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BEHOLD THE NEXT OONI OF IFE….. + All you need to know about Prince Adeyeye Enitan Ogunwusi

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They say the sun will rise and set, seasons will change their turns, and the youth will take over the old. The hourglass has been flipped, the king has gone to meet his ancestors and for Prince Adeyeye Enitan Ogunwusi it is only the beginning. Take notice, for his time has come.
Since the demise of the highly dignified Oba Okunade Sijuwade, Olubuse II, who in his capacity as the Oonirisa of the source brought a lot of fanfare and prestige to the already well revered stool that at one time or the other had been occupied by such illustrious personalities as Oduduwa & Oranmiyan, the race for the next Ooni has been on and the four ruling families; Osinkola, Ogboru, Giesi and Lafogido are now contenders.

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A declaration document was signed by then Chairman of Chieftaincy Committee of Oranmiyan Local Government; P. O. Olaniyi. The document, which was forwarded for approval on September 14, 1979 and was signed on January 28, 1980 approving the rotation of the stool among the 4 ruling houses, in that order. The document had been prepared under the reign of the late Oba Adesoji Aderemi who was from the Oshikola ruling family. The late Oba Okunade Sijuwade, the Olubuse II, being a product of the Ogboru ruling house, the next in line to ascend the throne must therefore come from the Giesi family. The Prince of the source, a fearless and self-made business man, Prince Adeyeye Enitan Ogunwusi, being the 4th direct descendant of the Giesi family, is in all context, the man for the throne.
About forty years ago in the ancient city of Ile-Ife, a prince was born into the Giesi Ruling House, Ojaja Royal Compound of Agbedegbede in Ile-Ife. He was named Adeyeye. Prince Adeyeye Enitan Ogunwusi was quietly delivered into the humble family of Prince Ropo and Late Mrs Margaret Wuraola Ogunwusi (Ile Opa family compound, Ile Ife). The father was a radio and television anchor and presentation star that spanned the entire mid-1980s to early 21st century in the South-western part of Nigeria. Though born quietly, Prince Ogunwusi’s excellence and outstanding acumen would soon start to announce itself for the world to behold.

An astute entrepreneur, driven by turning ‘impossibilities to possibilities’, Adeyeye’s power of imagination has set him aside, revolutionizing his approach to creativity and innovation. A distinct achiever, with the conscience of youthful excellence, his ambition is exceptional with savvy business ideas, making a mark in his immediate society and beyond.
He has been involved in Engineering, Procurement and Construction (EPC) locally and abroad for over 12 years and he is also actively involved in the development of over 2,500 housing units with various consortia of developers/promoters over the last 8 years in Nigeria. He facilitated strong trade relationship through Association for International Business (AIB) with presence in over 200 member countries across the globe which he set up in Nigeria. One of the key achievements of this body is the trade facilitation between the United Arab Emirates (Jebel Ali free Trade Zone development) and Federal Government of Nigeria through Nigerian Investment Promotion Commission (NIPC). He was a co-organizer for Ondo State Economic Planning and Implementation Committee. He led the Government delegation team to Canada in 2002 for strategic alliances and partnership with Ondo State Government on solid mineral potentials of the State (Bitumen, Dimension Stones, Granite, etc.) which led to the formation of Amalgamated Mining and Exploration Company Limited – wholly owned by Ondo State Government. He was involved in the facilitation and development of Sparkwest Steel Galvanizing Plant (the only Steel Galvanizing Plant in Nigeria), National Iron Ore Mining Company Limited and Jakura Mines resuscitation projects, which has eventually become the major limestone feed stock to Obajana Cement Plant in Kogi State, Nigeria.

