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N97Million Fraud: Rancco Water boss, Obiageli Anachebe (Odiuko), Partner in Prison, for defrauding business woman of N97m… Yet to meet bail conditions

Published

7 years ago

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Mrs. Obiageli Anachebe alias Odiuko and her alleged fraudster partner and fake spiritualist, Innocent Chukwu, alias Ohamadike were recently re-arraigned at an Ikeja High Court for defrauding a business woman, Chief Vivian Amadife the sum of N97 million and a property worth N35m.

Odiuko and Ohamadike were first arraigned before Justice Oluwatoyin Ipaye of the Ikeja High Court, Lagos, by the Economic and Financial Crimes Commission (EFCC) for allegedly defrauding their victim of the huge sum of money and property under the guise of performing spiritual cleansing on her and her entire family.

Both suspects were arraigned on five count charge.

Odiuko, whom the prosecution counsel accused of jumping bail, forging and obtaining another international passport, after the EFCC confiscated her first travelling document, was granted bail with the sum of N2.5m.

As at the time of filing this report, Anachebe was still remanded at the female wing of Kirikiri Prisons, for failing to meet her bail conditions.

The court also told Anachebe, the owner of Rancco Water, Enugu to provide two sureties in like sum, who are also resident in Lagos and must show evidence of tax payments in the last three years, before she would be allowed to go home.

Anachebe, who wore a POP on her neck, was brought to the court in a mini Prison bus looking distraught and embattled.

When the matter came up again for second hearing on October 14, Justice Ipaye refused to grant the bail application of Ohamadike, the first accused.

Ohamadike, the notorious founder of Esoteric World Discovery Limited, was remanded at the same Kirikiri Prisons, pending when the case comes up again for full trial on October 28.

Meanwhile, a mild drama ensued in the court premises when the female and another armed male warder attached to Obiageli Anachebe aka Odiuko, refused some journalists covering the case from taking photographs of the suspect.

All efforts to get her picture and that of Ohamadike proved abortive as the tough talking warders threatened to deal decisively with any journalist who dares take their photographs without a written permission from the top echelon of the Nigerian Prison Services.

According to the anti-graft agency, Chukwu, alias Dr. Ohamadike, and Anachebe alias Odiuko, first collected N50million from the businesswoman, Mrs. Vivian Amadife, with the promise that the money would be used to solve all her problems spiritually, a claim the prosecution said the accused knew was false.

The prosecution said the accused committed the offence between October and December 2013, in Lagos.

According to the charge suit number ID/1332c/2015, it stated that the accused conspired to ‘obtain money by false pretences, stealing by fraudulent conversion and concealment of deed.

The offences, according to the Commission, contravened Section 8(a) and 1(3) of the Advanced Fee Fraud and Other Related Offences Act No. 14 of 2006 and Sections 285(9)(c) and 288 of the Criminal Law of Lagos State, 2011.

The charge further alleged that Chukwu, on ‘or about February 14, 2014, dishonestly converted another sum of N16.9 million property of Amadife and Pamela Ihediwa of Bluebeam Capital Ltd, Lagos.

He was accused to have ‘obtained the sum by claiming to have for sale, a United States dollar equivalent of the N16.9m which representation he knew to be false and dishonest.

It added that between October and December 2013, Chukwu also fraudulently and dishonestly obtained and concealed the title documents to a building valued at N35 million at No. 4, Nteje Street, New Haven, Enugu, property of Amadife.

The matter was adjourned till October 28, for full trial of the accused to start.

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

Published

8 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

8 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

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.

 

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