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Tinubu’s Response To Obasanjo Dripped With Hypocrisy

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Eniola Olayemi

 

All Progressives Congress (APC) stalwart Asiwaju Bola Tinubu has said  former President Olusegun Obasanjo has no moral right to accuse anybody of rigging.

Obasanjo accused President Muhammadu Buhari of planning to rig the February 16 election.

Tinubu, in a statement yesterday, said: “By hook, crook or utter fantasy, Obasanjo seeks to return to Aso Villa, not as an irritating, importuning guest but as a long-term resident. He wants to be back in control.  If he cannot be president, then the president better carve from his office a special room for Obasanjo.

“Obasanjo thinks he is more than the greatest Nigerian. He thinks himself greater than Nigeria itself. Unless he is allowed to lead the procession, he will groan, grouse and grit. However, neither President Buhari nor the progressive APC have much use for his reactionary policies and his megalomaniac ways.

“Thus, we shall be forced to endure more of his letters. But enduring such missives is vastly superior and small price to pay for not having to endure a repeat of his unenlightened misgovernance.”

To Tinubu, the former leader is at war against his deeds and the least qualified to complain about rigging.

According to him, Obasanjo is unrivalled in the history of election manipulation; a record he said was confirmed by the former president, the late Umaru Yar’Adua, who succeeded him in 2007.

Obasanjo had in a 16-page statement on Sunday alleged that Buhari was manipulating the electoral process to perpetrate himself in office like the late Head of State Gen. Sani Abacha.

Tinubu, who is the Co-Chairman of the All Progressives Congress Presidential Campaign Council, said the former president was projecting on to the APC the misconduct he would have perpetrated if still in power.

“Yet, the ways of Obasanjo are not those of the APC. And this difference has meant the better for Nigeria,” Tinubu said yesterday in his strongly-worded response in which he described the former president as an election rigger without peer.

He said: “There is no election which occurred under Obasanjo’s watch or in which he participated that did not involve cheating on his part. Even, the late President Umaru Musa Yar‘Adua admitted he was the beneficiary of a flawed election engineered by none other than today’s vociferous complainant.”

The riposte, personally signed by the former Lagos State governor, has its title as: “Chief Obasanjo – At war against his own deeds”.

Tinubu’s statement reads: “Former President Obasanjo is many things to many people; but he is all things unto himself. His recent contribution to our political discourse wherein he alleges plots to steer the coming elections shows he benefits from an exceedingly faulty memory, is purely shameless or has a most wicked sense of humor. Perhaps all three are facets of his makeup and were equally on display in his latest prosaic display.

“The crux of his long tirade was the allegation that INEC is poised to cook the election results. Chief Obasanjo should not get his dander up and waste good ink for nothing. This election will be a free and open exercise of the people’s right to choose their leaders.

“Obasanjo makes fiery allegations against this right but offers no corroborating evidence; he presents only reams of words. This is because Obasanjo is projecting onto the APC the misconduct he would wrought if still in power. Yet, the ways of Obasanjo are not those of the APC. And this difference has meant the better for Nigeria.

“Moreover, Chief Obasanjo should be the last to complain about election rigging. His administration was an unalloyed miscarriage of justice and of the best aspirations of the Nigerian people.

“This man should have positioned himself to be the father of the nation. All the goodwill that could be granted a political figure was bestowed on him.  The global economy was such that it fueled our growth.

“Everyone wanted Nigeria to succeed after emerging from years of noxious military rule. Despite the flawed exercise that rendered him president, we all bit our tongues in hope that he would say and do the right things that would move Nigeria forward.

“Instead of being a unifying figure as Commander-in-Chief, he lowered himself to being a divisive, vindictive conniver. There was no table which he neared that he did not upset and overturn. There was no one who came into his company for any period of time with whom he did not fall out if he expresses a thought contrary to one of his.

