Author: Abimbola Daniels

THE Board of Directors of First Bank has announced Segun Alebiosu, Executive Director and Chief Risk Officer of First Bank, as the acting Managing Director and Chief Executive of the bank to replace Adesola Kazeem Adeduntan, who resigned suddenly. He is expected to take the job for an interim period until he is cleared by the Central Bank of Nigeria (CBN). In a released by the bank. Segun brings to the Executive Management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing,…

DUPE Olusola, the Managing Director and Chief Executive Officer of Transccorp Hotels Plc, the listed hospitality brand that posted record-breaking earnings has revealed why the feat will continue through 2024 and beyond. Transcorp Hotels in its first full-year audited report filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5billion in 2023, compared to N30.4billion in 2022, marking a substantial 36% growth year-on-year. The operating income of the hospitality brand with all-year recycling drive – in collaboration with other partners – as one of its environmental social governance factors also grew by 50%, to close at…

THE 650,000 barrels per day Dangote Petroleum Refinery is taking advantage of cheaper oil imports from the United States for as much as a third of its feedstock as it starts up production. A report by Bloomberg on Thursday stated that the plant has been shipping products in recent weeks while readying two units to enable gasoline (petrol) output that will deliver a long-promised transformation of the fuel market both in Nigeria and the region. It attributed this to analysts. “Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” said Alan…

TRANSCORP Power Plc has released its first quarter (Q1) 2024 unaudited financial statements for the period ended March 31, 2024 demonstrating impressive financial performance. The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223 percent. 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. 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…

THE Nigerian Civil Aviation Authority (NCAA) has suspended the permit of three private jet operators for engaging in commercial flights. The Acting Director General of the NCAA, Chris Najomo, announced the suspension of the three private operators in a riot act read to all airlines on Tuesday. The NCAA boss said the Minister Aviation and Aerospace Development, Festus Keyamo, gave marching orders for the cessation of the use of private jets for commercial purposes in 2023 but the operators continued in such act. “Subsequently, in March 2024, the NCAA had issued a stern warning to holders of the permit for…

A CENTRAL Bank of Nigeria (CBN) employee, Mr Monday Osazuwa, on Friday, told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014. Osasuwa said he joined the apex bank as a senior supervisor in 2014. He said Emefiele was the Managing Director of Zenith Bank Plc…

THE Lagos High Court sitting in Ikeja has granted bail to a former Central Bank (CBN) governor Godwin Emefiele. Justice Rahman Oshodi granted him bail in the sum of N50m with two sureties in like sum. The court also held that the sureties must be gainfully employed and have three years of tax payment with the Lagos State Government. Justice Oshodi said that the sureties must show proper identification and they must be registered in the Lagos State Bail Management System. The judge also said that he was satisfied with the bail conditions of N1 million, earlier given to Emefiele’s…

AFRICA’s richest man Aliko Dangote says Nigerians should expect a drop in inflation given the reduction of diesel pump prices. He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence. “I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively…

A TRADITIONAL ruler in the Isolo area of Lagos State, Oba Kabiru Agbabiaka, has passed on. He passed on after Eid-El-Fitr prayers, which signalled the end of the one-month Ramadan fast. He was aged 64. The Chairman of the Isolo Local Council Development Area, Olasoju Adebayo, confirmed the development in a statement on Wednesday. “I have the instruction of the Executive Governor of Lagos state, His Excellency, Mr. Babajide Olusola Sanwo-Olu to formally announce the passing of the paramount ruler of Isolo Kingdom, Oba Kabiru Alani Adelaja Agbabiaka, Adeola Olushi III, today 10th April, 2024. “He will be buried today…

– Declares N2.30 kobo Final Dividend IN another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators. The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGx) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08tn; representing a strong 143 percent growth. The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion…

THE Ikeja High Court in Lagos State has ordered the remand of a former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele in the custody of the Economic and Financial Crimes Commission (EFCC). He is to be remanded till the next adjourned date, Thursday, April 11 when the court will give its ruling on bail. Justice Rahman Oshodi also ordered the remand of Emefiele’s co-defendant Henry Omoile at the Ikoyi Prison pending the court’s ruling on his bail on Thursday. The court ordered the remand of both men after listening to the bail applications filed by their counsel…

