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BIG STORY

Transcorp Announces Impressive Q3 2023 Financial Results With 33% Year-On-Year Revenue Growth

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Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerate with investments in the Power, Hospitality, and Energy sectors has announced its financial results for the third quarter of the year ended September 30, 2023, recording commendable growth across all its major indices.

In its unaudited results filed with the Nigerian Exchange (NGX), Transcorp reported an impressive revenue of N128 billion in Q3 2023, compared to N96.2 billion in Q3 2022, marking a substantial 33% growth year-on-year while operating income also grew by 36% to close at N42.7 billion as of September 2023, compared to N31.5 billion in September 2022.

HIGHLIGHTS OF THE RESULT:

• The Group’s total revenue for the period ended September 30, 2023, was N128 billion, compared to N96.2 billion in September 30, 2022, signifying a 33% increase.

• Operating Income grew 36% from N31.5 billion in September 2022 to N42.7 billion in September 2023.

• Total Assets increased by 8% from N442.7 billion in December 2022 to N479.8 billion in Q3 2023

• Hospitality businesses sustained strong growth, recording 31.76% growth in revenue from N22.7bn to N29.9bn, significantly higher than pre-covid performance. Profit also grew by 62% from N3.4bn to N5.5bn

• Power subsidiaries’ revenue grew by 33.4% from N73.6bn to N98.2bn despite the challenges of Gas and infrastructure in the sector, showcasing the group’s innovative and resilient business strategy.

Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, expressed enthusiasm and confidence in the Group’s performance trajectory, stating:

“Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation.”

“We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Dr. Omogiafo.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.

BIG STORY

President Tinubu Appoints Abiola’s Son Jamiu SSA On Linguistics, Foreign Matters

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President Bola Tinubu has approved the appointment of Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters.

Abiola is one of the children of the winner of the 1993 presidential election annulled by General Ibrahim Babangida, the late Chief Moshood Abiola.

He was previously appointed as the Special Assistant to the President on Special Duties in the Office of the Vice-President.

In a statement on Wednesday by the Director, Information and Public Relations, Office of the Secretary to the Government of the Federation, Segun Imohiosen, Abiola’s appointment takes effect from November 14, 2024.

Imohiosen stated that the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended.

He said, “President Bola Ahmed Tinubu has approved the appointment of Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters.

“The appointment takes effect from 14th November, 2024. This is in line with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended.

“Until his appointment, Jamiu served as the Special Assistant to the President on Special Duties in the Office of the Vice President.

“President Tinubu tasks the appointee to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new assignment.”

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BIG STORY

Senate Passes Bill For Ijebu State Creation For First Reading

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The Nigerian Senate on Tuesday passed a bill for the creation of Ijebu State, marking the first reading of the proposal during its plenary session.

The bill, which seeks to establish Ijebu as an independent state, was sponsored by Senator Gbenga Daniel, representing Ogun State.

Titled the “Constitution of the Federal Republic of Nigeria (Sixth 1 Alteration) Bill, 2024 (Creation of Ijebu State),” the proposed legislation aims to carve out Ijebu from the current Ogun State.

The bill was introduced by Senate Majority Leader Michael Bamidele of the All Progressives Congress as the “fourth order of the day” during the plenary.

After reading the title of the bill, Senate President Godswill Akpabio moved the proposal forward, passing it for its first reading and setting the stage for further legislative processes.

The bill will now undergo a series of discussions and evaluations before it can proceed to the next stages of approval.

The push for the creation of Ijebu State is part of a broader national discourse on the need for more state creation across Nigeria, particularly in regions where there are growing demands for administrative autonomy.

If the bill successfully progresses through the required legislative procedures, Ijebu, currently a part of Ogun State, could become a separate state with its own governance structures.

This development comes amid increasing calls for state creation in various parts of the country, with proponents arguing that new states could better address local needs, foster economic growth, and enhance political representation.

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BIG STORY

Alleged N110bn Fraud: Court Adjourns Yahaya Bello, Other’s Bail Ruling To December 10

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The Federal High Court in Abuja has adjourned to December 10 for a ruling on the bail application by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

Bello had pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

The former governor, along with Umar Oricha and Abdulsalami Hudu, are being prosecuted as the 1st to 3rd defendants, respectively, in a fresh N110bn 16-count charge instituted against them by the EFCC.

Bello, the 1st defendant, vehemently denied the allegations before Justice Maryanne Anenih as they were read out to them.

After taking their plea, the Defendant’s Counsel, Joseph Daudu, moved an application for bail.

However, the EFCC Counsel, Kemi Pinheiro, opposed the application, arguing that it had expired in October.

Clarifying the issue, the Defendant’s Counsel stated that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

Justice Anenih ordered that the defendants be remanded in the custody of the EFCC.

The EFCC had filed an N110bn alleged fraud suit against the former governor.

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