Connect with us

News and Report

The 20 Crimes of Governor Nyako……..Why He Will Be Removed As Adamawa Gov.

Published

7 years ago

on

The 20 point allegations against Nyako

1. Fraudulent diversion of N2.3 Billion Adamawa state worker’s salaries for September and October 2011.

2. Illegal deductions and diversion of the sum of N142 million employment of Adamawa state workers in May 2014.

3. Diversion of N120 million public funds to sponsor fictitious visits of General Muhammadu Buhari to Adamawa sate to commiserate with flood victims of insurgents attacks in Madagali and Michika local government areas.

4. Extra-budgetary expenditure of N1, 740, 785 on fictitious special assistants and another N166, 230, 536.88 on personal assistants in 2013.

5. Fraudulent award of contract of over N8 Billion through SNECOU Group of Companies Ltd allegedly to siphon public funds without delivering any service to the people of Adamawa state.

6. Corrupt siphoning of the sum of N300 million public funds through a company, Hydrosources Resources Ltd in the name of Mubi By-pass without mobilising to site or any construction carried out long after collecting the N300 million from Adamawa state funds.

7. Gross violation of the oath of office by outrageous patronage and dominance of family and friends in the discharge of government such as MGDs office, the SPPU and ministry of Health.

8. Gross violation of section 120 of the constitution of the Federal Republic of Nigeria 1999 as amended and gross misappropriation and diversion of internally Generated Revenue for personal use to the detriment of the people.

9. Squandering the sum of N4, 805, 216, 538 and N7, 114, 590.85 in 2012 and 2013 respectively through the office of the SSG against budgetary approvals.

10. Expenditures of exorbitant sum of N2.5 billion as other miscellaneous expenses through the internal affairs and special services units.

11. Extra budgetary procurement of fertiliser and diversion of proceeds from the sales of same from 2007 to date.

12. The MDGs office is managed by the governor’s close relations and has squandered N220 million and N786, 644.94 unbudgeted funds in 2013 for the implementation of MDGs programme.

13. Diversion of over N400 million out of the N500 million federal government intervention funds for flood victims in 2011.

14. Diversion of government funds through illegal importation of hospital equipment to the tune of N156 million while the state still owes the contractor and illegal acquisition of containerized mobile workshop for vocational training centers.

15. Corruption and extra budgetary award of contracts for the construction of Army Barracks road, Mayo Belwa Road; Pella to Maiha Road; Gombi to Ga’anda to Fotta Road; Rumde to Yolde Pate Road; construction of mubi bypass, contrary to section 120 (2), (3) and (4) of the construction of the Federal Republic of Nigerian 1999.

16. Squandering of N1 billion Adamawa German Hospital, managed by close a relation to the Governor.

17. Shoddy conception and operation of Adamawa German Hospital, managed by close relation to the Governor.

18. Abuse of office and violation of Adamawa state law by the appointment of his wife, Dr. Halima Nyako as chairman, Adamawa state action committee on Aids, (SACA) contrary to SACA law.

19. Over bearing strangulation of the local government areas and extortion of local government funds in the name of joint account projects and security challenges in mubi and other parts of the state.

20. Alleged of corrupt practices.

Related Topics:
Continue Reading
Advertisement

News and Report

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Published

14 hours ago

on

May 2, 2024

By

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

Continue Reading

News and Report

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Published

14 hours ago

on

May 2, 2024

By

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

Continue Reading

News and Report

May Day: Glo salutes Nigerian workers  

Published

1 day ago

on

May 1, 2024

By

 

Digital telecommunications solutions provider, Globacom, has saluted Nigerian workers as the country observes this year’s edition of the International Workers’ Day. The company enjoined them to rededicate themselves to excellence so as to take Nigeria to the next level.

 

In a solidarity message released on Tuesday, Globacom lauded the resilient spirit of workers in spite of present challenges. It urged them to use the opportunity of the Workers’ Day to reflect on how their contributions can build a better and more vibrant society.

 

“We salute Nigerian workers on this this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation”, Globacom said, and urged them not to rest on their oars.

 

The company noted that the story of Nigeria cannot be complete without the huge contributions of workers, both in the public and private sectors.

 

The International Labour Day is observed annually on May 1 to recognize the contributions of workers all over the world. It is also used to promote a fairer and more sustainable future for all by advocating for workers

’ rights.

 

Continue Reading

Trending