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Transcorp Committed to Significantly Increasing Power Generation in Nigeria. ……Chairman Elumelu states “Transcorp will light up Nigeria”

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At the 11th Annual General Meeting of Transnational Corporation of Nigeria Plc(“Transcorp”), the Board ofDirectors confirmed their confidence in Transcorp’s growth trajectory and affirmed the Company’s commitment to increasing yield and returns to shareholders, while continuing its significant capital investment strategy. Despite the difficult economic climate, revenue grew by 46% in 2017(N59.42bn).

Transcorp is Nigeria’s leading listed conglomerate, active in the power, resource, hospitality and agroindustry sectors. The AGM 
took place on March 29th, 2017, at the Oriental Hotel, Victoria Island, Lagos.

Chairman, Transcorp Plc., Mr. Tony O. Elumelu highlighted the significant progress made by Transcorp group companies, stating that Transcorp was uniquely position to impact the Nigerian economy positively and improve quality of life for all Nigerians.

“Our investments in the key strategic sectors of the Nigerian economy directly align with our philosophy of meaningfully and positively impacting lives and transforming the African continent. We invest for the long term, knowing that at times the headwinds can be strong. We want to be the biggest provider of power to the Nigerian economy; we want to put light in homes, schools and hospitals; we want to provide the power for Nigeria’s industrialisation. When foreign investors come to Nigeria, we want to host them in our Transcorp Hilton hotels; and we want to supply indigenous produced oil and gas to power our networks and roads. Throughout 2016, we have continued to invest in Nigeria, when others waivered,because we are absolutely‎ convinced in Nigeria’s destiny as the next global economic powerhouse.”

Elumelu spent time providing shareholders with a detailed update of the Company’s 
achievements and highlighted the recent commissioning of the 115MW Gas Turbine at Ughelli Power Plant, Nigeria’s largest capacity gas generating plant, as evidence of the progress made by the Group in the power sector, despite regulatory and operating challenges.

Shareholders were informed of other important developments at the Company, including the impending increase of available capacity of the Ughelli Power Plant to 850MW by the end of 2017; the $100m renovation of the Transcorp Hilton Abuja, also to be completed in 2017; and the conclusion of exploratory drilling of Transcorp’s oil well , before the end of 2017. According to Elumelu, Transcorp’s future is bright, with the completion of these projects and looks forward to sharing the social equity these investments will create in Nigeria in the form of jobs, community empowerment, and improved quality of life.

Also, speaking at the meeting, the National President of the Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar commended the Board for offering an impressive vision for the future for Transcorp, despite the difficult economic conditions, which impacted negatively on the Company in 2016. He went on to state that he was convinced that with the strategy already in place, the shareholders stand with theBoard in its determination to return the Company to profitability. He called on the Federal Government, to act on the structural issues in power sector,which had contributed negatively to the Company’s profitability in 2016.

Responding to the comments from the shareholders, Transcorp’s  President/CEO, Mr. Emmanuel Nnorom, said the Board’s mandate was to achieve strong financial results, despite a challenging operating environment. “We will continue to work and live by our values of execution, enterprise and excellence, towards optimal maximisation of the abundant opportunities that exist in our operating sectors,” Mr Nnorom said.

Mr Nnorom reiterated the Chairman’s optimism that‎ 2017 looks bright, promising better results in 2017 and beyond. Nnorom said that the considerable investment made 
were already yielding fruit and that the Company had illustrated both prudence and a willingness to invest for the future of all.

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Lagos Lawyer Gboyega Adetunji Delves Into Agriculture, Floats Abundish; A Revolutionary Farm-To-Table Outfit

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Barrister Gboyega Adetunji, a Lagos-based renowned legal practitioner, has ventured into agriculture with the launch of Abundish, a revolutionary farm-to-table service aimed at transforming how Nigerians access fresh, high-quality, and healthy farm produce.

 

Abundish is committed to offtake directly from farmers and supply to consumers promoting sustainable agricultural practices, and ensuring fair market value for produce.

 

The innovative platform offers a subscription-based model, allowing customers to customize their experience and receive curated selections of fresh, seasonal produce delivered conveniently to their homes.

 

“I’m thrilled to embark on this new journey, combining my passion for sustainable living and community development,” said Barrister Adetunji, Founder and CEO of Abundish.

 

“Our goal is to empower farmers, support local economies, and provide healthy, fresh produce to consumers while reducing food wastage and promoting sustainable practices.”

 

“Abundish is more than just a bridge,” says Barr. Gboyega Adetunji.

 

“We are a movement bringing fresh, high-quality produce whether cash or food crops directly from the farm to the end consumer, cutting out unhygienic produce, reducing landing costs of produce, and the convenience of doorstep delivery it affords our customers. This does not only benefits our customers, but also supports sustainable agricultural practices, grows the naira and local economies, and also empowers the farmers who nourish our communities.

