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Shareholders Laud Transcorp Hotels’ performance, Approve dividend payment

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Transcorp Hotels Plc has announced a profit after tax of N4b at its 3rd Annual General Meeting which took place at Transcorp Hilton Abuja. At the meeting, the Shareholders of Transcorp Hotels Plc   commended the management and staff of the Company for recording a strong financial and operational performance in the financial year ended 31st December 2016, with improvements across all indices despite the economic recession which took a hefty toll on hospitality businesses generally.

The Shareholders gave the commendation at the 3rd Annual General Meeting of the Company held at Transcorp Hilton Abuja on Wednesday March 15, 2017, attributing the feat to the quality of Transcorp Hilton Hotel as the leading hospitality destination in Nigeria. They also described the management of the Company as visionary and dedicated, as demonstrated by the Hotel’s constantly improving quality of service.

The Shareholders unanimously approved the Board’s recommendation of a final dividend of 40 kobo per share, stating that they are confident that as the Company continues to make progress, it will not relent in meeting their expectations.

Speaking on behalf of shareholders, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN), expressed appreciation to the Company’s Board and Management for paying dividend at a period when the country’s economy is in dire straits, leading to significant drop in hotel occupancy. He said, “At a time when a lot of companies prefer to cut dividend with a ready excuse in the current state of the economy, we are delighted that our Company has paid dividend which will go a long way in meeting our financial needs”.

Also speaking, AlhajiMuktarMuktar, President, Trusted Shareholders Association, commended Transcorp Hotels for what he termed “a stellar financial performance” amid a challenging period and the dividend payout which he said was equally laudable. According to Muktar, Transcorp Hotels has not relented on its oars and has continued to shine brightly delivering world class service to an ever growing clientele of top notch guests across the world. Little wonder it has consistently won numerous awards and most recently bagged a long list of honours in 2016 that will make even its competitors go green with envy. “We are proud of this achievement and encourage the MD and the Board to continue in this direction”. At this point, the shareholders gave a standing ovation to the MD/ CEO  for not just winning the Seven Stars 2016 CEO of the Year at a global event, but for also leading Transcorp Hilton to win the Seven Stars Seal of Excellence Award for the first time.

Earlier, Chairman of the Company, Olorogun O’tega Emerhor explained to shareholders that the strong performance recorded by the Company is because the Company continued to re-invent its offerings, in keeping with service excellence. He noted that the Company was relentless in maintaining market leadership in its flagship property, closing the year with an occupancy of 60%, well ahead of competition. This according to him ensured Transcorp Hotels delivered a resilient performance even in the face of the impact of economic recession on the hospitality industry which has seen occupancy for large hotels dropping below 35%.

“2016 was a year of notable achievements for Transcorp Hotels Plc, despite the strong economic headwinds. The upgrade of Transcorp Hilton Abuja is underway in line with our commitment to stakeholders to build Africa’s choice hospitality assets”, Emerhor said.

He noted that, in validation of Transcorp Hilton Abuja as the prime hotel property in Abuja, the Hotel won numerous awards in 2016 and for the fourth year in a row emerged the proud recipient of five prestigious awards at the 23rd World Travel Awards; the laurels include Africa’s Leading Business Hotel; Nigeria’s Leading Business Hotel, Nigeria’s Leading Hotel and Nigeria’s Leading Hotel Suite (the Presidential Suite). The World Travel Award is recognized globally as the hallmark of quality, with winners setting the benchmark to which others aspire. The Hotel also went on to clinch the 2016 TripAdvisor Travellers’Choice Awards and the 2016 Seven Stars Luxury Hospitality and Lifestyle awards, Emerhor said.

In his review of the 2016 results, the Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Mr. Valentine Ozigbo said that the Company recorded a 10 percent growth in gross revenue at N15.31bn as against N13.98bn in 2015.  This according to him was largely driven by key events including visits by very high profile guests, many foreign heads of government and representatives of consulates. All this he said was due to aggressive business development.

