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H1 2022: Transcorp Group delivers sustainable growth as PBT hits N13.36bn

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…PBT grew significantly by 85%

…Group Revenue grew by 18% Year on Year.

…Hotel Business witnesses’ tremendous growth with a 2451% growth in profit before tax and on Track to see record PBT in 2022.

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading conglomerates with investments in Hospitality, Power, and Oil & Gas sectors, has released its half-year results for the year ended June 30th, 2022, showing an improved performance across all its major investment lines.

The conglomerate with strategic investments in Power, Hospitality and Oil & Gas recorded a revenue of N62.9bn, representing a growth of 18 per cent  when compared to N53.3bn recorded in the same period under review in 2021. Its operating income grew by 25 per cent from N16.3bn in 2021 to N20.5bn in the same period.

Its half-year un-audited results released to the Nigerian Stock Exchange (NGX) also showed that Profit Before Tax grew by 90 per cent , from N7.1bn to 13.3bn in the period under review , while Profit After Tax stood at 12.0bn, representing an 85 per cent increase from N6.5bn from the previous year.  The Group’s Shareholders’ funds also grew by 8 per cent from N146.3bn to N157.5bn in the same period.

Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment.

She said, “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations.”

Speaking further on the growth, the President said, “Our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173 per cent  over same period last year, demonstrating a strong and sustained  recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience.  In our Power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21 per cent  (100MW)over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders.”

According to her, Transcorp Group is fully geared up to sustain its growth trajectory for the rest of the year and beyond, notwithstanding the macro-economic issues. “We do not plan to rest on our laurels, and we will continue to surpass past performance” Owen Omogiafo assured its stakeholders.

Transnational Corporation Plc (Transcorp Group) 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, Trans Afam Power, and Transcorp Energy. Visit www.transcorpgroup.com for more.

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Fidelity Bank distributes food packs to families in Keffi

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Leading financial institution; Fidelity Bank PLC has distributed food packs to women, widows, children, and the vulnerable in Keffi, Nasarawa State as part of its Corporate Social Responsibility (CSR) activities.

Addressing journalists in Keffi, Nasarawa state during the distribution event tagged, “Fidelity Food Bank Initiative,” which was carried out in partnership with ABBASID Charity Foundation, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, emphasised the bank’s commitment to supporting communities all across Nigeria through its Food bank initiative.

“Since April 2023 when we launched the Fidelity Food Bank initiative, we have distributed over 100,000 food packs in more than 100 communities nationwide.

“This is borne out of the premium we place on the wellbeing of our host communities as well as our commitment to support the achievement of the United Nations Sustainable Development Goals 1, 2 and 3 which speak to Poverty eradication, Zero Hunger and Good Health and Well-Being respectively.”

On her part, the Founder of Abbasid Foundation, Hajia Hauwa Abbas, said the food bank drive started when she was chosen as the bank’s Food Bank partner in the North and listed some of the benefitting states to include Jigawa, Zamfara, Zaria, Kebbi Bauchi, Kano and the Federal Capital Territory (FCT).

‘’I am very pleased with Fidelity Bank because as much as they are doing business with us in our community, they are also giving back to us, especially women.”

The food distribution event also saw Sen. Wadada Ahmed, representing Nasarawa West Senatorial District, leverage the Fidelity Food Bank outreach to provide additional food items to residents of the community.

Senator Ahmed, who was represented by his wife, Zainab Wadada-Ahmed, said the move was in continuation of his philanthropic gesture to his constituents especially for orphans and widows.

‘’We are here today to give back to our people and considering the hardship in the country, this is the little that we can do. I appeal to well-meaning Nigerians to try and collaborate to see how we can help the people that do not have,” she said.

Appreciating the gesture from the bank and her partners, one of the recipients, Mrs. Susan Nyikwagh, urged other well-meaning persons and organisations to take a cue from the bank and come to the aid of the vulnerable ones in the society.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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FG issues licenses to IIM, certifies Data Protection professionals

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By Matthew Denis

On Monday, The Nigeria Data Protection Commission (NDPC) granted a license to the Institute of Information Management (IIM) to administer exams and certify future data protection professionals in the country.

The NDPC National Commissioner and Chief Executive Officer, Dr Vincent Olatunji handing over the certificate to the institute in Abuja stressed that the move aims to address the significant capacity shortfall of over 500,000 professionals in the data protection field and reduce the expenses associated with obtaining certification overseas.