 

Reacting to what inspires his diversification, Barr. Gboyega said “I’d always wanted to have my little farm that can cater for at least 80% of my consumption, but then I realized how impactful it would be if this practice could be extended to others, hence the creation of the Abundish brand”

 

When asked what sets Abundish apart from its counterparts, Barr. Gboyega said, “Abundish offers a unique subscription model, allowing customers to customize their experience and receive a curated selection of the freshest seasonal produce delivered conveniently to their homes. By bypassing traditional distribution channels, Abundish reduces food waste, ensures peak freshness for consumers and the amount of time doing tedious work of purchase and clean up”.

 

“Abundish offer fresh farm produce at fair market value, championing food security with sustainable practices” he added.

 

At Abundish, we are not just passionate about delivering farm-fresh produce, we are committed to creating a positive impact on our world. That is why we operate with the UN Sustainable Development Goals (SDGs) in mind, striving for a more sustainable, equitable, and food-secure future.

 

Join The Abundish Movement, visit www.abundish.info to learn more about Abundish, and subscribe to receive the freshest produce delivered at your convenience.

 

Follow Abundish on social media platforms for behind-the-scene farm footage, exclusive offers, recipes, and our social impact initiatives.

 

X (Twitter) – @abundish

 

Instagram – _@abundish

 

Facebook – Abundish

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US-based Nigerian Jailed 41 Months For Operating Illegal Money Transmitting Business; Funds Wired To Lagos Bank

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A Nigerian man based in the United States Oluwafemi Osinowo has been sentenced to 41 months in a federal prison after he was convicted of operating an illegal money transmitting business.

 

U.S. Attorney Ronald C. Gathe, Jr. in a press release issued by the U.S. Attorney’s Office, Middle District of Louisiana on Monday, announced that Chief Judge Shelly D. Dick also sentenced Osinowo, 35, of Miami, Florida, to three years of supervised release following his term of imprisonment.

 

According to admissions made as part of his guilty plea, from December 2016 to January 2019, Osinowo operated an unlicensed money transmitting business.

 

He confessed that he conducted foreign currency exchange business without complying with required federal registration requirements.

During the course of operating the business, money was transmitted from third parties from the Middle District of Louisiana and elsewhere to bank accounts located in Miami, Florida.

 

Once the money was in the bank accounts in Miami, Florida, an individual acting as an agent of Osinowo’s business wired the money to a bank in Lagos, Nigeria. Those wire transfers included approximately 51 separate transmissions in the aggregate total of approximately $722,177.

 

 

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‘Stolen’ $6.2m: What Emefiele Told Us In Kuje Prison – Investigators

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One of the investigators handling the case of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN) on February 8, 2023, has revealed what Godwin Emefiele, immediate past governor of the apex bank, told them at Kuje prison.

The former CBN governor, who is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC), was once remanded at Kuje prison.

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as central bank chief.

In an affidavit filed before a Federal High Court in Abuja, one of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far.

The Deputy Superintendent of Police was quoted to have said: “We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as then CBN gov and he denied seeing, talk less of approving such memos.

“We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before we finally arrested Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to have been involved in the crime which, according to him was perpetrated by himself and the first to third defendants/respondents – Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme.

“Bashiru Maishanu further confessed that himself, the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000.00 from the stolen money, while the third defendant/respondent (Odoh Eric Ocheme), being a fellow staff of the Central Bank of Nigeria, kept the balance of $3,730,000.00 claiming that he had other interests to settle in the CBN.

“Bashirudeen Maishanu further confessed that both himself, and the first and second defendants/respondents jointly invested the United States dollars equivalent of the sum of N1, 440,000,000.00 into real estate business of Afrolyk Global Ltd.

“The Managing Director of the said Afrolyk Ltd, Aminu Lawal has been arrested and he confirmed the investment by Bashirudeen Maishanu, Adamu Abubakar and Imam Abubakar, and already refunded the sum of $200 000 00 to the Special Investigator’s team as part of the money he (Aminu Lawal) received as part of the purported investment.

“Cash of about $400,000 00 has also been voluntarily returned by Bashiru Maishanu from part of his remaining share of the money in question. The money (the $6,230,000) was received in cash from the Central Bank at Nigeria and also shared in the same cash by the defendants/respondents and others, making it difficult to trace the monies without arresting the defendants/respondents.

“It was later revealed that the third defendant – Odoh Eric Ocheme – was the Personal Assistant to Godwin Emefiele as the CBN governor while the first and second defendants (Adamu Abubakar and Imam Abubakar) are businessmen and associates of Bashirudeen Maishanu.”

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