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Prince Adeyeye Enitan Ogunwusi was involved with trading and marketing of commodities, the main facilitator for Dangote Group’s break into the ‘up-country supply chain consortium’ between 1996 and 1999. He also traded for Dohagro Allied, Global Apex, Olam, Clemco, Stallion Group, Milan Group etc, at about the same period. This is where he gained expertise in marketing prowess which up till date is one of his major strengths. He also facilitated the biggest Lead and Aluminum recycling plant set up in Nigeria by National Steel Company of India in Ota, Ogun State.
He began his strides in the Real Estate sector with various dredging and land reclamation projects in Lagos State. Adeyeye is the initiator of EssentialHomes, a real estate product launched in January 2014 formed to deliver affordable upscale homes to the middle and low income earners. The 1st phase of the product (The Southpointe Estate, Lafiaji Road, Lekki, Lagos State) started in February 2014, and has been successfully delivered within 1 year with about 60% occupancy recorded. This attests to the huge market demand and acceptability of the EssentialHomes product. He also led the team that developed the beautiful Northpointe Estate Phase I,II,III and Midland Court , on Chevron Drive Lekki Lagos. In addition, Prince Adyeye has successfully undertaken more multi-billion Naira projects across Lagos and environs; Jacob Mews Estate Yaba, Lakeview Park I and II Estates Lekki, the ongoing Golden Leaf Estate Lafiaji, Lekki and Grand Lake Estate Ajah, Lagos.
Adeyeye also has clear track record of community development starting with his home town; 4yrs ago during the occasion of his Mum’s funeral, the community was without any form of electricity. Adeyeye went ahead to install transformers and light poles, generated electricity which till today, the community still boasts of. This electrification project is also being extended to other parts of the town. Part of his community development strides has also extended to the Lafiaji community, off Orchid Hotel road, Lekki-Epe expressway, Lagos, with the opening up and reconstruction of a 6.5km road, with a 1.1km green extension without Government intervention. He also embarked on the electrification of this whole stretch which is being powered by his company, Gran Imperio Group.
In just 1 year, to actualize his dream of the development of one of the best resorts in Nigeria, he led a team that opened up a remote jungle, Inagbe Island, Amuwo Odofin LGA, Lagos, into a whole new community offering spectacular world class relaxation and recreational facilities. The multi-billion Naira Inagbe Grand Resorts and Leisure, Lagos Nigeria is a first of its kind in the whole of West Africa bounded by the Lagoon and Atlantic Ocean. With this feat, he is set to increase the country’s GDP through tourism and reduce unemployment by providing direct and indirect employment. At the launch of this magnificent project in December 2013, The Managing Director of First Bank Plc., Mr. Bisi Onasanya, told The Nation Newspaper (published on December 13 2013) that tourism remains a veritable means of entrepreneurship and revenue earner for Nigeria, hence it should be given necessary support. The First Bank boss also said this at the unveiling of the signage of the resort, “It is a shame to some of us that we have waited this long for a younger person to come and wake us up and show us what we are able to do.”
Earlier this year, Prince Adeyeye also intimated the youth of Ile-Ife of his plan to replicate this remarkable project in Ile-Ife, having already acquired good land mass for the project. Interestingly, he has an incredible master plan to rebrand Ife and take it to greater heights. On the 7th of March 2015, Adeyeye was a recipient of the prestigious NIDSA (National Ife Descendants Students’ Association) GOLD AWARD for 2015 on the occasion of their Ife Day celebration.
Prince Adeyeye enjoys being in the midst of his workers, celebrates and dances with them, dines with them, crack jokes and of course gets on the work grind with them. He is a grass root fellow to the core and lover of the youth. His humility is second to none. Being a philanthropist, Adeyeye has sponsored less privileged children and youth in Ile-Ife and Lagos where he lives. Some youth are still beneficiaries of Adeyeye’s scholarship platform till date.
Adeyeye is presently an employer of over 300 indigenous youth at the Inagbe Cocowood Factory – EssentialHomes Furniture brand, first of its kind in Nigeria using 100% indigenous raw materials for production. He has over 450 direct employees across his various companies, and over 3000 indirect employees.
Prince Adeyeye Enitan Ogunwusi is a Director on the Board of Directors of Imperial Homes Mortgage Bank Limited, (formerly GTHomes), a leading National Mortgage Bank and former subsidiary of one of the biggest banks in Africa, GTBank Plc. He is also a Director, FinaTrust Microfinance Bank Limited, one of Nigeria’s foremost Microfinance Banks focusing on SMEs and micro credit facilities. He is the Founder and Managing Director of Gran Imperio Group, the holding company of Real Estate and Construction, Manufacturing, Facilities Management, Leisure and Tourism companies in Nigeria.
Prince Adeyeye Enitan Ogunwusi holds a Higher National Diploma in Accountancy from the Polytechnic Ibadan, where he started cutting his teeth in outstanding entrepreneurship, even as a student. To mention a few, the royal prince of Ile-Ife the source, is a member of dignified professional bodies, namely, Institute of Chartered Accountants of Nigeria (ICAN), an Associate Accounting Technician and a certified member of the Institute of Directors (IoD) Nigeria. He is also an active member of Global Real Estate Institute (GRI), having participated at various levels.
To be a prince in Yoruba land is in itself outstanding. To then be a prince of the source Ile-Ife, the Cradle of Civilization is to be truly blue-blooded. Very passionate about what he believes in; people and possibilities, Adeyeye has achieved giant strides even from his very youthful age.
Prince Adeyeye Enitan Ogunwusi has been involved in remarkable partnerships with dignified Royal Fathers in some of his Real Estate developments; HRM, Oba Saheed Elegushi, Kusenla III, Elegushi of Ikate Land, Lagos (Development of LakeView Park 2, Lafiaji, Off Orchid Hotel Road, Lekki – Epe Expressway), HRM, The Ooni of Ife, Oba Okunade Sijuade, (development of Northpointe Estate, Chevron Drive, Lekki, Lagos), HRM, Oba Oyekan, Onilado, of Ilado Inagbe Island, Lagos, (Development of Inagbe Grand Resorts and Leisure, Lagos), HRM, Oba Adedapo Tejuoso, The Oranmiyan Osile Oke Ona of Egba Land, Abeokuta (development of The Lord’s Estate, Buckswood College Abeokuta), HRM, Oba Oloruntoyin Saliu, the Oloworo of Oworonsoki, Lagos (partners in the proposed Oworonsoki Redevelopment Scheme, Lagos), HRM Oba Akinloye, Ojomu of Ajiran Land, Lekki – a host to several developments which Adeyeye has embarked on, HRM, The Olofa of Offa, Oba Mufutau Muhammed Gbadamosi (partnership during the rice and sugar merchandising for Dangote Group and others).
A highly dignified man, fearless and daring, a self-made man who not only has passion for his home town but his country as a whole, who has and is working in the improvement of the society at large whilst he spends his time and money to preserve and showcase the cultural heritage of his people and tradition of Ile-Ife, he also is creating many job opportunities for the indigenes of Ife.
He is loved and highly respected by the people of Ile-Ife, the Prince is someone who has stayed and is very much in touch with his roots and tradition. A man of honour who already has started making a difference in the city of Ife, He has close alliances with some of the most esteemed Royal fathers, leaders and kings men.
Truly it’s a new dawn and Ife will never remain the same again.