He said the Company recorded a Profit Before Tax of N5.24bn in 2016, maintaining 2015 performance of N5.38bn while the Profit After Tax for the year surpassed 2015 performance of N3.5bn by 17 percent to N4.10bn in 2016. “Our major priority now is creating value for our stakeholders, improving customer service for our guests and maximizing shareholder value, and we believe very strongly that the foundation that we are laying, with the current upgrade and refurbishment of the Transcorp Hilton Abuja and repositioning of Transcorp Hotels Calabar, is certain to yield very positive results.” He said.

“On this premise, I am happy to add that our turnaround initiatives for Transcorp Hotels Calabar are equally paying off as the Hotel recorded laudable profit for the first time since 2012”. This development, he explained, was predicated on strategy of increasing occupancy and proactive cost management” Ozigbo stated.

Speaking on 2017 prospects, Mr. Ozigbo maintained that the Company will keep up with the tempo to sustain the financial performance in 2017, despite the impacts of the temporary airport closure. He also confirmed that the Company is on track to deliver on the ongoing upgrade of Transcorp Hilton Abuja as preparations get on for the 30th anniversary of the Hotel in the 2nd quarter of this year.

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NAFDAC Seizes Over N3.8Billion Unregistered Food Products In Lagos

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The National Agency for Food and Drug Administration and Control (NAFDAC) on Tuesday announced that it seized unregistered food products worth over N3.8 billion in Lagos State.

The food and drug regulatory agency in a statement said its Investigation & Enforcement Directorate raided a warehouse at Apongbon Oke Arin Market in Lagos following a tip-off about the sale of unregistered food products.

NAFDAC said, “Various unregistered items valued at N3,818,802,720 were seized during the operation, and the facility has been placed on hold pending further investigation.

“The warehouse management has been summoned for questioning, and appropriate sanctions will follow after investigations.”

The agency reaffirmed its commitment to protecting public health and ensuring compliance with regulatory standards.

“We also urge the public to remain vigilant during the festive season, and report suspicious activities to the nearest NAFDAC office,” the statement added.

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Ibadan Stampede Update: Court remands Ooni’s ex-wife Naomi Silekunola, Oriyomi Hamzat..

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A Chief Magistrate’s Court sitting in Iyaganku, Ibadan, on Tuesday, ordered the remand of the former wife of the Ooni of Ife, Naomi Silekunola; the Chief Executive Officer of Agidigbo FM, Oriyomi Hamzat; and the Principal of Islamic High School, Abdullahi Fasasi, at the Agodi Correctional Centre.

The remand order followed their arraignment in connection with last week’s tragic stampede at a Christmas funfair held at Islamic High School, Bashorun, Ibadan, which claimed the lives of 35 children and left six others injured.

The court presided over by Chief Magistrate Olabisi Ogunkanmi, issued the order after the suspects were brought to court amidst heavy security.

The defendants are facing a four-count charge. According to the police prosecutor, the offences contravened Section 324 of the Criminal Code, Cap. 38, Vol. II, Laws of Oyo State, 2000.

The prosecution alleged that the trio played a role in the events leading to the stampede that turned the Christmas celebration into a tragedy.
Chief Magistrate Ogunkanmi directed that the defendants be remanded at the Agodi Correctional Centre pending legal advice from the Oyo State Director of Public Prosecutions.

The court proceedings, which drew significant public attention, saw law enforcement officers heavily guarding the suspects as they were escorted to and from the court premises.

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How Walter and Winifred Akpani spread Christmas cheer at Augustine University – Toni Kan

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Since my brother passed and I became surrogate to the children he left behind, they have alternated between calling me Dad or Uncle depending, usually, on how happy they are with me.

I have never really minded because my own biological children sometimes call me Toni Kan as the spirit moves them.

So, I was a bit apprehensive when I got a Whatsapp message from one of them, an undergraduate at Augustine University, Ilara-Epe, Lagos.

“Uncle, please call me!”

“Are you alright?” I asked when I finally dredged up courage to call.

“Some people from your village came to our school today.”

“Which village?” I asked.

“Ibusa,” came the answer.

“You are from Ibusa too and it is not a village,” I tried to explain as I have done a hundred times.