“He tried to convert our young democracy into a one party state. His PDP boasted that they would rule for 60 uninterrupted years. Never did they boast that they would govern us well during even one year of the sixty.  He could have placed the economy on the path to durable growth and shared prosperity through diversification, industrialisation and creation of a social safety net for the poor.

“Instead, he handed the economy over to a tight group of cronies, turning what should be a modern economy into a version of the mammoth trading companies that dominated the 17th and 18th century. The Transcorp conglomerate was intended to be a throwback to monopolistic enterprises, such as the East Indian Company wherein a select handful would control the national economy’s strategic heights.

“We hoped that Obasanjo would personify statesmanship, thus showing the way to a more benign political culture. Instead, he bickered and feuded with his vice president and mostly anyone who dared remind him that he was human and thus infallible.

“Given the vast margin between the good he could have achieved and the nebulous feats that comprise his true record, Chief Obasanjo is the person most responsible for the flaws in the Nigerian political economy since 1999. His ego is as expansive as the firmament but his good deeds would fit into a modest sachet with ample room to spare.

“The worst of Obasanjo’s record, I have yet to describe. When it comes to elections, he has been a rigger without peer. There is no election which occurred under Obasanjo’s watch or in which he participated that did not involve cheating on his part. Even the late President Umaru Musa Yar ‘Adua admitted he was the beneficiary of a flawed election engineered by none other than today’s vociferous complainant. For Obasanjo to lament over electoral malpractice is tantamount to the ocean complaining that a few raindrops are causing it to get wet.

“In his writing, Obasanjo alleges the Osun election indicates rigging will take place in the coming contests. Let’s go straight to the truth, Obasanjo has no grievance with the process. His personal history suggests fair process is the least of his concerns.

“What knocks Obasanjo off kilter is that he could not dictate the result in Osun. He told those in the PDP that he held sway in Osun and throughout the Southwest. They believed him. He led them to defeat, notwithstanding the almost impossible voter turnout in PDP strongholds in that state. Obasanjo can only win an election when he has the final say over the final vote tally. Otherwise, he is a troubled man.

“In an attempt to relieve his trouble, Chief Obasanjo makes reference to a joke about INEC. He says, “The INEC was asked if the Commission was ready for the election and if it expects the election to be free, fair and credible. The INEC man is reported as saying in response, ‘we are ready with everything including the results.’”  The joke has a touch of humor; we are glad that Obasanjo is not completely devoid of this most human of traits. However, he makes a telling omission by failing to give you the vintage of this bit of sarcasm.

“The jest was not born last week. Its vintage is circa 2003- a time when a certain President Obasanjo rode roughshod over INEC. He would summon the nervous INEC chairman to the Villa, proceeding to hector the man until he gave way to Obasanjo’s demands.

“At Obasanjo’s urging, INEC improperly published fake election results on the gubernatorial race in Lagos.  Not until a public outcry did INEC back away from rigging Lagos. A similar attempt was made in Lagos in 2007. In essence, for Obasanjo to laugh at this joke means he has belatedly developed the ability to laugh at himself.

“If Obasanjo was so committed to free elections, how could he countenance Atiku’s recent boast of single-handedly rigging elections in the Southwest. Atiku claimed that he took all states for the PDP but left Lagos alone due to some misguided affinity for me. By this statement, Atiku publicly admitted to rigged elections in the Southwest.

“Beyond resort to wholesale rigging, Atiku could never deign to be more popular and potent in the Southwest than the panoply of good and decent leaders that guided the defunct Action Congress (AC). Moreover, I can assure you that we did not need Atiku’s false beneficence to win the elections in Lagos.

“The people voted for us and their votes countered the ill-designs Obasanjo and Atiku set in motion. Thus, if Obasanjo cannot chastise Atiku for publicly boasting that he rigged elections, then Obasanjo’s display of righteous indignation is but a magician’s trick.

“His fine words and sentiments come a dozen years too late. These noble things would have greater effect had he placed them into practice when he was at the helm of affairs. At that time, he was powerful so he did as he might. Now that he lacks power, he has taken to preach that which he never did.

