Existing GDRs from the official list of the Nigerian Exchange and the London Stock Exchange respectively as well as re-register the Bank as a private limited company under CAMA Act 2020.

In his remarks during the EGM, the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unwavering commitment, which has been instrumental in the Bank’s outstanding performance over the years. He expressed his delight at witnessing the transition of the Bank to a holding company, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.

Also speaking during the EGM, Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive, lauded the Founder and Chairman, Jim Ovia, CFR, for his pivotal role in creating an institution that has consistently been a trailblazer in the nation’s financial services industry. Dr. Onyeagwu expressed his optimism about the Bank’s growth trajectory in the coming years as it transitions into a holding company structure.

According to him, “The HoldCo structure presents an opportunity for us to unlock value for shareholders in terms of opportunity in other sectors beyond banking. The first part is Fintech, where we have already received the approval and the license from the Central Bank of Nigeria (CBN), which we are launching soon. It is going to be focusing on an area that we know has not been touched on by anyone. So it is more like us finding an open wide space where we can begin to operate, and with a HoldCo, what that means is that we have an opportunity to diversify our investment. We can begin to look at other business verticals that were restrained by the kind of authorisation we have. So, it presents a big opportunity for us to have a wider lens and scope in terms of what we can do. It will also position us to think of opportunities beyond Africa. We will be looking at key business verticals that have the potential to enable us to create value for shareholders.”

On the recapitalisation plan of the Bank, Dr. Onyeagwu stated that the Bank is on course to receive the needed shareholder’s approval in the forthcoming Annual General Meeting (AGM) slated for May 8, 2024, which will kickstart its capital raising effort in line with the CBN directive. He expressed confidence in the Bank’s ability to raise the stipulated capital, stating that amongst its peers in the industry, Zenith was expected to raise the least amount due to its already robust capital base.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Limited, delivered an enlightening discourse on leadership during the prestigious Lagos Leadership Summit 2024, powered by the Lateef Jakande Leadership Academy, shedding light on the profound essence of effective leadership and its transformative impact on society. 

At the heart of Suleiman’s message was the concept of leadership as a catalyst for change—a force that propels individuals and organizations towards a shared vision of progress and prosperity. He eloquently articulated that leadership transcends mere management; it is about inspiring others to embrace a compelling vision of the future and empowering them to contribute meaningfully toward its realization.

Drawing from his wealth of experience, Suleiman emphasized the importance of purpose-driven leadership—a leadership style rooted in a deep sense of mission and conviction. He underscored that true leaders are not just managers of the status quo; they are visionaries who dare to imagine a better world and possess the courage to pursue that vision relentlessly.

Throughout his address, Suleiman explored the multifaceted nature of purpose, examining its manifestations in various spheres of life. He delved into the dynamics of family leadership, highlighting the timeless principles of sacrifice, dedication, and unconditional love that characterize effective parental leadership. Similarly, he underscored the profound influence of religion, emphasizing the role of faith in inspiring individuals to strive for a higher purpose and contribute to the common good.

Furthermore, Suleiman introduced the Japanese concept of Ikigai—a philosophy that encapsulates the intersection of passion, vocation, mission, and profession. He elucidated how identifying one’s Ikigai is a compass for navigating life’s complexities, guiding individuals to a fulfilling existence driven by purpose and meaning.

To addressing the pervasive issue of entitlement versus gratitude, Suleiman offered profound insights into the corrosive effects of entitlement on leadership effectiveness. He challenged the prevailing culture of entitlement, urging individuals to cultivate a spirit of gratitude and humility. According to Suleiman, true leaders are not defined by what they expect to receive but by what they are willing to give. They embody a spirit of selflessness, service, and sacrifice—a willingness to put the needs of others above their own.

In conclusion, Suleiman’s discourse brought to the fore timeless principles of purpose-driven leadership, gratitude, and sacrifice as essential attributes of effective leadership. His compelling insights serve as a clarion call to aspiring leaders everywhere, urging them to embrace their innate potential to lead with vision, integrity, and compassion.

About Sterling Bank
Sterling Bank is a leading financial institution committed to driving economic growth through innovative financial solutions. With a focus on empowering businesses and individuals, Sterling Bank has consistently played a pivotal role in the development of the Nigerian economy.