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NCAA warns airlines to be cautious over weather condition

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By Seun Ibiyemi

The Nigeria Civil Aviation Authority (NCAA) has warned pilots and airline operators to exercise caution over a three-day dust haze lasting from Monday to Wednesday across the country.

Acting Director General, NCAA, Captain Chris Najomo, gave the warning in a statement made available to journalists in Lagos, on Monday.

The aviation chief said that the warning was imperative in view of the weather report of the Nigeria Meteorological Agency (NIMET) released on Sunday.

The weather report alerted the public on the possibility of deterioration in visibility as a result of observed dust haze propagated into the country.

NiMet’s weather outlook predicted moderate dust haze with horizontal visibility range from 2km to 5km over the North.

It envisaged moderate dust haze with a horizontal visibility range of 2km to 5km, and localized horizontal visibility of less than or equal to 1000m over the North central.

The agency forecast dust haze over the inland of the South and the coastal region throughout the forecast period.

For Tuesday, moderate dust haze with horizontal visibility range of 2km to 5km is anticipated over the northern region.

The statement also reads, “Moderate dust haze with a horizontal visibility range of 2km to 5km, and localised horizontal visibility of less than or equal to 1000m is anticipated over the North central.”

The inland of the South and the coastal region of the country throughout the forecast period.

According to NiMet, thick dust haze is expected over the northern region throughout the forecast period.

The agency anticipated moderate dust haze with horizontal visibility range of 2km to 5km.

It further anticipated localized horizontal visibility of less than or equal to 1,000m over the North Central, the Inland of the South and the Coastal belt of the country.

“Airline operators are advised to get updated weather reports and forecasts from NiMet for effective planning in their operations,” it said.

The NCAA urged passengers to exercise patience and understanding during the period, as their safety was of utmost importance.

The regulatory body’s warning to airlines on safety comes days after it suspended the permit of Mattini Airline Services Ltd pending completion of investigations into a runway excursion involving a Challenger CL 601 aircraft, operated by the firm.

The private jet operated by the airline which had departed Abuja with 15 persons on board, overshot the runway while landing at Ibadan Airport on Friday.

There was no fatality in the incident.

NCAA, following the incident, said it had also initiated a safety and economic audit of all private jet operations in Nigeria.

It assured the travelling public of its utmost commitment to safety and the entrenchment of global best practices.

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Recapitalisation: Access Bank confident of raising $300m – Aig-Imoukhuede

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Mr Aigboje Aig-Imokhuede, Chairman of Access Holdings Plc, says he’s confident that the bank would raise 300 million dollars in capital for Access Bank, considering the bank’s strong market position and shareholders’ support.

Aig-Imokhuede said this in an interview with the News Agency of Nigeria(NAN) on the sideline of Access Holdings’ second Annual General Meeting(AGM) held in Lagos.

NAN reports that the Central Bank of Nigeria (CBN), on March 29, directed commercial banks in Nigeria with international authorisation to shore up their capital base to N500 billion and national banks to N200 billion.

Similarly, non-interest banks with national and regional authorisation will increase their capital to N20 billion and N10 billion, respectively.

The recapitalisation exercise is expected to commence from April 1, to March 31, 2026.

Consequently, the shareholders of Access Bank, iat the AGM, unanimously backed the Group’s plan to establish a capital raising programme of up to $1.5 billion.

They also agreed to the subset initiative to raise up to N365 billion specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the rights issue will be used to support ongoing working capital needs, including organic growth funding for the group’s banking and other non-banking subsidiaries

Aig-Imokhuede explained that having announced to embark on a capital raising through Right Issue, he was confident that the group’s shareholders would support the bank in the journey.

He stated that Access Holdings had p0a unique relationship with the capital market in Nigeria and internationally.

“It is not the first time CBN is coming up with such policy.

“Recall that in 2004 when CBN announced that all banks must recapitalise to the tune of N25 billion and Access Bank had about N3 billion of capital.

“Between 2004 and 2007, our team, when I was the CEO of the bank, raised two billion dollars of common equity capital.

“Therefore, in 2024 when Access Holdings  is much older, wiser, stronger, larger and significantly respected by the capital market with over 800,000 shareholders, raising 300 million dollars in capital for Access Bank, its banking subsidiary is not really much of a challenge.

“We signalled to the market first that we will be doing a Right Issue, which means that we must carry everybody along, in spite of our large institutional shareholders.

“Nonetheless, we believe in ensuring that shareholders, either large or small, continue with us on our journey.

“They have always supported us when need be with good reasons, because they believe in the company and the performance that would be delivered subsequently to such capital raising exercise.

“What is on the mind of our shareholders now is recapitalisation and they are also concerned about how their company continues to deliver returns,” he said.

Commenting on the CBN recapilisation policy, the chairman noted that Access Bank as a group endorses the CBN policy wholeheartedly.

Aig-Imokhuede described the policy as a good and sensible prudential regulation.

He added that banks, particularly after period of significant devaluation of domestic currency, volatility in the foreign exchange, and interest rate regime, are always encouraged to build up their capital buffer.

According to him, this is to ensure that whatever adverse effect that may arise as a result of the dynamic changes in the business environment would not affect their very concern.

In terms of performance and expectations from Access Holdings going forward, Aig-Imokhuede stated that the earning profile of the group, which spread across Nigeria, Africa and outside Africa subsidiaries, is very robust.

He said: “As an investor, you always look to see whether there is deep concentration where the profit is coming from; in our case, these arears are spread across three core areas that is of significant interest to local and international investors.

“If you look at the performance of banks in the year ended 2023 financial reports, you will see that all banks in naira terms have increased significantly their profitability as a result of the devaluation.

“But that isn’t the case with Access Bank, whose revaluation benefits come from the fact that it has significant international operations, because it is not a function of holding large foreign currency balances.

According to him, Access Bank, United Kingdom for example, is the largest and probably highest performing Sub-saharan African bank that has a license in the UK and making hundred of millions of naira of profit from the UK.

The chairman further said that this is not an accounting benefit that comes in the year 2023, but will continue, and with the operations of the bank in France, and across other European, Asia and Middle Eastern jurisdiction.

“We can see that the foreign currency benefit of profit in those locations are going to also accrued to the holding.

“The holding as an investor is also thinking of retail banking, which is like a utility. A retail banking with about 60 million customers is enough to sustain the bank anytime, irrespective of how volatile or uncertain the market is,” he said.

Access Holdings full-year results for the period ended Dec. 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022.

The group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit After Tax to N619.32 billion, from N152.20 billion posted in year 2022.

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Transcorp Power Plc grows PBT by 775% in Q1 2024

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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.
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.

 

Highlights
•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.
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.

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Why Nigerian govt issued N8trn treasury bills – Finance Minister

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Minister of Finance, Wale Edun, has said that the Nigerian Government issued N8 trillion in government security, known as treasury bills, to stabilize and boost the economy.

He disclosed this in an interview with journalists on Thursday during the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America.

He noted that the fiscal authority and the Central Bank of Nigeria, CBN, have collaborated to attract foreign investment through securities issuance.

“A large part of the securities that have been sold, the dollars come, and they get naira in exchange and use it to invest in securities,” Edun explained.

“Out of N8 trillion that has roughly been issued in securities by the CBN and ministry of finance, the majority has come from treasury bills, treasury certificates.

“It is showing the complementarity of the CBN, signalling by the fiscal authorities rising to the challenge of providing enough merchandise for foreigners to bring their dollars and invest in naira securities,” he stated.

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