The Organised Labour has handed the Federal Government May 31 deadline to come up with a realistic and reasonable new minimum wage for Nigerian workers.

Labour made this known during the Workers’ Day celebrations at the Eagle Square in Abuja on Wednesday.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero; and his counterpart in the Trade Union Congress (TUC), Festus Osifo were unanimous that the N30,000 current minimum wage has been grossly insufficient for Nigerian workers in the light of current economic realities and inflationary pressure including food inflation, hike in energy and transportation cost, amongst others.

They insisted that a new living wage of ₦615,000 be expeditiously approved by the President Bola Tinubu administration before the end of May.

Ajaero said, “The Nigeria Labour Congress and the TUC have made it clearly and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country.”

On his part, Osifo asked the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the trade union boss said.

Nigerians mark this year’s May Day amid spiralling, and unending snake-like queues at filling stations as scarcity of Premium Motor Spirit (PMS) also known as petrol worsens across the Federation.

Although there have been assurances by the major oil supplier in the country, the Nigerian National Petroleum Company (NNPC) Limited to alleviate this issue, however, the queues have persisted for over one week.

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.

The interim ruling prohibiting MultiChoice Nigeria Limited from raising the DSTV tariff has been issued by the Competition and Consumer Protection Tribunal in Abuja.

The order is to be posted at the company’s “corporate headquarters or any known address of the branches of MultiChoice Nigeria Limited across Nigeria.”

The chairman of the tribunal, Saratu Shafii, who made the order dated April 29, 2024, said the document should also be MultiChoice’s known email address, social media handles and any means of communication publicly known for MultiChoice.”

The interim order, restraining MultiChoice from increasing its tariff, was granted in favour of an Abuja-based lawyer, Festus Onifade, who is aggrieved by MultiChoice recent announcement to increase the tariffs on its DStv and Gotv packages effective from May 1.

In his suit, marked CCPT/OP/2/2024, Onifade listed   MultiChoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission as defendants.

He sought  “an order of interim injunction of this honourable tribunal restraining the 1st defendant whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase scheduled to take effect from 1st May 2024, pending the hearing and determination of the motion on notice.

“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the Motion on Notice.”

On Monday, April 29, the tribunal issued an order stopping MultiChoice from increasing its tariffs and cost of products and services scheduled to take effect from May 1.

The three-member tribunal, presided over by  Shafii, gave the order following an ex parte motion moved by Ejiro Awaritoma, counsel for the applicant.

The company was restrained from effecting its planned price hike pending the hearing and determination of the motion on notice filed before it.

However, upon moves by the tribunal to serve Multi-Choice, the bailiff alleged that staff at the Abuja office of the company refused to receive service of the order and other court documents.

The bailiff claimed that one of the company’s top managers at the Abuja office refused to receive the documents and instructed that the documents be sent to the Lagos office, being the headquarters.

Following the bailiff’s feedback, the tribunal issued an order of substituted service on MultiChoice pursuant to Section 48 of the Federal Competition and Consumer Protection Act, 2018; and Part N, Order 14 Rule 11(1) of the CCPT Rule, 2021.

In the certified true copy of the order of substituted service, the Shaffi-led panel directed that the ex-parte order in suit number: CCPT/OP/2/2024, be pasted at the corporate headquarters or any known address of the branches of MultiChoice Nigeria Limited across Nigeria.

She also ordered that the documents be sent to the company’s “known email address, social media handles and any means of communication publicly known for Multi-Choice and shall also be pasted in the CCPT communication outlet.

Multi-choice had recently announced price increments across its DStv and GOtv packages effective May 1, 2024.

The pay-TV company had claimed the price hike was due to the cost of business operations in Nigeria.