Author: Abimbola Daniels

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…

THE Federal Government has begun the mass metering of the Nigerian Army formations nationwide. At the flag-off of the exercise at the headquarters of the 9th Brigade of the Nigerian Army, Ikeja military cantonment at the weekend, Minister of Power, Adebayo Adelabu said the exercise would end the era of estimated billings in the power sector. Adelabu added that the exercise would be in phases with the Ikeja cantonment being the first phase of the exercise, adding that the current exercise would last for six weeks before the second phase begins. He explained that for the current exercise, the sum…

THE Nigeria Customs Service (NCS), Tin-Can Island Command, has intercepted some arms and ammunition allegedly being smuggled into the country by some criminals. A source within the service told this newspaper that other items recovered were military camouflage and substances suspected to be illicit drugs. He added that the arms recovered were automatic single-barrel rifles and pump action guns. Though details of the interception are still sketchy, the recoveries were made during an inspection of consignments imported into the country. But the source could not confirm if any arrests were made. This interception is coming barely eight months after the…

HEIRS Technologies, a leading digital transformation company, has announced the appointment of Obong Idiong as its Chief Executive Officer. Idiong brings considerable experience in the technology sector and a visionary approach to this role.  Prior to joining Heirs Technologies, he served as the MD/CEO at Africa Prudential Plc, where he spearheaded the digital transformation of its registrar services and repositioned the company as an agile and technology-driven organisation. Idiong has held a series of senior management roles, including at the United Bank for Africa Plc and Heirs Holdings Limited. Heirs Technologies, a subsidiary of Heirs Holdings, delivers efficiency and scalability…

ACCESS Holdings Plc (the Holdco) has announced that Aigboje Aig-Imoukhuede is returning as its Non-Executive Chairman. This decision was made after the untimely passing of the previous Group Chief Executive Officer, Herbert Wigwe. Mr. Aig-Imoukhuede, CFR replaces Mr. Abubakar Jimoh, the erstwhile Chairman of the HoldCo who remains on the Board as an Independent Non-Executive Director. This visionary and accomplished leader is bringing an outstanding record of accomplishments, wealth of expertise and leadership to guide the Group into a new era of success. In response to the untimely passing of the immediate past Group Chief Executive Officer of Access Holdings,…

HEIRS Holdings, a leading African investment company dedicated to improving lives and transforming Africa through strategic long-term investments, announced the launch of its new subsidiary, Heirs Technologies Limited, with an ambition to empower Africa’s digital transformation through innovative and locally tailored solutions. Heirs Technologies endeavours to provide value added services that capitalise on top-tier expertise while guaranteeing accessibility locally. The company’s range of offerings include IT consulting, which encompasses advisory services, business transformation, system integration, licencing, and partnerships. Additionally, Heirs Technologies will offer various managed services covering IT operations and business process outsourcing. To achieve its vision of propelling Africa…

A FEDERAL High Court sitting in Lagos has ordered the final forfeiture of 36 exotic cars, allegedly stolen from Canada to Nigeria. Justice Deinde Dipeolu made the final forfeiture order, while granting an application filed and argued by the Economic and Financial Crimes Commission (EFCC). Listed as respondents in the suit are: Wilmon Autos Nigeria Limited; Ikeoyi Enterprises; Ichie Autos; Bounce Autos; Assured Motors, Emeko Auto; CNC Auto; Green Hill Auto; First Core Auto; Samuel Motors; Unique Motors; Nice and Rich Auto; Overall Properties; GIDI Auto and Chris Jane Auto Nigeria Limited. The auto shops where the cars were recovered…

THE 14th Emir of Kano, Muhammadu Sanusi II, broke down in tears on Wednesday while paying tribute to former Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe. Addressing the crowd present for the night of tribute to the 57-year-old, the former Central Bank of Nigeria (CBN) Governor said he was thinking he would leave Herbert. “I was thinking I would die and leave Herbert. We have all heard about him, about his loyalty,” he said in an emotionally laden voice. He recalled how the late banker stood by his side all through his travails after being removed as…

BILLIONAIRE businessman, Aliko Dangote, has named the 120km road leading to his refinery in Lagos after the late Herbert Wigwe, in recognition of his exceptional contributions to the project. The announcement was made on Monday during a special event held at Eko Hotel, Lagos, titled ‘Celebrating Herbert Wigwe – A Professional Legacy.’ Dangote paid tribute to the former Chief Executive Officer of Access Holdings, highlighting Wigwe’s dedication and expertise. “To immoratalise my beloved friend, my brother and mentee, I’ve actually decided to name our major refinery and petrochemical road out of the 120km road, the biggest road will now be…

PRESIDENT Bola Tinubu on Thursday took a swipe at labour unions in the country, calling on them to maintain peace. The President took a shot at the unions in Lagos on Thursday during the inauguration of the state’s Red Line Rail service, two days after the Nigeria Labour Congress (NLC) held a nationwide protest over the economic hardship in the country. Addressing those in attendance at the inauguration, President Tinubu asked for permission to throw a jab before sending a message to the Organised Labour, with main members being the NUC and the Trade Union Congress (TUC). “The Labour Union…

A HUMAN rights group identified as the “Take It Back Movement” on Monday hit the streets of Lagos State to protest against the soaring price of food and the high cost of living in the country. This protest was held against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday. The protesters were seen carrying placards of various inscriptions at Ojuelegba under bridge area of the state to make their grievances known on the current economic hardship across the country. The protest is coming preparatory to the organised labour’s billed to start on Tuesday. The…

THE Comptroller General of Customs, Adewale Adeniyi, has said that the distribution of seized food items would commence on Friday nationwide. Adeniyi, while speaking with journalists on Thursday in Lagos, warned that the distributed seized food items was not to be resold. Adeniyi also warned that customs officers were banned from partaking in the exercise, adding that the rice would come in 25kg, which would be sold for N10,000. Recall that the NCS said it had concluded plans to commence the direct distribution of seized food items to Nigerians. The National Public Relations Officer of the service, Abdullahi Maiwada, disclosed…

AS Nigerians lament the high cost of living crisis in the country, Governor Babajide Sanwo-Olu has said that Lagos State civil servants from Level 1 to 14 will come to work physically three times a week and work virtually for the two other days to ease economic pressure in the state.  The governor, who stated this during a media chat on Thursday, also announced a 25% reduction on all public transportation in the state. Sanwo-Olu said, “The first thing that we will be doing in the state going forward is that we want to start with our own public servants,…

SOME reputable financial experts have replied a chieftain of the Peoples Democratic Party (PDP), Bode George, who accused UBA, Access Bank and other top bank CEOs of contributing to bank rottenness in Nigeria. According to Femi Awoyemi, founder of Proshare and Ugodre Obi-Chukwu, CEO of Nairametrics, George’s comments clearly highlighted his lack of understanding about the banking sector and how it works. Bode George had alleged that Wigwe and other Bank CEO’s such as UBA’s CEO, Tony Elumelu and former CBN governor, Godwin Emefiele all made billions from the corruption in the Nigerian banking industry. But responding in two separate…

ACCESS Holdings has confirmed the death of its Group Chief Executive Officer (CEO) Herbert Wigwe. Wigwe died in a helicopter crash on Friday with his wife, son, and a former Group Chairman of the Nigerian Exchange Group Plc, Abimbola Ogunbanjo. The bank in a statement on Sunday signed by the Company’s Group Secretary, Sunday Ekwochi, confirmed the unfortunate incident. “It is with deep sadness that the Board of Directors of Access Holdings Plc (‘the Company’) announces the passing of Dr. Herbert Wigwe, CFR, the Company’s founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary Access…