The Commissioner explained that the initiative will help to generate more jobs in the country and prevent capital flight.

He said, “When we started in 2021 by advertising, four organisations applied within the organisation. We invited them for presentations and we are choosing the best. They have gone through a lot of technical sessions with us, evaluating the platform that they are going to use, discussing with their staff on the process, just to ensure that we have the best for the country.

“What the country stands to gain from this process, is  the fact that we are promoting executive order articles 003 and 005 to promote local content in Nigeria. Most of us who are certified in data protection have international certifications.

“We had to pay in dollars to write exams, and to maintain our certification on a regular basis. So, we are trying to domesticate this in Nigeria to have a national certification process. More importantly, looking at our number in the country and looking at the number of data protection professionals that we are going to produce in the country.

“We are looking at over 500,000, which we cannot afford to allow capital flight in this area. More importantly, with the current technology, we are looking at a way that this process will become a pan-African initiative, whereby data professionals, when they have the national certification process that we have in Nigeria, will be able to practice in any part of Africa.

“So it is a way of creating jobs for our people, a way of reducing capital flights, a way of developing globally competitive human capital data privacy and protection ecosystem. We are also going further to develop the training manual, which is unique to us. And that is why all the trainers in Nigeria will be using it.

“It will also create jobs for both already licensed data protection compliance organisations who will now be accredited to trained professionals that will prepare to write these exams, And looking at the integrity, the pedigree of the organisation that we have chosen, this is really important to us.

“And that is why the process was long. And we are happy that today, we are making history,  a major milestone, and the data privacy protection ecosystem continues. And we are leaving a legacy that is going to be very robust and stand the test of time and that will be comparable or even be better than anyone in any part of the world.”

While responding, President of the Institute, Dr. Oyedokun Oyewole, praised the Commission for enhancing the country’s data protection standards.

He noted that his organisation underwent a rigorous licensing process and pledged to fulfill its responsibilities diligently to the Commission.

“I want to assure the NDPC and the National Commission that we will not disappoint by putting in our best as usual to evolve as the best certification platform for data protection in Africa.

“You can be rest assured that IIM will deliver as promised and  I want to appreciate you for giving us this opportunity, and we hope to continue to work with the commission.”

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AGF, RMAFC back proposed 300% hike in salaries of Judiciary

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By Matthew Denis

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi has supported the proposed 300 percent increase in the salaries and allowances of judicial office holders in the country by President Bola Tinubu.

The AGF alongside the National Judicial Council (NJC), Nigerian Bar Association (NBA), and the Revenue Mobilisation and Fiscal Allocation Commission (RMAFC), among others, endorsed the proposal while giving reasons.

Speaking during a one-day public hearing on a Bill titled: “A Bill for an Act to Prescribe the Salaries and Allowances and Fringe Benefit of Judicial Office Holders in Nigeria and Related Matters, 2024,” Fagbemi urged the committee to note that the efforts to improve the remuneration of judicial officers in the country has a chequered history.

The public hearing was organised by the Senate Committee on Judiciary, Human Rights, and Legal Matters chaired by Senator Mohammed Tahir Monguno (APC – Borno North).

He said, “I wish to remark that the Judicial Office Holders (Salaries and Allowances, etc.) Bill 2024 is quite innovative, aside from the increment in the basic salary, it also took cognizance of certain peculiarities of the administrative structure and operation of the judiciary.”

“This Bill will birth an appropriate and commensurate remuneration that will ensure judicial independence and integrity.

“The present-day but sad reality is that the judiciary has stagnated on the same salary scale for over 16 years, this is totally unacceptable and quite antithetical to any meaningful judicial reform.

“I strongly commend this Bill for your kind consideration and do urge the Senate to support and ensure the passage of this Bill in the national interest of promoting the rule of law.”

He added, “In consultation with the judiciary and other key stakeholders, we are also interested in ensuring a holistic review of our judicial system to respond to the justice needs of Nigeria.”

“This is why I am taking immediate/urgent steps to establish a Working Group on the review of the Constitution and other relevant laws. The Working Group will, among others, focus on the key provisions aimed at achieving the judiciary that responds to the evolving justice needs of Nigerians.

“At the appropriate time, and I promise very soon, we will come up with proposals for Constitutional and Statutory reforms of the Judiciary in particular, and the Administration of the Justice System in general,” he concluded.

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