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HOW GOVERNOR ROCHAS OKOROCHA LOOTED 16 BILLION NAIRA IMO 13 PERCENT OIL DERIVATION FUNDS IN 3 YEARS

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7 years ago

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Some months ago, I made a telling revelation that the sum of 1 billion naira belonging to pensioners in the 27 LGA of Imo State was “squandered” by Sir Jude Ejiogu the current Chief of Staff to the Governor of Imo State. Ejiogu squandered this money when he was the Chairman of Imo State Local …Government Service Commission. I lamented the “squandering of the significant sum of 1 billion naira and another 3 billion naira looted by the Speaker of the Imo State House of Assembly Mr Benjamin Uwajumogu. I cried out because most Imolites but especially the poor, continue to suffer the effect of failing public health and education system as well as decrepit infrastructure and battered institutions. I highlighted what I see as the dawn of naked impunity in Imo State.

 

Uwajumogu, Ejiogu and their megaphones have called me all sorts of names. I have been threatened, i have been harassed and i have been closely monitored. They want to shut me up by all means. But as a citizen of Imo State, I am not intimidated. I will continue to speak out. One of the fundamental elements of democracy is the right to free speech without having others trample on your opinion. The capitalist thieving vampires currently in power in Imo state are looting our monies and yet they want us to shut up. They also want us to vote them again in 2015 for another round of impunity.

 

I am not accusing these men falsely as they are claiming. I speak the truth about their fraudulent activities with anger. You will recall that in May, 2011, Owelle Rochas Okorocha took power from Ikedi Ohakim as Governor of Imo State. There was high hope by the masses that Okorocha’s rule will bring an end to mass poverty, worsening living conditions, mass unemployment, suppression of democratic rights, massive corruption, and insecurity of lives and property. But more than 3 years after, the high expectations of Imolites for real positive change in their lives have been shattered. Not only has there been no substantial improvement in the lives of the Imo working masses, in some respect the situation has become worse. Thousands of Ndi-Imo still live without access to good food, housing, good roads, water, electricity and healthcare while Okorocha and his men are looting our monies.

 

The anti-poor policies of sales of Imo public assets, commercialization of health, housing and other social services, and sack of workers in Imo State have made more and more Imolites poorer and the rich minority richer. Corruption among the elite has not only remained, it has become more sophisticated.
Imo State has become one of the most unequal societies in the world, with the richest 20% of Imolites getting 55.7% of the state’s total income while the poorest 20% are left to struggle for just 4.4%. Currently Imo faces gargantuan problems in all areas of socio-economic and political endeavours. The State has further nosedived under the Owelle Rochas Okorocha’s government, lower than any other time since 1999. In every area you look at the only conclusion you will come to is that the Okorocha’s government has failed Imo people resoundingly.

 

Mind you, when i say Okorocha has failed Imo , it is not an isolated opinion. Indeed this is the opinion of the mass majority of Imolites. According to a FAMOUS NAIJA opinion poll conducted in August 2013 , 81% of Nigerians assessed Okorocha’s performance in Imo as very bad; but only 19% assessed his performance as very well and fairly well. In March 2014 another FAMOUS NAIJA opinion poll was conducted and 85% of Nigerians think the present Owelle Rocha’s government has performed very badly in improving the living standard of the poor while only 15% think he is doing very well in improving the living standard of the poor.

 

The most serious aspect of Imo’s problems is the poor and hopeless condition of the youths. Today unemployment has become a permanent feature of the life of Imo youth. Governor Okorocha has failed to offer Imo youths a real future. He sacked 10,000 Imolites from the civil service in year 2011.The 10,000 sacked youths are suffering today.