LAGOS State Governor, Babajide Sanwo-Olu, on Saturday, gave out his daughter, Modupeoreoluwa, in marriage to her lover, Oladele. The white wedding was held a week after their traditional wedding. The union was solemnised at the Cathedral Church of Christ in Lagos by the Anglican Bishop of Lagos, Rt. Revd. Ifedola Okupevi. The wedding was attended by dignitaries, including Nigeria’s First Lady, Senator Remi Tinubu; Governor Godwin Obaseki of Edo State; Senator Hope Uzodimma of Imo State; Dr. Alex Otti of Abia State; Governor Caleb Mutfwang of Plateau State; Governor Chukwuma Soludo of Anambra State; and former Lagos State Governor, Akinwunmi…

TRANSCORP Power Plc has announced N30.23 billion profit in audited result and accounts for the full year ended December 31, 2023, a growth of 75 per cent from N17.28 billion reported in the 2022 financial year.  One of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc on the Nigerian Exchange Limited (NGX) also declared N52.76billion profit before tax, an increase of 84 per cent from N28.62 billion reported in 2022. On the backdrop of improved profits, the board of directors of Transcorp Power recommended a dividend of N3.13 for 2023 financial year.  Key financial parameters that impacted on profit was…

– Pre-Tax Profit Up By 93.5% TRANSNATIONAL Corporation Plc has announced its financial results for the year ended December 31, 2023. The Nigeria’s leading listed conglomerate achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning. In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution. Highlights of Transcorp group Results: • FY 2023 Revenue was N197 billion, a significant increase of 47.3%, compared…

TRANSCORP Hotels Plc, the listed hospitality subsidiary of Transnational Corporation Plc (“Transcorp Group”) has released its audited 2023 full-year results, showing outstanding performance and setting new revenue and profit records. In its full year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022. HIGHLIGHTS OF THE RESULT: • The Company’s total revenue for the year…

THE Aliko Dangote Foundation, (ADF) has flagged off the distribution of 80,000 10kg bags of rice to the vulnerable in Lagos state. President of Dangote Group and Chairman of the foundation, Aliko Dangote, noted that the gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million vulnerable people in the 774 local government areas of the country. Speaking at the flag off in Alausa, Dangote, said the distribution of the 80,000 bags of 10kg rice is another demonstration of the foundation’s commitment to upholding the values of compassion and solidarity…

IN a testament to its unwavering dedication to empowering African entrepreneurs, the Tony Elumelu Foundation (TEF), on Friday, announced the selection of over 1,000 promising entrepreneurs from across 54 African countries as beneficiaries of its prestigious Entrepreneurship Programme. The unveiling of the new cohort marked the 10th edition of the 10-year-long initiative. Since its inception, the Tony Elumelu Foundation has been steadfast in its belief in the transformative potential of young Africans to drive positive change on the continent. Through its flagship Entrepreneurship Programme, the foundation has provided invaluable support to thousands of ambitious entrepreneurs, equipping them with essential skills,…

THE Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, will announce 1,200 African entrepreneurs across 54 African countries as beneficiaries of its flagship Entrepreneurship Programme. The announcement will be made on March 22, 2024. The new beneficiaries will become the 10th cohort of the 10-year-long TEF Entrepreneurship Programme. The Tony Elumelu Foundation has consistently demonstrated its belief in the potential of young Africans to transform the African continent. This conviction has led to its transformative impact – thousands of young men and women entrepreneurs across all 54 African countries have been empowered through its flagship Entrepreneurship Programme. The…

THE Minister of Solid Minerals Development, Dr. Dele Alake has urged mining professionals to groom younger cadres to sustain the development of the nation’s mining sector. Giving the keynote address at the annual conference of the Nigerian Mining and Geosciences Society (NMGS) on Tuesday, Alake, represented by the Director-General of the Mining Cadastral Office (MCO), Engr. Obadiah Nkom hailed the professional services rendered by mining engineers and geologists in areas of exploration and extraction, emphasising that without their input, mining operations would have been a herculean challenge. Speaking further, the minister charged the society to partner with the Nigeria Geological…

PRESIDENT Bola Tinubu has set aside N340bn for power infrastructure upgrades across the country. This was revealed by the Chief of Staff to the president, Hon. Femi Gbajabiamila during the commissioning of the 220MVA substation at Randle Avenue in Surulere, Lagos State at the weekend. According to him, the fund was earmarked in the 2024 budget, assuring Nigerians of Tinubu’s commitment to reliable power supply in the country. He said “Citizens must protect power infrastructures as we address cases of estimated billing and poor meter distribution. Access to reliable electricity is not a privilege, it is a fundamental right that…