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News and Report

UBA Champions Youth Empowerment through Graduate Programme, Employs 398 Across Africa.

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Africa’s Global Bank, United Bank for Africa (UBA), held the second edition of its expanded Graduate Management Acceleration Programme (GMAP) class of 2024, where 398 young Africans were inducted into the UBA Tribe after a rigorous six-month hands-on-work and learning experience.

 

 

 

The event, which was held in a grand ceremony in Eko Hotel, Lagos on Thursday, was graced by esteemed guests, the UBA management, faculty members, mentors, and the graduating class.

 

 

 

The graduands are from six African countries, including Nigeria, Ghana, Cameroun, Kenya, Tanzania and Zambia.

 

 

 

Addressing the gathering, UBA’s Group Chairman, Tony Elumelu, who congratulated all the graduates, expressed profound pride and admiration for their success having completed the intense capacity-building programme, combining learning with on-the-job training experience, garnered while rotating across several departments and units in the bank.

 

 

 

Elumelu took time to highlight the bank’s passion for youth empowerment in Africa, while bridging the unemployment gap, which according to him, remains one of the greatest challenges of the continent.

 

 

 

“For me these young UBA Graduates are a testament to who we are: a truly pan-African Group, that invests in African talent.This milestone is more than just numbers. It signifies UBA’s commitment to youth empowerment. Unemployment is the greatest challenge we face – a tragic and cruel betrayal of a generation. We know governments alone cannot create all the jobs we need – so it is up to us, the African private sector, to partner our government in improving lives and livelihoods. This is Africapitalism, and it is gratifying to see UBA play its part. UBA is dedicated to creating a positive impact, through the GMAP programme UBA is creating employment, boosting economic growth, and transforming lives across Africa,” Group Chairman said.

 

 

 

Continuing, he said, “At UBA, identifying these young ones, bringing them to the centre, training them, equipping them for the future and the task ahead, not just for a career in UBA, but wherever they end up remains our passion, because this is how we play our role as a Pan-African bank, in helping to empower the next generation, which is the African youth. We are helping to create employment and this for us is our driving force.”

 

 

 

Earlier in his speech, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, commended the graduating class for their unwavering commitment and emphasized the program’s role in cultivating the next generation of UBA leaders.

 

 

 

“Your dedication, resilience, and unwavering commitment have been nothing short of inspiring. Each of you has demonstrated the qualities of a true UBA ambassador, and today, we celebrate not just your achievements but also the collective strength of our UBA family.

 

 

 

While recognizing the invaluable support extended by families and friends, the GMD said, “Let us take a moment to express our deepest appreciation for their steadfast support as the invaluable support of your families and friends throughout this journey. Their love, encouragement, and understanding have undoubtedly played a pivotal role in your success.”

 

 

UBA’s Group Head, Human Resources, Modupe Akindele, said the bank remains committed to nurturing talent and leadership within the organisation. She noted that the GMAP programme, which marked its second graduation will be a continuous initiative, as it culminates an intensive journey towards leadership excellence.

 

 

 

“Already, the programme has graduated over 1,100 graduates, that is about 700 in 2023 and now we have 398 graduates. The fact remains that at UBA, we believe in equal opportunity for all, regardless of age, tribe, gender, or background; and so, we will continue to pursue our dream to nurture these young ones to their full potential,” she added.

 

 

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

 

 

 

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

 

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News and Report

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

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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.

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News and Report

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

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on

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.

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