 

I cannot keep quite and watch Okorocha and his men loot Imo dry.Last week, I was in Bonny Island in Rivers State of Nigeria . I arrived the Island in the morning by boat and was amazed to see that the Island has electricity as the eyes could see . I turned to Mrs Hart who came to welcome me and I inquired about the reliability of electricity in the Island. “It’s steady,” She said. “How often do you see power outages?” I asked. She said “we have light here 247.If they take it,it comes back in 15 minutes time. In fact, I can’t remember the last time we witness power outage here in Bonny. It is pay as you go. You recharge your card and your light is on” I could hardly mask my bewilderment and sense of humiliation!I felt humiliated because I am from an oil producing kingdom like Bonny called Egbema in Imo State. By contrast, the people of Egbema’s narrative in terms of electricity is awful .

 

Power supply is non-existent in the 13 Egbema towns. Since Governor Rochas Okorocha came into power in 2011, the people of Egbema have not seen electricity. Yet on monthly basis 13 percent oil derivation fund is paid to Imo State for the development of the oil producing areas in Imo. Out of this 13 percent oil derivation found 40 percent is meant for ISOPADEC, the commission set up to develop Imo oil areas. Where are the monies? From may 2011 to December 2013 Imo state received N16,613,768,782.98 (sixteen billion, six hundred and thirteen million seven hundred and sixty eight thousand seven hundred and eighty naira ninety eight kobo) as 13 percent oil derivation funds for development of the oil communities in Imo State. Find below the monthly breakdown.

 

May 2011 N278,919,682.00
June 2011
N491,415,545.00
July 2011
N607,508,024.40
August 2011
N691479700.1
September 2011
N650318411.4
October 2011
N742,626,299.53
November 2011
N506556992.7
December 2011
N513122495.7
January 2012
N624755732.8
February 2012
N430283610
March 2012
N495,802,869
April 2012
N530,948,180.82
May 2012
N414,451,615.90
June 2012
N557,851,267.36
July 2012
N441286601.6
August 2012
N563593288.1
September 2012
N436,366,936.76
October 2012
N507,915,584.96
November 2012
N453147887.2
December 2012
N433,746,138.22
January 2013
N548,284,488.83
Febuary 2013
N433,812,735.87
March 2013
N548908424.6
April 2013
N702685396.7
May 2013
N536243879.4
June 2013
N533,171,999.86
July 2013
N465,435,601.16
August 2013
N464,118,297.86
September 2013
N596,526,274.32
October 2013
N702681346.1
November 2013
N439,814,732.12
December 2013
N548,908,424.70

Where are the monies? The monies have developed wings. It is so sad to note that leaders from Ohaji/Egbema/Oguta where Imo oil money comes from are not speaking about the comatose ISOPADEC. Schools, water, road and hospital rehabilitation in Ohaji/Egbema/Oguta which form part of the duties of ISOPADEC remain in their same dilapiladated state and the political class from the oil area are not speaking about the development. Next week I will give you figures of LGA funds looted in Imo state.
Do we allow just one person in the capacity of governor Rochas Okorocha to continue to make our mothers and grandparents suffer helplessly in the villages? Do we continue to allow the governor of Imo State to deprive local governments of the funds needed to build schools, roads, motor parks, markets etc.? Do we continue to herald him with the title “His Excellency” when he has made us beggars and impoverished us in a perpetual state of squalor?

 

Do we continue to clap for Owelle Rochas Okorocha at the commissioning of petty projects, which is far below the commensurate allocation given to him? Let’s ask questions now ,otherwise we shall continue to cry aloof with no one to beckon on us. We shall bear the pains of our parents been rejected in the hospitals for our inability to pay their medical bills, our siblings shall continue to be denied admission because of free education on paper while schools are denied developmental funds. We shall be tempted to become kidnappers and arm robbers at our own peril. Let us stop placing ourselves in subservient position, thereby helping an uncaring governor to achieve his deadly political ambitions at the expense of the state. Wisdom is profitable, how long shall we continue to be fooled?

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

Published

3 hours ago

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May 3, 2024

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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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1 day 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

1 day 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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