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EXCLUSIVE: Tinubu, Amaechi in a N750m deal………..+ Many Dirty Details Revealed!

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Details are beginning to emerge on some of the sweetheart deals that cemented the relationships of the old guard of the All Peoples Congress (APC) and Governor Rotimi Amaechi of Rivers State.

As the dust from the tremors of the political landscape settled back in 2013 with the defection of the five Peoples Democratic Party (PDP) governors to the APC, what followed were weeks of getting-to-know-deals in the APC.

“Finding their feet in the new environment had huge financial implications for the newcomers. Behind the photo opportunities that the country was treated to, the sharks among them moved in quickly,” a source involved in the exchanges told the Nigerian Times.

To the delight of the APC top brass, Amaechi who appeared in a hurry to acclimatize started picking the tabs of many party programmes. We learnt that even the publicity arm of the party had a new lease of life on account of Amaechi’s generosity. Lai Mohammed, the APC’s publicity czar, became a frequent flyer on the Lagos/Port Harcourt, Abuja/Port Harcourt routes.

That was when Bola Tinubu, the ultimate power broker in APC, moved in. No governor in the Class of ’99 comes close to Bola Tinubu in privatising public resources. Lagos has been such a boon that almost a decade since he left office, he has been a central figure in all the political intrigues.

Those abreast of the early days of the relationship characterize it thus: “Amaechi was the political orphan on the prowl with plenty of cash buying up affection and influence in the new political family. Too many doors opened up to him because the party, in many respects, was poorly funded and too often, depended on Tinubu’s mood swings. Tinubu on his part was seeing beyond Amaechi’s new convert’s zeal; he had his eyes fixed on the honey pot that was Rivers State. They hit it off”.

Tinubu owns both TV Continental (TVC) and Radio Continental (RC); companies that have always been run by a few journalist friends of his. But a few years ago, he brought in a former top shot of Qatar based Aljazeera to rejig the place. Part of the reforms was the launch of a pay TV arm called Consat TV (Continental Satellite Television). Since he had his fingers burnt in the defunct HiTV, Tinubu had always dreamt of a business to rival South African owned DSTV. Consat was his answer and the service launched in June.

His next move was to tie up Consat and the Rivers State Government. Consat TV and the Rivers State Government entered a deal for the purchase of fifty thousand decoders at the premium rate of fifteen thousand Naira per decoder. The deal set the Rivers State treasury back by seven hundred and fifty million Naira. Nigerian Times can report that since the signing of the deal and full payment was effected, less than ten percent of the decoders have been supplied.

Why a government would want to buy decoders for its citizens remains unclear, but watchers of the Rivers State treasury say it is one of the “transfer of wealth” cases they have been witnessing since the governor decamped to APC.”

The relationship had recorded its first victim almost immediately. In a classic case of journalism misreading the dark art of a proprietor’s interest , Bola Tinubu’s TVC, or more precisely, Oluchi, who was TVC’s correspondent in Port Harcourt ,when the Rivers State House of Assembly crisis began, was to pay a steep price. Her crime was that bit of the trade every journalist lives for, a scoop.

On the day Chidi Llyod, the governor’s supporter went wild, bludgeoning another member on the head with the mace, it was Oluchi and her crew that brought the scenes across homes in the country. But because of the limited coverage of TVC not many people saw the video that night. Indeed the government and many media houses had eggshells on their faces in the intervening twenty four hours.

The governor’s propaganda machine got all the newspapers to report the event as one more instance of Wike’s supporters’ belligerence. Unknown to them, Oluchi had reported the event as it unfolded, correctly identifying Chidi Llyod as the villain and properly situating him between the warring camps. It took twenty four hours for other media houses, especially the newspapers to realise that they have been badly used.

TVC, itself, was forced to stop running the story the following day. By then the video had gone viral. Miss Oluchi was declared persona non grata in Port Harcourt. Her company could not protect her and fearing for her safety she escaped to Owerri. Her cameraman returned home late one night to find his house ransacked. He fled Port Harcourt too. After many months of idling away in Owerri, and the company ignoring her, she resigned.

