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Shareholders impressed as Capital Hotels records over 42% growth rate in 2023
Shareholders of Capital Hotels PLC, owners of Abuja Continental Hotel Hotel (formerly Sheraton Hotel) have commended board and management for the fast pace of development since its new owners acquired it.
At its 43rd Annual General Meeting held at the company’s flagship property, Abuja Continental Hotel, the shareholders said despite the harsh economic environment in the country, especially in 2023, the management has continued to grow and make profit for its investors.
The President of Abuja Shareholders Association, Chief Innocent Peter Nwokocha, who spoke at the AGM commended the Managing Director of the Hotel for managing to substantially grow the assets and adding value to what they took over at inception.
Nwokocha said his assessment of the Hotel’s progress so far has given him sufficient reason to be hopeful that in the years to come, the growth would manifest in significant returns on investment for shareholders.
He commended the management of the hotel for the ongoing renovation work, the value of which he said was being underestimated.
“The efforts of the management in turning around the company, particularly the MD, Ravi Bachu must be commended. They have done more than is being publicised in the media. The growth rate of over 42 percent is encouraging, despite the ongoing renovation of the edifice. The culture of appreciating staff and promotion of staff training to foster continuous effective service delivery is second to none.
“In terms of value addition, the directors and management of the Hotel should however do more in bringing in businesses, especially with the splendid state of the facilities in the hotel,” he said.
While thanking the Chairman of the Board of Directors of the hotel, Ramesh Kansagra, for his humility, Nwokocha said the level of profit declared at the end of the 2023 financial year could be excused as a result of the massive renovation of the hotel to raise its status to enviable standard.
Expressing hope that next year would definitely be better, Nwokocha urged the management to consider and appreciate shareholders’ welfare as the hotel returns to its good old days courtesy of the new investors
In his speech, a Foundation shareholder, Philip Okala, who also commended the management and staff for the ongoing massive uplift at the hotel and facilities, urged the present managers for more ingenuity in making the hospitality firm regain its enviable glory in the sector.
Okala who was a founding director of the company representing Federal Capital Development Authority (FCDA) when they were majority shareholder and now a shareholder, was upbeat of better performance in the 2024 financial year, while calling for patience and perseverance on the part of investors.
By Matthew Denis
The Federal Ministry of Works has terminated contract numbers 6,136, 6,137 and 6,138 with Mothercat Ltd, Dantata & Sawoe Construction Ltd and RCC Ltd, respectively.
The projects affected by the termination are the dualisation of Obajana – Benin road, section II (Okene – Auchi) in Kogi/Edo State; the dualisation of Obajana – Benin road, section III (Auchi – Ehor) in Edo State and the dualisation of Obajana – Benin road section IV (Ehor – Benin) in Edo State.
This was contained in a statement released by Orji Uchenna Orji, Special Adviser (Media) to the Minister of Works on Monday.
According to the government, the termination became necessary in view of the alleged inordinate delay by the affected companies in job performance and their failure, neglect and refusal to fulfil their contractual obligations as required by the Standard Conditions of Contract.
Orji stated that this had affected the timely completion of the projects and thus resulted in the expiration of the contracts by effluxion of time.
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe has stated that the board remains on track to achieve its target of achieving 70 percent local participation in the oil and gas industry by 2027.
The NCDMB ES made this known yesterday at the Nigerian Oil and Gas conference (NOG) holding in Abuja.
Engr. Ogbe, speaking at the opening of the Nigerian Content Seminar, said jobs in the industry can only be out-sourced when there was no in-country capacity.
He said the board would continue its stringent monitoring of projects in the country to ensure that where local capacity exists, Nigeria companies were given the opportunity to bid for the jobs.
He stressed that the “board will only approve local content plans that consist of contractors meeting the legal definition of Nigerian companies and demonstrating the capacity to execute projects within Nigeria.”
He added the NCDMB would continue to ensure that all services provided in the industry “generate values within the country.”
On his part, the Director, project Certification and Authorisation, NCDMB, Engr. Abayomi Bamidele said a lot of progress has been made in growing local capacity in the Nigerian oil and gas industry, disclosing there are currently over 13,000 indigenous oil service firms registered by the board and over 120 operators registered also.
The Federal Government has announced that the Governing Councils of Federal universities, polytechnics, and other tertiary institutions will be inaugurated on July 4, 2024. The Academic Staff Union of Universities (ASUU) has rejected the composition of the newly constituted governing councils, stating that the list is dominated by retired politicians rather than experts in academia or relevant fields.
ASUU’s national President, Prof Emmanuel Osodeke, expressed concerns over the trend in the appointment process, emphasising that the union demanded the reinstatement of the ‘illegally’ dissolved governing councils, not the constitution of new ones.
Despite ASUU’s ultimatum, the Federal Government has proceeded with the inauguration, which is expected to take place on July 4.
President Bola Tinubu approved the reconstitution of the Governing Councils and Boards of federal universities, polytechnics, and colleges of education, with 560 individuals appointed to the governing councils and boards of Federal Government-owned tertiary institutions.
The approval was given for the effective management of Nigerian tertiary institutions across the country.
It was gathered that the Acting Vice Chancellor of the University of Abuja, Prof. Aisha Maikudi, announced the inauguration date during her acceptance speech on Monday, while assuming the institution’s affairs.
A total of 560 individuals were appointed to the governing councils and boards of Federal Government-owned tertiary institutions.
For the University of Ibadan, the President appointed Chief Bisi Akande as the Chairman of the governing council. The board members are Alexander Ajipe, Nelson Alapa, Ifeoma Nwankwo, and Prof. Emmanuel Alo.
Chief Wole Olanipekun (SAN) was appointed as the Chairman of the governing council of the University of Lagos. The council members are Bello Kumo, Prof. Idowu Mark, Niyi Akande, and Bola Njoku.
Isa Yuguda chairs the board of the National Open University. The council members are Goddy Etta, Yomi Balogun, Deborah Apah, and Hingah Biem.
Siyan Oyeweso has been named as the chairperson of the governing council of Obafemi Awolowo University. Joining him are Edward Sarki, Joseph Abaagu, Wahaab Owokoniran, and Abubakar Kachaalla, who have been appointed as council members.
Additionally, Adebayo Shittu, Muiz Banire, and Senator Florence Ita Giwa have been appointed as chairpersons of the governing boards for David Umahi University of Medicine in Ebonyi State, Federal University of Transportation in Katsina State, and Federal Polytechnic in Ugep, Cross River State, respectively, among others.
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