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EFCC Arraigns Two Brothers For Stealing N1.5bn From Arthur Eze

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3 years ago

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The Economic and Financial Crimes Commission, EFCC, on Wednesday, December 23, 2020, arraigned two brothers, Eze Okwuchukwu Olisaebuka and Eze Nnadozie Onyeka and their respective companies -Berlus Resources Ltd and DYM Integrated Service Limited, before Justice Binta Mohammed of the Federal Capital Territory High Court, Maitama, Abuja on two separate charges bordering on fraud. While Olisaebuka and Berlus Resources Ltd were docked on a 14-count charge, Onyeka and DYM Integrated Service Limited were arraigned on a 17-count charge bordering on theft.

Olisaebuka, who was an administrative officer with Prince Arthur Eze, is alleged to have stolen and converted to personal use the sum of N804,360,216.81 (Eight Hundred and Four Million, Three Hundred and Sixty Thousand, Two Hundred and Sixteen Naira, Eighty One Kobo) and $3,309,359.08 (Three Million, Three Hundred and Nine Thousand, Three Hundred and Fifty-Nine Dollars, Eight Cent).

Prince Arthur Eze

Count 3 of his charge reads; “That you Eze Olisaebuka Okwuchukwu, between 26th September 2017 to 30th October, 2020, in Abuja, within the jurisdiction of this Honourable court, while being employed in the capacity of an administrative officer of Prince Arthur Eze, committed theft of an aggregate sum of N319,709,807.00 (Three Hundred and Nineteen Million, Seven Hundred and Nine Thousand, Eight Hundred and Seven Naira) in the possession of your employer (Prince Arthur Eze), and thereby committed an offense contrary to section 289 of the Penal Code Cap 532 LFN (ABUJA) 1990 and punishable under the same section”.

The defendants pleaded “not guilty”.

In view of the plea, the prosecution counsel, Samuel Chime, asked the court for a date for commencement of trial.

However, defense counsel, Anthony Okpalah, informed the court that an application for bail has been filed before the court and has also been served on the prosecution. He, therefore, asked that the court grant the defendants bail on Liberal terms.

The prosecution counsel did not object. He however reminded the court of the huge amount involved in the case and that the court should be judicious in giving the bail terms, stating that the prosecution is only interested in the defendants attending their trial at all times.

Justice Mohammed, after studying the application and the accompanying affidavit, granted Olisaebuka bail in the sum of N10,000,000.00 (Ten Million Naira) only and one surety in like sum, who must be a civil servant on Grade Level 14 with a copy of last promotion letter submitted. Also, he must be resident in the Federal Capital Territory (FCT).

The case was adjourned till January 26, 2021, for the commencement of trial.

Also, the case of theft brought against Eze Nnadozie Onyeka and DYM Integrated Services Ltd was adjourned till January 26, 2021, for the commencement of trial, after the court admitted the defendant to bail in the sum of N20,000,000.00 (Twenty Million Naira) only and two sureties, who must be civil servants of not less than Grade Level 14. The sureties must work and reside in the Federal Capital Territory and must present a copy of their last promotion letters for verification.

Onyeka and DYM Integrated Resources Ltd pleaded ‘not guilty’ to the charge of stealing N769,161,690 (Seven Hundred and Sixty Nine Million, One Hundred and Sixty One Thousand, Six Hundred and Ninety Naira ), $845,700 (Eight Hundred and Forty-five Thousand USD), and £80,200 (Eighty Thousand, Two Hundred Pounds).

Count 10 of the charge reads; “That you Eze Onyeka Nnadozie, between 20th January 2013 to 30th November 2020, in Abuja, within the jurisdiction of this Honourable court, while being employed in the capacity of Finance Manager of Prince Arthur Eze, committed theft of an aggregate sum of N370,950,000.00 (Three Hundred and Seventy Million, Nine Hundred and Fifty Thousand Naira) in the possession of your employer (Prince Arthur Eze), and thereby committed an offense contrary to section 289 of the Penal Code Cap 532 LFN (ABUJA) 1990 and punishable under the same section “.

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

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13 hours ago

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May 2, 2024

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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

Published

13 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.

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News and Report

May Day: Glo salutes Nigerian workers  

Published

1 day ago

on

May 1, 2024

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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.

 

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