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Transcorp Records N6.7bn Profit After Tax in Q3; Maintains A Positive Revenue Outlook.

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October 29, 2019. Lagos, Nigeria. Transnational Corporation of Nigeria Plc (“Transcorp”) today announced its financial results for the third quarter ended 30 September 2019. Highlights of the result show the Group recorded a Gross revenue of N58.28bn and posted a Profit Before Tax (PBT) of N7.36bn for the period under review. Total Assets increased from N297.14bn as of FY 2018 to N313.07bn representing a  5% YTD growth.

Transcorp’s hospitality business, Transcorp Hotels Plc (THP), grew notably by 16% in its year-on-year revenue and had a gross profit increase of 19% in comparison with the same period of 2018. Revenue from its power business, Transcorp Power Limited (TPL), however, declined during the period due to gas and transmission issues.

Commenting on the result, the President and Chief Executive Officer of Transcorp, Valentine Ozigbo, stated “Our Q3 result reflects our long term commitment to the sectors in which we play as we have had to focus on creating value for our shareholders while contending with significant operational challenges including severe gas shortages, mandated reduction in generation from the National Control Center and importantly, revenue exposures from delayed payment of receivables in our power business.”

“On our part, we have taken several actions aimed at proactively and sustainably addressing these issues. These include the recent activation of our Gas Supply and Aggregation Agreement, guaranteeing gas supply to our power plant in Ughelli; leveraging the Eligible Customer regime initiated by the Federal Government, which gives value to our stranded capacities; consummating the acquisition of Afam Power Plc and Afam Fast Power Limited, thereby raising our total generation capacity from 972MW to 1938MW; expansion into alternative power generation and mini-grid opportunities, among other things” he further explained.

Concluding his statement, Mr Ozigbo pointed out that “the actualization of these steps, as well as improvement in market payment for electricity generation, will facilitate our projected revenue expansion in Q4 and the coming years. This is in addition to even more significant contributions from our hospitality business, which is expected to benefit from the introduction of new service offerings. The recent discharge of the hotel from the Bureau of Public Enterprise (BPE) post-privatization monitoring, further speaks to its operational excellence and top-line corporate governance.”

 

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Court orders seizure of N1.37bn Kaduna fund ‘hidden’ in Sterling Bank

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A Federal High Court in Kaduna has ordered the interim forfeiture of N1.37 billion Kaduna State fund allegedly hidden in a Sterling Bank account with no proper documentation,.

 

The judge, H. Buhari, issued the forfeiture order on February 28, following an ex parte application by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which had previously filed the motion on February 14.

 

The fund was said to have been misappropriated from the Kaduna State Government’s coffers during the tenure of former Governor Nasir El-Rufai.

 

 

According to the ICPC, the fund, originally allocated for light rail project was diverted during El-Rufai’s administration. The controversial transfer was uncovered after the ICPC traced the funds to a private account.

 

According to the anti-graft agency, the diverted money was funneled through Indo Kaduna MRTS JV Nig. Ltd, a joint venture formed in 2016 between the Kaduna State Government and Indian investors.

 

ICPC’s lawyer, E.O. Akponimisingha, represented the agency during the hearing, which was conducted without the presence of any opposing parties.

 

 

In granting the forfeiture, the court ordered the ICPC to publish a public notice in two national newspapers, inviting anyone with a legitimate claim to the funds to present their case in court. Further proceedings have been scheduled for April 8, 2025.

 

The scandal dates back to December 2016 when, despite the Indo Kaduna MRTS JV Nig. Ltd not being formally incorporated until May 2017, Governor El-Rufai approved payments to the company. Between December 2016 and January 2017, a total of N11.1 billion was transferred to the company’s Sterling Bank account. The ICPC’s investigation revealed that N1.37 billion of this sum was illegally diverted into a private account.

 

In justifying the forfeiture, the ICPC emphasized that the redirection of the funds into public projects aligns with the broader public interest, particularly in enhancing governance and accountability. The commission further asserted that this action would not violate any constitutional rights and would instead serve the greater good by recovering the misappropriated funds.

 

 

The investigation was launched after a petition was filed by lawyer M. Yahaya from NUS’ AB Chambers in Abuja, detailing concerns of severe financial mismanagement during El-Rufai’s administration. Other officials from the former governor’s administration are also facing allegations of fraud and corruption, with some already facing charges before various tribunals and anti-corruption bodies.

