Connect with us

News and Report

REAL REASONS GOV BEN AYADE ABANDONED HIS DUTY POST SINCE JANUARY…… + HOW HIS BROTHER NOW CALL THE SHOT IN THE STATE

Published

7 years ago

on

Professor Ben Ayade has abandoned his duty post as governor of Cross River State since the end of January, without formally informing the House of Assembly and transferring power to his deputy, Professor Ivara Esu.

The governor who is now Absent Without Official Leave (AWOL) did not follow the Nigerian constitution before leaving his duty post.

It would be recalled that President Muhammadu Buhari in following the rule of law went on leave in February, but mandated his vice-president, Professor Yemi Osinbajo, to act for him for five days.

But Ayade has been absent from the country since the last week of January 2016, without the constitutional courtesy of telling his people his whereabouts. He also did not inform the House of Assembly that he was leaving the state. Instead his brother, Dr Frank Ayade has reportedly been de facto ‘acting governor’, leaving the deputy governor in the cold.

 

The younger Ayade has long been rumoured to be the real governor of the state, pulling the power strings on behalf of his older brother, and making people wonder who they really voted for.

A concerned citizen of the state, Chief Okoi Obono-Obla has drawn attention to this gross constitutional breach that has made Ayade’s whereabouts a matter of intense speculation and conjecture in the State.

“The Governor did not tell the people if he was proceeding to leave or going for vacation! Section 190 subsection 1 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), stipulates that if the Governor is going on vacation or in the event he is otherwise unable to discharge the functions of his office, he must transmit a written declaration to the Speaker of the House of Assembly to that effect, and until he transmits to the Speaker of the House of Assembly a written declaration to the contrary the Deputy Governor shall perform the functions of the Governor as Acting Governor.

“Since Governor Ben Ayade travelled out of the country nearly ten weeks ago without transmitting a written declaration to the Speaker of the House of Assembly, that he is proceeding on vacation or he is otherwise unable to discharge the functions of his office to enable the Deputy Governor, Professor Ivara Esu assume office as Acting Governor, there can be no doubt the Cross River State has no leader presently.

“This is so because the Deputy Governor, Professor Esu cannot rightly assume the position of Acting Governor since Governor Ayade failed to invoked Section 190 subsection 1 of the Constitution, by transmitting a written declaration to the Speaker of the House of Assembly that he would be going on leave or vacation or he would be otherwise unable to discharge the functions of his office.

“In the light of the constitutional vacuum created by the failure of Governor Ayade to transmit a written declaration to the Speaker of the House of Assembly that he is on leave or vacation or he is otherwise unable to discharge the functions of his office within 21 days; I therefore urge the Cross River State House of Assembly to immediately invoke the provisions of Section 190 subsection 2 of the Constitution and by a resolution made by a simple majority of the vote of the House, mandate Deputy Governor, Professor Ivara Ejemot Esu to perform the functions of the office Governor as Acting Governor, until when Governor Ayade transmit a letter to the Speaker that he is now available to assume his office as Governor of the State.

“The Cross River State House of Assembly must act now or otherwise the people will be entitled to dismiss it as lackey or stooge of Governor Ayade! It is simply absurd, ridiculous, charade and a constitutional aberration for the House of Assembly to allow one Frank Ayade to continue to present or hold or masquerade as “Co-Governor” or “Acting Governor”.

 

 

 

 

 

@PM NEWS

Related Topics:
Continue Reading
Advertisement

News and Report

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

Published

18 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.

Continue Reading

News and Report

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

Published

18 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.

Continue Reading

News and Report

May Day: Glo salutes Nigerian workers  

Published

2 days 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.

 

Continue Reading

Trending