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Transcorp Hotels Plc Delivers Exceptional Growth with Outstanding Performance Achieving – 172% PBT Growth and N31.4bn Revenue

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transcorp Hotels Plc (NGX: TRANSCOHOT), the hospitality subsidiary of Transcorp Group, has reported its financial results for full year 2022.

August24news.com gathered that the

company reported a profit before tax (PBT) of N4.5 billion, a 172 percent increase year-on-year, having ended 2021 with a PBT of N1.7 billion. It also reported a 47 percent growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year, and a N2.6 billion profit after tax.

With the hike in costs of supplies caused by negative macro-climate, continued efforts to drive cost efficiencies resulted in an improved net profit margin which doubled from 7% in 2021 to14% in the year 2022.

The company recorded about 2% increase in finance costs over the previous year despite the cessation of the previously enjoyed COVID-19 concessions on interest rate granted by lenders.

Commenting on the results, Dupe Olusola, Managing Director/CEO, Transcorp Hotels said “This impressive achievement is the highest revenue generated since the inception of the Company.

The full-fledged return of the International Business Travel segment and the bolstering leisure segment contributed immensely to this performance. We continuously strive to achieve a dynamic mix of schemes to efficiently manage hotel occupancy and guest experience,”

“Our excellent financial performance in 2022 is the direct result of our concerted efforts and commitment to deliver value to our stakeholders and customers. In 2023 and beyond, we will build on our strengths, stay agile; optimise our existing businesses, while identifying new opportunities.

“We remain committed to redefining hospitality in Africa through innovation and exceptional services as we unlock value for all our stakeholders,” Olusola added.

The board of the company has approved that the sum of N1.33 billion be paid to shareholders as dividends for the year ended December 31, 2022, which is subject to the shareholders declaration at its Annual General Meeting.

Transcorp Hotels has a combined 5000+ rooms, both in ownership and management through its online booking platform Aura by Transcorp Hotels.

With Aura by Transcorp Hotels, users can book top quality hotels, unique homes and experiences from all parts of Nigeria. Aura by Transcorp Hotels is available on Google Play and Apple App store, and on web via aura.transcorphotels.com.

About Transcorp Hotels Plc. 
Transcorp Hotels Plc.  is one of Africa’s leading hospitality companies, committed to redefining hospitality on the continent.

Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking homes, hotels and memorable lifestyle experiences.
 
 Find more at www.transcorphotels.com

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Kwara Court Jails Tailor for Impersonating, Defrauding EFCC Investigator

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Kwara Court Jails Tailor for Impersonating, Defrauding EFCC Investigator

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, has sentenced a 27-year-old fashion designer, Haruna Musa Tolani, to 12 months imprisonment for impersonating and defrauding Callitus Egwuonwu, an investigating officer with the Economic and Financial Crimes Commission, EFCC, Ilorin Zonal Directorate.

Tolani, an indigene of Ilorin East Local Government Area of Kwara State, was initially arraigned on a two-count charge bordering on impersonation and cybercrime on January 28, 2025 and pleaded not guilty, but later changed his plea to guilty after overwhelming evidence was presented by counsel to the EFCC, Sesan Ola.

Count one of the charge reads:

“That you Haruna Musa Tolani in August,2024 at Ilorin within the jurisdiction of this Honourable Court with intent to defraud, misrepresented yourself via electronic message sent through unstructured supplementary service data (USSD) to Access Bank Plc. With respect to account number 0022643389, property of Mr Callistus Egwuonwu, with which you purchased N20000.00( Twenty Thousand naira) worth of MTN data which resulted into loss to the owner of the account and you thereby commit an offence contrary to and punishable under Section 14(2) of the cybercrime (Prohibition and Prevention) Act, 2015”

Similarly, count two reads:

“That you Haruna Musa Tolani sometime in August,2024 at Ilorin within the jurisdiction of this Honourable Court fraudulently impersonated one Callistus Egwuonwu via electronic message sent through unstructured supplementary service data (USSD) to Access Bank Plc with respect to account number 0022643389, property of Callistus Egwuonwu with intention to purchase MTN data worth Twenty Thousand Naira (20,000.00) which you did purchase and thereby committed offence contrary to Section 22(2)(b)(ii) of the cybercrime (Prohibition and Prevention) Act,2015 and punishable under Section 22(2)(b)(iv) of the same Act”

In his judgment, Justice Awogboro imposed a 12-month custodial sentence on Tolani with an option of a fine of N200,00( Two Hundred Thousand Naira). The court also ordered the forfeiture of a First Bank manager’s cheque of N200,000 in favour of the victim and directed the convict to restitute the sum of N20,000, the amount he fraudulently obtained.

Tolani bagged his imprisonment when he was arrested for internet fraud. He was charged to court, pleaded guilty and convicted.

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Two Truck Drivers Jailed for Illegal Possession of Minerals in Ilorin

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Two Truck Drivers Jailed for Illegal Possession of Minerals in Ilorin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin, Kwara State, on Thursday, May 15, 2025 convicted and sentenced two truck drivers, Abdulkareem Hussaini and Aliyu Ladan to one-year imprisonment each for unlawful possession of solid minerals.

They were arraigned on one-count separate charges by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.