 

While the former governor and his associates maintain their innocence, calling the ICPC’s actions “oppression” and an “abuse of power,” they argue that the seizure of funds tied to the light rail project could harm foreign investments in the state.

 

The case is ongoing, and further developments are expected following the adjournment to April 8.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Court Stops Senate Committee From Probing Natasha Akpoti.

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The federal high court in Abuja has issued an order preventing the senate committee on ethics, privileges, and public petitions from proceeding with disciplinary actions against Natasha Akpoti-Uduaghan.

 

Obiora Egwuatu, the presiding judge, granted the order on Tuesday following an ex parte application submitted by Akpoti-Uduaghan’s legal representatives, the senator representing Kogi central.

 

 

Akpoti-Uduaghan was summoned to appear before the senate’s disciplinary committee after a confrontation with Senate President Godswill Akpabio on February 20.

 

 

The senator disrupted plenary proceedings by rejecting her designated seat, disregarding Akpabio’s directive, and persistently raising a point of order despite being overruled.

 

The senate later referred Akpoti-Uduaghan to the committee on ethics, privileges, and public petitions for a disciplinary review.

 

On February 28, during an interview on Arise TV, the senator claimed that her ordeal in the senate started after she rejected “sexual advances from the senate president”.

 

NULL AND VOID’

 

The legal team representing Akpoti-Uduaghan includes Sanusi Musa, M. J. Numa, Y. M. Zakari, B. J. Tabai, Tijanni Jimol, and M. C. Bekee.

 

The defendants in the suit are clerk of the national assembly, the senate, senate president, and chairman of the senate committee on ethics.

 

According to court documents obtained by TheCable, Akpoti-Uduaghan requested the court to issue an order stopping the senate and the ethics committee from “proceeding with the purported investigation” against her.

 

She further asked the court to declare that any action taken during the pendency of the suit is “null, void and of no effect whatsoever”.

 

 

Additionally, Akpoti-Uduaghan sought permission for the defendants to be served with the originating summons and related documents through substituted means.

 

 

“AN ORDER OF THIS HONOURABLE COURT granting an Interim Injunction restraining the 2nd Defendant/Defendant’s Committee on Ethics, Privileges and Code of Conduct headed by the 4th Defendant from proceeding with the purported investigation against the Plaintiff/Applicant for alleged misconduct sequel to the events that occurred at the plenary of the 2nd Defendant on the 20th day of February, 2025, pursuant to the referral by the 2nd Defendant on 25th February, 2025 pending the hearing and determination of the Motion on Notice for interlocutory injunction,” part of the application reads.

 

In his ruling, the judge directed the defendants to show cause within 72 hours after being served with the order, explaining why an interlocutory injunction should not be granted against them.

 

Egwuatu also approved the request for substituted service on the defendants.

 

The case was adjourned to March 10 for the defendants to present their case on why the applicant’s reliefs should

not be granted.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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UN Urged To Establish Global Water Security Fund

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The United Nations and global stakeholders have been urged to establish a global water security fund to accelerate climate-resilient water infrastructure.

 

Dr. Prince Ero Ibhafidon, President, Waterlight Save Initiative stated this at the organisational session of the UN 2026 Water Conference.

 

He also called on UN to mandate accountability for SDG 6, enforce clear progress benchmarks to hold nations responsible and expand access to water innovation, ensuring technological advancements reach vulnerable

communities.

 

“The solutions exist. The resources exist. What we need now is the courage to act.

 

“Years from now, will we be remembered as the generation that ended water scarcity-or the one that let millions suffer in silence? The time for pledges has passed. Now, we must deliver results.

 

“Waterlight Save Initiative stands ready. Let’s turn words into action. Let’s get to work,” he said

 

According to him, water insecurity is a silent catastrophe, saying that one in three people lack access to safe drinking water, and every two minutes, a child dies from a waterbome disease.

 

“Climate change is worsening this crisis, drying up rivers and contaminating vital water sources.

 

“We are halfway through the UN Water Action Decade, yet progress toward Sustainable Development Goal 6-Clean Water and Sanitation for All-remains too slow. This is not just a crisis, it is a failure of leadership.”

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