RIVERS STATE GOVERNMENT REACTS

In her reaction, the Information Commissioner in Rivers State, Ibim Semenitari, admitted that though such a deal exists between Consat TV and the state government, the agreement was never about Governor Rotimi Amaechi, but about the good of the people of the state.

She told the us that it was wrong to say that just 10 percent of the decoders had been supplied, adding that 50 percent of the product (the quantity which the state government paid for) had been delivered.

While defending the agreement for the supply of the product, the Commissioner noted that the deal was important given that the Federal Government’s digitization policy would soon take off and the state government needed to comply.

“First, your figures are wrong, but to your question, 50 percent has been supplied and that is all we have paid for. What we are doing is not about the purchase of the decoders, but about the digitization policy which will commence soon’’, she explained.

Semenitari added, “We are getting the decoders because we need to migrate to the new platform and we are also grooming installers for the project which will in turn empower our youths by way of providing job opportunities’’.

According to her, since the state owned television station and radio station were in the process of joining the rest of the world in migrating to the new platform, it was important that the purchase was made to enhance the penetration of information to the remotest parts of the state.

“The penetration into the villages will not exist since we want to reach the largest mass of the people if we do not do this migration,’’ she explained.

The Devil in the Detail of the Government’s Defence.

Consat TV which launched in June this year is one of three pay TV firms apart from the popular but expensive DSTV.

GOtv is a cheaper offering from Multichoice and StarTimes which is a joint venture between the Nigerian Television Authority (NTA) and Chinese investors.

The NTA StarTimes, the biggest player in the direct to home television service sector is offering free decoders ahead of the 2015 digital migration.

Until the Christmas promotion started, the decoders went for N3, 900 with one month free subscription and offering 35 to 70 channels at 1,000 Naira monthly or up to 3,000 Naira monthly.

NTA Startimes is currently available in Lagos, Abuja, Kano, Aba, Benin, Enugu, Ilorin, Jos, Kaduna, Kano, Markurdi, Onitsha, Port Harcourt, Sokoto, Uyo, Yola, and Ibadan.

GOtv owned by Multichoice Africa with some channels from the DSTV bouquet offers a similar service to StarTimes and is a direct competitor. For N2, 900 subscribers get a GOtv decoder including one month subscription to GOtv Plus – which gives them access to over 41 local and international channels.

But until the recent promotion, Gotv access cost was 6,900 Naira for decoder, outdoor antenna, remote, and 1 month free Gotv plus package.

However, consat TV is one of the new Nigeria pay TV which offers subscribers only 24 channels at a cost of N15, 000 for dish and accessories and subscription price of N4000 per month.

And very crucially, both Startimes and Gotv are plug and play. No installation fees.

So, far from Mrs Semenitari’s pro-poor fibbing, this is a deal done at the behest of the mafia don.

 

Additional Info from Nig Times

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Transcorp Group Announces N142 Billion Revenue, N58.8 billion PBT, and Celebrates 10 year’s unbroken Dividend payment, at 18th Annual General Meeting

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Transnational Corporation Plc (Transcorp Group or the Group), Nigeria’s leading listed conglomerate, announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023, at its 18th Annual General Meeting (AGM), held on Monday, May 27, 2024, at the Transcorp Hilton Hotel, Abuja.

The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders. At the AGM, Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion. This performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023. Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, OON, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity. She said: “The reward for success is more work, and across our Group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

Tony O. Elumelu, CFR, Group Chairman, explained: “Transcorp Group has not only recorded unprecedented growth, the Group has demonstrated its potential to deliver much more value to stakeholders and to our country. The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people. Despite the current macro-economic challenges, the future remains an exciting one”.

“Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented. However, we call on the Federal Government to prioritise the crippling issues in the power sector. The challenges in the power sector should be uppermost in our nation’s transformation agenda. The private sector cannot thrive without improved access to electricity. Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year. The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year. The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.

About Transnational Corporation

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL287. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

www.transcorpgroup.com

 

 

 

 

 

 

 

 

 

 

 

 

 

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Anxiety as CBN sacks 200 employees

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No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank, Saturday PUNCH reports.

This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.

Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked persons were more than 200 but not less than 200.

They revealed that the new move included older directors who were not affected by the last round of retrenchment.

One of the sources in a 20-second call with our correspondent simply stated, “It is true and confirmed.”