The charge against Hussaini reads:

“That you, Abdulkareem Hussaini on or about the 11th day of June 2024, at Ballah Asa Local Government Area of Kwara State, within the jurisdiction of this Honourable Court, without lawful authority, comes into possession of minerals to wit: Thirty-Five Tonnes of mineral, conveyed in a Layland DAF Truck, with registration number KTG 54 XB and thereby committed an offence contrary to and punishable under Section 1 (8) (b) of the Miscellaneous Offences Act, 1984”

Similarly, Ladan’s charge reads:

“That you, ALIYU LADAN, on or about the 13th day of September, 2024 at Ballah, Asa Local Government Area, Kwara State, within the jurisdiction of this Honourable Court, without lawful authority, comes into possession of minerals to wit: 30 tons of mineral, conveyed in a SINO truck, with registration number: FTA 981 XB and thereby committed an offence contrary to and punishable under Section 1(8) (b) of the Miscellaneous Offices Act, 1984”

The defendants pleaded guilty to their respective charges when they were read to them.

Following their pleas, counsel to the EFCC, Sesan Ola, reviewed the facts of the case, tendered evidence and thereafter prayed the court to convict the defendants accordingly.

In his judgment, Justice Awogboro sentenced Hussaini and Ladan to 12 months in prison with an option of fine of N1 million each. The judge also ordered that the solid minerals recovered from the convicts at the time of arrest be forfeited to the Federal Government.

The convicts started their journey to the Correctional Centre when they were found in possession of large quantities of minerals without valid authorization, an act that violates Section 1(8)(b) of the Miscellaneous Offences Act, 1984.

They were charged to court, pleaded guilty to their charges and convicted.

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Adjudication Kicks Off for The Nigeria Prize for Science

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Adjudication Kicks Off for The Nigeria Prize for Science

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H


Momentum is building and adjudication is set to commence for the 2025 edition of The Nigeria Prize for Science, with 112 entries handed over today to the Prize’s Advisory Board for onward transmission to the judges.

Caption: (L-R): Anne-Marie Palmer-Ikuku, Manager, Corporate Communications and Public Affairs (NLNG); Dr. Sophia Horsfall, General Manager, External Relations and Sustainable Development (NLNG); and members of The Nigeria Prize for Science Advisory Board – Prof. Barth Nnaji (Chairman), Chief Dr. (Mrs.) Nike Akande (Member), and Prof. Yusuf Abubakar (Member) during the handover of entries for the 2025 edition of NLNG-sponsored prize held in Lagos…on Tuesday.
The Nigeria Prize for Science, arguably Africa’s richest and most prestigious science award, is worth $100,000.

The 2025 edition features the theme “Innovations in ICT, Artificial Intelligence (AI) and Digital Technologies for Development,” seeking solutions to bolster Nigeria’s digital economy.

Sponsored by NLNG, the Prize attracts entries from scientists worldwide (Nigerians and Non-Nigerians) and aims to identify and reward groundbreaking innovations that advance industry and promote sustainable development in Nigeria.


At a press conference in Lagos, NLNG’s General Manager for External Relations and Sustainable Development, Sophia Horsfall, formally handed over the 112 entries to the Advisory Board, chaired by renowned scientist Professor Barth Nnaji.


The handover marks the start of a rigorous evaluation process, during which a panel of distinguished judges will assess entries based on merit, originality, and potential impact on national development.

The competition is expected to be intense, reflecting rising global interest and innovation in AI and digital technology.


In her remarks, Horsfall highlighted that this year’s theme reflects the global shift toward technological transformation.

She stated: “This year’s Prize seeks to spotlight pioneering research and bold solutions that harness technologies to empower industries, uplift societies, and transform Nigeria’s development trajectory.”


She further added: “These technologies hold immense transformative potential for Nigeria.

As Africa’s largest economy and a nation blessed with a vibrant pool of young talent, we have a unique opportunity to harness digital innovation to develop scalable, globally relevant solutions that will drive sustainable socio-economic development.”


Professor Barth Nnaji, while receiving the entries, expressed his appreciation for the number of submissions. “The Board is greatly encouraged by the volume of entries.

The 2025 competition is shaping up to be intensely competitive, and we are confident it will showcase outstanding innovation,” he said.


He emphasised the transformative power of AI and digital technologies across sectors: “AI is rapidly reshaping nearly every aspect of modern life, driving innovation, improving efficiency, and unlocking new possibilities across industries.”


He added; “ In healthcare, AI enhances diagnostic accuracy and speed through advanced imaging and predictive tools. In education, it personalises learning experiences, helping teachers address challenges early using intelligent tutors and automated assessments.

In agriculture, AI enables precision farming by analysing sensor and satellite data to improve crop management and forecast yields.

These sector-wide transformations underscore AI’s growing role as a catalyst for innovation and sustainable progress.”
Other members of the Board are Chief Dr. Nike Akande, a two-time former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.


The Prize continues to champion innovation, creativity, and scientific excellence as key drivers of Nigeria’s development, while fostering a culture of research that positions the country at the forefront of global innovation.


The winning entry for the 2025 Prize will be unveiled at a world press conference scheduled for September.

Caption: (L-R): Anne-Marie Palmer-Ikuku, Manager, Corporate Communications and Public Affairs (NLNG); Dr. Sophia Horsfall, General Manager, External Relations and Sustainable Development (NLNG); and members of The Nigeria Prize for Science Advisory Board – Prof. Barth Nnaji (Chairman), Chief Dr. (Mrs.) Nike Akande (Member), and Prof. Yusuf Abubakar (Member) during the handover of entries for the 2025 edition of NLNG-sponsored prize held in Lagos…on Tuesday.

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