“In his commentary, he mentions that INEC has a record of past rigging. I wonder if he understands the admission he makes. No other president has exercised such tight control over INEC for as many years as Obasanjo. No president has had the domineering relationship with INEC that Obasanjo enjoyed. If there are reports of past INEC rigging, those reports are of Obasanjo’s making. It is the irony of ironies for Obasanjo to complain of the fruit on the table when his was the hand that planted the tree.

“Chief Obasanjo tries to further confuse matters by pointing to the case of the CJN’s assets declaration as evidence of future vote-rigging via tampering with the judiciary. Again, Obasanjo goes into a personality shift.  For years, Obasanjo has boasted of himself as our corruption fighter nonpareil.

“The very aim of this current letter is to attack imagined INEC malfeasance. Yet, with regard to the CJN, he blithely ignores the large cache of dollars in the CJN’s account and the millions of dollars that passed through the accounts. Obasanjo seems unbothered by the unexplained presence of such sums. Perhaps Obasanjo’s nonchalance regarding the money is that he expected the funds there because he knows both the origin and reasons for the trove.

“Chief Obasanjo sinks so low as to suggest that the VP, during the exercise of his official duties, was taking the PVC numbers of market women and traders.  This statement reveals the bilious nature of the man. Obasanjo even quotes the notorious Bode George in claiming that the VP  was ‘gutting our collective treasury’ by giving loans of N10,000 to market women under the administration’s empowerment programmes.

“What? Giving money to poor people to enhance their lives and escape the maw of poverty is, by PDP metrics, gutting the collective treasury.  If helping the poor is gutting the treasury, Atiku’s privatising large chunks of the economy into his own pocket must have been seen by the PDP as a vital public service.

“Jonathan and his Petroleum minister’s siphoning government coffers of several billion dollars to enrich the already-rich must have been viewed by the PDP as the epitome of a social safety net. Obasanjo’s and the PDP’s disdain for the common person could not be clearer.

“Obasanjo should be ashamed to even raise this issue.  When he was president, the economy was on an easy sledding due to positive global trends. Obasanjo did not raise a finger to do anything for the poor.

“He and Atiku were champions of trickle-down economics. If anything good trickled down to the poor it was by accident. Obasanjo left the poor unattended because he cared nothing for them. Poverty increased under his cold indifference. Not one meaningful social programme was established during his watch.

“The banking and pension deregulation he brought were geared to profit the wealthy CEOs and managers of these financial entities. The malpractices attendant to these deregulation fiascos extinguished the savings of millions of Nigerians.

“In reliance on these artifices of Obasanjo and his ilk, many Nigerians were thrust down the lower rungs of the poverty they so desperately sought to avoid. Obasanjo’s allies gobbled the savings of the poor and still feast on them to this day.

“Chief Obasanjo is one of the last people to preach to anyone about using public funds to care for the poor. He had the gall to fret that funds should not be given to the urban poor because they are not poor enough.

“But his grouse does not show any defect in the administration’s programme. His complaint shows the defect in Obasanjo’s humanity or lack of it. To complain that some people are not poor enough for his liking is to reveal that seeing human suffering does not motivate him to cure it.

“He would rather that people suffer it the more. Your unease and distress becomes his entertainment or at least evidence he is superior to the common man.  Watching a laborer struggle against penury is no more than a spectator sport for Obasanjo.

“The most fantastic of all his claims is that this administration has returned Nigeria to the days of Abacha. If this were true, the press would be constantly closed. Obasanjo would be constricted in writing such letters. Elections would not be upon us. Atiku would not be able to freely campaign and the diversity of opinion in the public space would be suppressed.

“For Obasanjo to utter such an outrage is that he hopes lighting strikes twice. He was ushered into office after Abacha’s demise. He thinks if he can invoke Abacha’s name, the same thing will happen again.

 

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

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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.

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AEDC Partners with Government and Stakeholders to Tackle Power Challenges in Nasarawa and Niger State.

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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.

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

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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.

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