The staff who could not disclose further details for fear of being tapped added that the move had caused palpable apprehension amongst staff of every cadre as the management had not specified any standard criteria for the decisions.

Another undeniable authority confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.

The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sacking is coming in staggered phases and that is why we can’t confirm the number yet.

“But it is not less than 200. The sacked persons include directors and other cadres but the ones that are easily known are the directors. Some of the old directors that were not affected during the last round of sacks are now affected.”

The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, indicated that the policy was to reorganise the organisation for effective operations.

The letter, lacking a signature, read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course. Thank you”

In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.

At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

Efforts to get the reaction of the Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not respond to several calls sent across to her or reply the text messages to her line.

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Paris-bound bizman arrested with 111 cocaine wraps

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The National Drug Law Enforcement Agency has arrested a 48-year-old businessman, Emmanuel Orjinze, at the Nnamdi Azikiwe International Airport, Abuja, for ingesting 111 wraps of cocaine.

The suspect, who claimed to be a professional footballer in Europe, was arrested on May 21 during the outward clearance of an Air France flight to Paris, France.

This was made known in a statement signed by the agency’s Director of Media and Advocacy, Femi Babafemi, and shared on the agency’s website on Sunday.

The statement read, “Operatives of the National Drug Law Enforcement Agency have arrested a 48-year-old Paris, France-bound businessman, Emmanuel Okechuku Orjinze, for ingesting 111 wraps of cocaine, which he excreted after days of observation in the agency’s custody following his arrest at the Nnamdi Azikiwe International Airport, Abuja.

“Okechukwu, who also claims he is a professional footballer in Europe, was arrested on Tuesday, May 21, during the outward clearance of Air France flight AF 878 from Abuja to Paris, France.

“After a body scan confirmed he ingested illicit drugs, he was taken into custody where he excreted a total of 111 pellets of cocaine that weighed 1.603 kilograms over three days. The suspect claimed he did business in the maritime sector while still scouting for any European football club to engage him. ”

In the same vein, the NDLEA officers operating at the Murtala Muhammed International Airport, Ikeja, Lagos hinted that they had dismantled another drug trafficking syndicate at the airport.

This, they said in a statement, followed the arrest of four members of the network and the seizure of a total of 8kg of methamphetamine and 7.60kg of Loud, a synthetic strain of cannabis imported from South Africa.

The statement added that a drug trafficking syndicate was busted at the airport when an official was caught with illicit substances in their backpack and bag.

On May 21, 2024, the NDLEA officers, supported by aviation security, intercepted the official at Terminal 1 and discovered the drugs during a search, blowing the lid off the syndicate.

“A swift follow-up operation at the Ajao Estate area of Lagos led to the arrest of two other members of the syndicate: Chris Nwadozie and Chinedu Nwaosu. Further investigation led to the arrest of another member of the cartel working within the airport system on Saturday, May 25,” the statement added.

In a related development, the agency also arrested a freight agent, Sonubi Abiodun, for attempting to export eight parcels of cocaine concealed in paint buckets to the United Kingdom.

Additionally, the NDLEA operatives arrested suspects producing and distributing skuchies, a mixture of black currant and illicit drugs, in Lagos, and recovered 2,480 litres of the psychoactive substance.

In Cross River State, a suspect, Ogar Emmanuel, was arrested with 2.5kg of cannabis, while 290kg of cannabis was recovered from the warehouse of Usani Ikpi, who is still at large. Additionally, three suspects – Sa’adu Sule, Mukhtar Nura, and Hamza Nura – were arrested in Katsina State with 70kg of cannabis, which originated from Ogun State.

The statement added, “No fewer than five suspects including Ezekiel Munda, 30; and Sule Mustapha, 21, were arrested by the NDLEA operatives on Thursday, May 23, during raids at the Karu Abattoir, Jikwoyi and Tora Bora hill area of the FCT, Abuja, where 95.01kg of cannabis and different quantities of opioids were recovered from them.

“In Edo State, operatives arrested a physically challenged notorious drug dealer, Zekere Sufianu, 45, at Auchi town on Wednesday, May 22. At the time of his arrest, he was found with 751 grams of Loud, 178 grams of tramadol, and pills of swinol,” the statement concluded.

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