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Tony Elumelu Presents Transcorp Group’s Strong 2021 Performance And ESG Blueprint To Shareholders

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Shareholders of Nigeria’s leading listed diversified conglomerate, Transnational Corporation Plc (“Transcorp”), met today for the Group’s 16th Annual General Meeting, held at the Group’s hospitality flagship, Transcorp Hilton Abuja.

The Group saw significant growth across all metrics. Group Gross Earnings increased to N111.2 billion in 2021, from N75.3 billion in 2020. Profit Before Tax increased to N27.99 billion, from N1.6 billion. Profit After Tax recorded in 2020 was N3.8 billion, while 2021 saw an increase by N23.8 billion and total assets grew to N416 billion in 2021 from N319.2 in 2020.

Group Chairman, Tony Elumelu expressed his delight in the positive performance, across all sectors within the Group.

“Shareholders, I am sure you will share with me the considerable satisfaction of knowing that our company has continued to surpass its past performance, despite the macroeconomic difficulties. Our priority in 2022, is to continue optimizing our existing assets and pursuing growth opportunities. This is critical to ensure sustainable growth in an ever-changing operating landscape.”

He continued by underlining the Group’s corporate responsibility to its communities. “At the core of Transcorp’s purpose is a commitment to building socially responsible and impactful businesses, in key strategic economic sectors that serve our diverse stakeholders. Transcorp, as a responsible corporate citizen, has consistently embraced and sustained a corporate culture and social commitment by driving the integration of Environmental, Social, and Governance (ESG) criteria in all aspects of business dealings and investment decisions. As a Group, we remain unwavering in our commitment to sustainable growth, driven by a mission to deliver long-term value and good to all our stakeholders.”

The Chairman showed appreciation by thanking shareholders, for their valuable support during the year. He also thanked all members of the Transcorp Group for their utmost dedication toward the vision of creating sustainable value for their stakeholders.

The President of Transcorp Group, Mrs. Owen Omogiafo, also spoke about the Group’s innovation in the hospitality business demonstrated by the launch of its digital hospitality platform, Aura by Transcorp Hotels in 2021, and highlighted the ongoing investment in assets in 2022, with the commissioning of a best-in-class Spa, and a 3,000 person capacity multipurpose hall, both at the Transcorp Hilton Abuja.

“We are optimistic about the Group’s strategic direction and ability to deliver value. Our performance underlines the success of our long-term strategy of sustainable growth, diversifying our revenues, and accessing new business opportunities to deliver superior returns to all our stakeholders.” Omogiafo said.

The shareholders also approved the change of the company’s name to Transnational Corporation Plc to reflect its new commitment to expanding its impact beyond Nigeria.

About Transnational Corporation Plc

Transnational Corporation Plc (Transcorp) is a publicly quoted Conglomerate, with a diversified shareholder base of over 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, TransAfam Limited, and Transcorp Energy. Visit the Transcorp website for more.

BIG STORY

JUST IN: EFCC To Arraign Former CBN Governor Emefiele On Fresh Charge, Says He Printed N684.5m Notes With N18.9bn

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The Economic and Financial Crimes Commission (EFCC) has filed a new indictment at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Emefiele was charged by the EFCC with authorising the printing of N684,590,000, or N18.96 billion.

The EFCC claimed in the charge sheets released on Tuesday that Emefiele violated the law while carrying out the former President Muhammadu Buhari’s naira swap programme with the intention of hurting the general public.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The document dated April 2, 2024, and marked Suit No: CR/264/2024, was filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu bordering on disobeying the law to punish Nigerians, iilegal printing of money, abuse of office, among others.

Counts one to four of the charge, read, “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

Recall that Emefiele was on November 18, 2023, arraigned before the court on six counts of procurement fraud, in what is the most high-profile corruption case under President Bola Ahmed Tinubu.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On Monday, April 8, 2024, the EFCC arraigned the former banker alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

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BIG STORY

UNN Suspends, Probes Lecturer For ‘Attempting To Sexually Assault’ Student

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A lecturer known as Mfonobong Udoudom has been suspended by the University of Nigeria (UNN) for what it called an “inappropriate affair” with a student.

Viral videos surfaced on Tuesday showing the senior lecturer of general studies pacing around his office in his pants, looking visibly alarmed.

Sources at the university said that the lecturer was “caught pants down attempting to have sex with a married female student of the school.”

According to the sources, Udoudom had a long-standing custom of “passing female students only after sleeping with them.”

He was accused of forcing a female student to understand that she would fail his course unless she agreed to have sex with him.

One of the sources, under anonymity, said the female student planned with her husband to entrap the lecturer while working with UNN security and other students.

The student source further said the security agents forcefully broke into his office and caught the lecturer “in action.”.

“It was planned out with her husband and security agents at the school. The female was made to approach the lecturer to offer him money in order to scale through his course. He refused and insisted he needed to have sexual intercourse with her in his office,” the source said.

“When the lady succumbed to his demands and asked him to undress, he was caught wearing only boxers.”

In the now-viral footage, a witness is heard saying, “We have been following this case from day one. We have all the chats, voice notes, video calls, and every conversation he had with the female student.”.

When contacted, UNN management told TheCable that Udoudom has now been suspended.

Okwun Omeaku, UNN’s acting media spokesperson, said the senior lecturer will be made to face the staff disciplinary panel.

“The indefinite suspension is with immediate effect pending the outcome of a disciplinary panel constituted by the university to investigate the incident,” he said.

“UNN has a zero tolerance for sexual misconduct involving our staff and students.

“We are committed to protecting our students from any form of abuse and exploitation. The university management will not hesitate to punish Mr. Mfonobong David Udoudom according to our rules if he is found guilty.”

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BIG STORY

Yahaya Bello Took $720k From State Treasury To Pay His Child’s School Fees — EFCC Chairman Olukoyede

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The Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede, claims that Yahaya Bello, the former governor of Kogi, took out $720,000 to cover his child’s upfront school fees.

Olukoyede made this known in Abuja on Tuesday during an interactive session with media executives.

The head of EFCC claimed that the former governor of Kogi transferred funds to a bureau de change operator and utilised them to pay his child’s school fees ahead of time.

Olukoyede added that Bello made the payment in anticipation that his tenure was gradually coming to an end.

“A sitting governor, because he knew he was leaving office, moved money directly from the government to bureau de change and used it to pay his child’s school fee in advance,” the EFCC boss said.

“Over $720,000 in anticipation that he was going to leave the government house. In a poor state like Kogi, you want me to close my eyes under the guise of ‘I’m being used’. Used by who? At this stage of my life.”

Olukoyede said he inherited the case file of the former Kogi governor, noting that he did not initiate the investigation against Bello.

On April 17, EFCC operatives laid siege on Bello’s residence in Abuja to arrest him over alleged N80 billion fraud.

While the EFCC operatives were at Bello’s residence, Usman Ododo, governor of Kogi, came to visit his predecessor.

Shortly after Ododo departed from the residence, the EFCC operatives also left the house.

Bello was reportedly rescued by Ododo when he departed his residence located in the Wuse Zone 4 district of Abuja.

Subsequently, the anti-graft agency declared the former governor wanted.

The Nigeria Immigration Service (NIS) has also placed Bello on a watchlist.

The anti-graft agency alleged that Bello, alongside Alli Bello, chief of staff to Ododo; and one Daudu Suleiman, diverted about N80.2 billion belonging to the Kogi government.

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