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REVELAED: HOW LAGOS SPEAKER HON. MUDASHIRU OBASA HARBORED FUNMI TEJUOSHO TO HIJACK CONTROVERTIAL LAGOS PROPERTY …… + How their plans to take over the property failed!

Published

6 years ago

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Fresh facts have started emerging on what has been tagged illegal acquisition of a property by one of the lawmakers in Lagos State House of Assembly, Hon. Adefunmilayo Tejuoso. In fact, many tales were given to be the real cause of the invasion of her residence, 3 Sasegbon Street, GRA Ikeja, Lagos, by security operatives on the orders of Lagos State Governor, Akinwunmi Ambode.

To some, she has done everything wrong by not vacating the building for other Deputy Speakers that came after her. Some others believed she has settled the issue by buying the property from the government at N150m.

However, according to the new findings, the issue that is still generating mixed feelings amongst many in the state with appellation, Centre of Excellence, is not only limited to the female lawmaker, who claimed to have bought the property from the state government through her company, Debam Mega Solutions Limited, when she was the Deputy Speaker of the Lagos House of Assembly through the monetization policy of the government.

We gathered reliably that she never made any payment to that effect, and she only hope to have the property to her self through the help of the current speaker of the house, Hon. Mudashiru Obasa, whome many alleged that their closeness goes beyond colleagues.

Information reaching Society Reporters NG revealed further that, many have at one time or the other gone against her stay in the said property but the speaker has continually harbored her stay in the property as they both feel they can take possession of the property.

We gathered that until when some majority leaders intervened into the matter and tongues were waging against the speaker before the matter now took this very direction it is now.

We further gathered that no Deputy Speaker of Lagos Assembly has ever made use of the property as official quarters, two Deputy Speakers had emerged before Tejuoso became the Deputy Speaker of the House, and none of them stayed in the property.

It was one Mrs. Dawodu, a retired Permanent Secretary that was the last occupant of the premises, before Tejuoso packed in.

Aside Tejuoso, findings revealed that the likes of Governors, Ambode, Rauf Aregbesola, Vice President, Prof. Yemi Osinbajo, Senator Tokunbo Afikuyomi are also beneficiaries of the monetization policy which saw them acquiring properties the way Funmi Tejuoso did.

We gathered exclusively that, aside Funmi Tejuoso, the governor of Lagos, Akinwunmi Ambode also benefitted from such privilege when he bought his house on Glover Street, Ikoyi Lagos, a prominent part of the acquatuc state.

Many who are privy to this information are wondering why Governor Ambode who intends to recover government assets sold at an undervalued price cannot start with his own property.

Aside the governor, there are so many other top government officials who also benefitted from the monetization policy. Now, the question that is being asked is: why are others being shielded from the same treatment the female lawmaker is getting at the moment.

Other top politicians who have benefited from the policy include Senator Tokunbo Afikuyomi who bought his property at 7 Oduduwa Street.

Other government officials present and past who are also beneficiaries include – Justice Atilade; Justice Akande; Dr. Muiz Banire (SAN); Dele Alake; Justice Phillips; current Commissioner for Housing, Hon. Gbolahan Lawal; APC Lagos State Chairman, Henry Olawale Ajomale, amongst others.

It, however, remain to be seen if Governor Ambode will have the political will to also go after the listed beneficiaries.

Meanwhile, many have continued to elude the illegal action of the governor as a pure vendetta on the lawmaker due her perceived closeness to National legal adviser of APC, Dr Muiz Banire.

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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

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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

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.

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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.

 

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