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The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay (SAN), has faulted Justice Ibrahim Buba of the Federal High Court for granting a perpetual injunction to a former Governor of Rivers State, Chief Peter Odili, which has scuttled the ex-governor’s prosecution.

Buba’s order has prevented the Economic and Financial Crimes Commission and any other government anti-corruption agency from prosecuting or arresting Odili, who was accused of allegedly embezzling about N100bn of Rivers State money during his eight-year tenure as governor.

Sagay further stated that the case could be reopened, adding that measures were being put in place to ensure that such an order was never granted again.

The Senior Advocate of Nigeria stated, “What is happening now is unconstitutional; that judgment was unconstitutional. The judge who gave that perpetual injunction did what was unconstitutional.

“In effect, he was saying that the police should not do their work. He was removing the prosecutorial powers of the police and the prosecution in Nigeria.

“It is illegal and Supreme Court judgments have said so. So, the whole thing we should do now is to restore legality so that if you are charged, you should be able to come to court and defend yourself instead of asking that you should not be investigated.

“That (Odili’s injunction) is totally illegal and unconstitutional and not acceptable.”

Responding to reports that the long delay in the case might have weakened the resolve of security agencies as well as compromised evidence, Sagay urged law enforcement agencies not to give up.

He added, “The important thing is not to give up because if you give up, the whole system will collapse.

“Personally, I have said any judge that gives an order of perpetual injunction against investigation, interrogation and arrest, should be regarded as having committed a serious act of wrongdoing, which should merit disciplinary action by the NJC. That is my proposal and I am going to push it that it should be regarded as an action that should attract discipline.

“I can assure you that under the new system that we are all running, there is no case that will be allowed to remain permanently under injunction. They will have to go through the process and be declared guilty or not guilty; in case of suspended cases, where a person is neither guilty nor innocent will no longer be allowed to exist.

“This case can be reopened, definitely.”

On December 12, 2006, the EFCC had issued an interim investigative report and prepared a draft of 223 charges against Odili, accusing him of embezzling N100bn during his tenure.

In a counter-move, the then Attorney General of the state, and later Nigeria’s Foreign Affairs Minister, Odein Ajumogobia (SAN), on February 23, 2007, sued the EFCC, the then Speaker of the Rivers State House of Assembly, Mr. Rotimi Amaechi, and other defendants in a Federal High Court in Port Harcourt.

In the suit, Buba of the Federal High Court in Port Harcourt granted Odili’s prayer to bar the EFCC from investigating, prosecuting or ever harassing him and officials of his administration.

It was learnt that the EFCC had filed an appeal at the appellate court since 2008 but the case had not been assigned to anybody.

A source at the EFCC stated, “We went to see two Presidents of the Court of Appeal but they never showed interest in the case. It has been eight years that we have been trying to vacate that order to no avail.

“This kind of thing demoralises detectives because evidence may have been compromised, victims or witnesses would have moved on while some of the investigators may have been transferred or retired.”

An EFCC prosecutor, Johnson Ojogbene, told reporters recently that the EFCC had appealed the judgment, adding that Odili’s case was presently hanging at the Court of Appeal, Port Harcourt Division.

He stated that there was the need for proper synergy between the judiciary and the anti-graft agencies in the anti-corruption fight as there was noting the EFCC or anyone could do to overturn the judgment of any court except to appeal.

Ojogbene noted that when the judiciary failed to cooperate, cases could be stalled for ages.

 

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BIG STORY

Transcorp Power Plc Records 775% PBT Jump In Q1 2024 With Impressive Revenue Growth

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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating 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 Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

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BIG STORY

Oil Price Surge By 4 Percent As Israel Launches Counterattack On Iran

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Oil prices have increased by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

The country’s nuclear plant is located in the central Iranian province of Isfahan, where explosions have been reported.

Later, the International Atomic Energy Agency (IAEA) declared that the plant was unharmed.

In reaction to Iran’s last-week missile and drone attacks, Israel had pledged retaliation.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.

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BIG STORY

Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission [PHOTOS]

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Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

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The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

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