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Ogun PDP Secretariat: Matters Arising

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1. The Ogun State People’s Democratic Party(PDP) has since yesterday 6th of November 2017 read some hogwash press statements attributed to a group of disgruntled politicians and impostors parading themselves as members of our great party in some social media platforms.

 

 

 

2.  It is a known fact that there is only ONE People’s Democratic Party (PDP) in Ogun State and the entire country. The Supreme Court had ruled in finality and put paid to all contentions that the Senator Ahmed Makarfi led National Caretaker Committee of the PDP is the legally recognized executive organ of the party which derives its powers and authority from the National Convention- the supreme organ of the party which decision is binding on all members of the party.

 

 

 

3.  It is also on record that at the last Convention of the party which was held in August, 2017, a landmark decision was made to dissolve the two parallel executive committees of the party in Ogun State (One purportedly led by Eng. Bayo Dayo and the Hon. Sikirulahi Ogundele led Executive committee), and a caretaker committee was subsequently innaugurated to take charge of the affairs of the party with a mandate to conduct an all-inclusive brand new state Congress on the 4th of November 2017.

 

 

 

4. It is also in public knowledge that while the Sikirulahi Ogundele Executive adhered to the decision of the National Convention and stood dissolved and prepared for an elective congress on Saturday November 4, 2017, the renegades led by Engr. Bayo Dayo became roguish, mischievous, deceptive and knavish by window shopping for all manner of court orders in the land to stop the congress.

 

 

 

5. Along the line, the impostors led by Bayo Dayo were able to procure an Abeokuta, Ogun State magistrate’s court order, barring the Ogun State caretaker led by Barrister Tunde Odanye from conducting the state congress; the National Caretaker Committee, committed to rebuilding the PDP saw through this legal loopholes, and took a wise by dissolving the Tunde Odanye led Ogun State Caretaker Committee and took charge of the State Congress by instituting a congress panel led by the National Vice Chairman of the PDP, Dr. Eddy Olafeso who thereafter conducted the November 4, 2017 Ogun State Congress of the PDP in the presence of monitors from the headquarters of the Independent National Electoral Commission (INEC) in Abuja; Officers and Operatives of the Department of the State Security (DSS) and other security outfits.

 

 

 

6.  After about 8 hours of rigorous voting by delegates from across the 20 local governments council areas of the state, Hon. Sikirulahi Ogundele and 30 other members of the PDP were elected to steer the ship of the party for a period of four years. The State Congress was aired live on Africa Independent Television (AIT) and streamed live on other social media platforms in order to show transparency.

 

 

 

7. It should be emphasised that the Supreme Court had held that the Senate Ahmed Makarfi led National Caretaker Committee is the appropriate organ of the party to administer the affairs of the party.

 

8. By the landmark judgement and decision of the Supreme Court, all claims to factions are presumed rested; that is the position of the law. Every other executive committees derives their authority and legitimacy from the Maikarfi led NCC.  The National Convention of the PDP held in August, 2017 dissolved both claims to factions in Ogun State PDP. The ordinary meaning of this is that there is nothing called Bayo Dayo led Executive of the PDP in Ogun State as it stood dissolved.

 

 

 

9. The fact that the congress where the Hon. Sikirulahi Ogundele executive members were elected was in appropriate tune with the decision of the Supreme Court, the National Caretaker Committee and the Constitution of the party, makes the Sikirulahi Ogundele led executive committee the legitimate, legally recognized body to administer the affairs of the PDP in Ogun  State.

 

 

 

Secretariat Saga-The Fact!

 

10.  At about 1:30pm on Monday, November 6 2017, the newly elected members of the PDP in Ogun State led by Hon. Sikirulahi Ogundele went on a tour of the expansive PDP Secretariat, opposite the NNPC mega station in Abeokuta to assess the facilities therein and take stock of inventory.

 

11. The delegation was escorted to the Secretariat by about 20 men and Officers of the Nigerian Police from the Special Anti-robbery Squad. The police personnelon the entourage were positioned in strategic areas of the secretariat to prevent possible breakdown of law and order.

 

12. Also on the entourage were about 15 journalists (prints, electronic and online news media) who covered the brief tour from beginning to the end. After the inspection which revealed the sordid state of the facilities in the party secretariat, Hon. Sikirulahi Ogundele was interviewed by the press men. The interview and tour had been reported.

 

13. Hon. Sikirulahi Ogundele and his team spent about 30 minutes in the party Secretariat and drove off without any single incident of harassment. The DSS and other security operatives on ground would corroborate this.

 

14. Two hours after Hon. Sikirulahi Ogundele left the party secretariat, information got to party chieftains that some members of our party who are still around and within the vicinity of the party Secretariat had been arrested by some policemen.

 

15. On inquiries, it was learnt that 17 members of PDP had been arrested by the police on the orders of the dissolved and non existent Bayo Dayo led executive.

 

16. The arrested members are party faithfuls who had visited the secretariat on hearing that the Hon. Sikirulahi Ogundele and his newly elected executive members were on tour of the place. The 17 young men were eventually detained and brought to court by the police today, 7th November, 2017.

 

18. The 17 PDP members were arraigned on a two-count charge in an Abeokuta Magistrate Court by the Police on alleged offenses “..to commit misdemeanor to wit contempt of court/conduct likely to cause breach of peace…”

 

19.  Though the PDP members had been admitted to bail; the PDP in Ogun State welcomes this judicial process and enjoins all party members to remain peaceful.

 

20.  On a final note, the Ogun State chapter of the PDP under the leadership of Hon. Sikirulahi Ogundele will continue to preach peace and unity through constructive engagements with all aggrieved members of the party in order to achieve the sole aim of winning not only the 2019 governorship elections, but in all other elective positions to give the people of Ogun State the good governance they deserve.

 

 

 

Signed

 

Alhaji Malik Ibitoye

 

State Publicity Secretary,

 

Peoples Democratic Party,

 

Ogun State

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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.

Continue Reading

News and Report

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

Published

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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News and Report

May Day: Glo salutes Nigerian workers  

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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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