The “people from my village” were Sir Walter and Dame Winifred Akpani who it turns out had attended the dedication of the Chapel they built, furnished and donated to Augustine University under the Lagos Archdiocese.

It must have been a moment of pride for a child who has always claimed Lagos as home and perpetuated the city and village binary.

Described as “something out of this world” by the priest who anchored the event, the chapel of Mary Mother of the Church which can seat 1,200 people was dedicated on Monday December 16, 2024 on the campus of Augustine University, Ilara-Epe.

The dedication offered an opportunity for a comingling of Archbishops and faithful’s drawn from the Lagos, Abuja and Ijebu-ode dioceses.

According to the University’s website, “The dedication was presided over by the Archbishop of the Metropolitan See of Lagos and Proprietor of Augustine University, His Grace, Most Rev. Dr. Alfred Adewale Martins, who delivered a profound homily. He was supported by the Archbishop of Abuja Catholic Archdiocese, His Grace Most. Rev. Dr. Ignatius Ayau Kaigama and the Bishop of Ijebu-Ode Catholic Diocese, Most Rev. Dr. Francis Obafemi Adesina.”

They were joined by the Visioner of Augustine University and Archbishop Emeritus of Lagos, His Eminence Anthony Cardinal Okogie and over 100 priests in the celebration of the Holy Mass followed by the “sacred anointing of the altar and walls of the church, as well as the decoration and incensation of the altar and the entire chapel, symbolizing the consecration of the space as a place of worship and reflection.”

The foundation of the chapel was laid in 2019. It was created by Teresa Mallamaci, an acclaimed Italian architect based in Rome and has been realised as “a harmonious blend of Christological and Mariological motif” with the resulting edifice seamlessly melding “aesthetic elegance with spiritual symbolism.”

 

The brand new Chapel of Mary Mother of the Church features two distinct side Chapels; one dedicated to Eucharistic Adoration with a sacred space for prayers and meditation and another which will be used for celebrating weekday masses or for smaller congregations.

Rev. Fr. Andrew Toye was unveiled as the new Chaplain of the Chapel and he takes over from Rev. Dr. Emmanuel Ogundele, who had served with dedication in an acting capacity.

The Chaplain has a purpose built home contiguous to the chapel and both facilities have been provided with generators to ensure round-the-clock power,

Sir Walter Akpani who holds a Master of Science degree in Finance from the University of Strathclyde, Scotland is the Managing Director / CEO of wave-making Providus Bank which inked a celebrated merger with Unity Bank in mid-2024.

With over 30 years of financial experience, Walter Akpani was a pioneer staff of ICON Stockbrokers, before joining the restructuring team at Commercial Trust Bank, becoming a pioneer staff at Standard Trust Bank Plc now United Bank for Africa (UBA) as well as at Platinum Bank Ltd which he left as Vice President, Institutional Banking, to set up United Mortgage Bank Limited, which has now metamorphosed into Providus Bank. He is a respected Treasurer in the Nigerian banking industry and a committed change agent.

A devout Catholic, Walter Akpani was invested as a Knight of St. Sylvester in September 2024 when he received papal honours from Pope Francis alongside others – Lady Christine Doja Otedola, Mr. Julius Olufunsho Britto, Mr. Peter Amangbo and Mr. Peter Nwanze – in recognition of “their dedication and exceptional service to the Church in different Apostolates.”

Dame Winifred Akpani, a Member of the Governing Council, Augustine University and past chairman of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) is a graduate of Mathematics from the University of Benin. Driven, diligent and resilient, she is the founder and CEO of Northwest Petroleum & Gas Ltd, Rosarium Lubricants, Northwest Energy Ltd, Millennium Oil & Gas Ltd with interests in the upstream and downstream sectors of the Nigerian oil and gas industry. Northwest Petroleum & Gas Ltd is one of Nigeria’s biggest downstream players and owns two tank farms, 200 distribution trucks and over 100 petrol stations spread across the country.

Those are the people from my village who went to spread Christmas cheer at St Augustine University.

 

***Toni Kan Onwordi is a PR expert and financial analyst.

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