News
Nigeria Needs Financial Engineering To Surmount Economic Challenges – Ogomudia
DAN DENT( ASABA)
SPONSORED BY: H&H
Former Chief of Defence Staff, General Alexander Ogomudia (rtd.), on Friday, said Nigeria requires great financial engineering to enable the country resolve the multifaceted economic challenges bedevilling its sustainable development.
General Ogomudia disclosed this at the public presentation/launch of a book titled “200 Most Outstanding Deltans” held at the Unity Hall, Government House, Asaba.
He added that financial engineering was also needed to generatee resources that would oxygenate the economy of the nation as well as the foreign reserves needed for the country to interface with the global economic system.
According to him, the present situation in the country, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals unless the government would continue to take loans.
“We were told that Nigeria needs a total of N13.57 trillion naira to run as a country but we are barely able to generate N5.5 trillion naira in revenue out of which, last year, we spent N4.2 trillion naira on debt servicing thus leaving only N1.3 trillion naira as against N13.57 trillion which we needed to run the country.
“You will agree with me that resolving this kind of economic challenge will require great financial engineering.
“This kind of engineering is also needed to generate resources we need to run our country and the foreign reserves needed for us to interface with the global economic system.
“This situation, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals unless we are going to continue to take loans,” the retired General said.
Speaking on the book (200 Most Outstanding Deltans) jointly authored by Pastors Powell Tos, Kennedy Bienose and Mr Nelson Egware, Ogomudia said the publication was a power house of individuals whose personal achievements are truly outstanding.
According to Ogomudia who was the Chairman at the ceremony, the public presentation/launch of the book, by implication, speaks to the subject of development be it in Delta State, some other states or in Nigeria generally as a country.
“To some people, the event of today is an ordinary one but to me, it is unique and special since it mirrors a perspective to development which recognises achievements, hard work and the idealism of performance per excellence.
“From the names of those who made the list in this first edition, it is clear that putting the list together, like the Secretary said, is a herculean task.
“I am aware that Delta State parades some of the best talents in this country. Therefore, the list would have been a lot longer than what we have now but I believe that subsequent editions, like the Secretary said, would definitely address all that have been ommitted,” he said.
While congratulating the outstanding personalities, Ogomudia noted that their recognition through the publication, was a further manifestation of a little mustard seed which, he said, was planted by Governor Ibori at the onset of democratic governance in 1999, adding that Ibori set the stage for the recognition of Deltans who were able to make it to the top of their careers.
“Today’s event, therefore, marks another dimension in performance and recognition of individual achievements since it has some historical perspectives through the launching of this book.
“The 200 outstanding Deltans who made the list, have made history today. Indeed, their achievements and joint contributions made today’s event possible. If they didn’t achieve, l am sure nobody will waste his time trying to put together a list,” he stated.
“Occasions like this, according to him, work for our youth because they are our hope for the future, adding that they must recognise that the profound challenges of the future which stretched before them are enormous.
“To this extent, you must note that every generation has its own challenges and yours, l doubt if it could be an exception.
“If you are prepared to play any role of your own which off course, you must do, you must recognise that the future is already here with most economies now being technologically driven.
“In addition, competition for the best jobs and industries will come from the cutting edge technologies which you must endeavour to play a role.
“The challenges will also include mind bogging inventions that are coming up daily which are also knowledge driven for which you must prepare yourself adequately,” Ogomudia said, pointing out that the event should serve as a catalyst that will spur the youth into working hard in order to meet the challenges ahead.
In his remarks at the ceremony, Governor Ifeanyi Okowa thanked the authors of the book for their painstaking effort in putting the book together.
The Governor who was represented by his deputy, Deacon Kingsley Otuaro said in a population of about 6 million people that are outstanding in their different respect, picking 200 most outstanding “is undoubtedly, a very painstaking work.”
“l want to use this opportunity to say that whoever that is there, is there in a representative capacity of the fact that we are all true Deltans and we are all winners,” he added.
Earlier in his welcome speech, the Secretary of the organising committee, Pastor Kennedy Bienose disclosed that the book is a document for posterity, adding that there would be subsequent editions, even as he said that the e-version of the book would be available soon.
The book reviewer, Godfrey Ubaka who is the Editor-In-Chief of The Pointer Newspaper said the book which was lucidly presented was aimed at celebrating excellence.
The highlight of the ceremony was the unveiling of the book by the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu and Speaker of the State House of Assembly, Chief Sheriff Oborevwori, among other dignitaries.
News
Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion
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.
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.
News
Tree4Life Project: NEPL/Seplat JV, Edo Sign Reforestation Agreement
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.
-
News5 years agoBreaking: ‘Penalty’ Crooner Small Doctor Caught in Possession of Fire Arms
-
News5 years agoTiffany Trump Is Dating a Millionaire Michael Boulos From Nigeria
-
News5 years agoPDP Set To Cause Panic Days To Polls: FG
-
News5 years agoINEC Engages EFCC, FIU In Tracking Campaign Funding
-
News2 years ago
INEC Publish Final List of Candidates For 2022 Osun Governorship Poll
-
Politics5 years agoPDP Alleges Plot by APC, Presidency to Detain Its Leaders
-
Politics5 years agoOsinbajo Has Betrayed Yorubas, Says Afenifere
-
Politics5 years agoLagos Commissioner Decamps To PDP