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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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Court reschedules hearing in Ganduje bribery case

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The Kano State High Court in Kano, North-west Nigeria, on Thursday, fixed 15 April to hear objections to the charges pending against a former governor of the state, Abdullahi Ganduje, who is the current national chairperson of the All Progressives Congress (APC).

The Cable reports that, in the case, the Kano State Government charged Mr Ganduje; his wife, Hafsat; son, Umar Abdullahi Umar; and five others, with eight counts of bribery, misappropriation, and diversion of public funds.

The rest of the defendants are Abubakar Bawuro, Jibrilla Muhammad, Lamash Properties Limited, Safari Textiles Limited, and Lasage General Enterprises Limited.

Based on defence lawyers’ request on Thursday, trial judge Amina Adamu-Aliyu rescheduled proceedings for the hearing of the notices of preliminary objection filed against the charges by the defendants.
Earlier at the proceedings on Thursday, the prosecution led by Adeola Adedipe, told the court that he was ready for the hearing of the defendants’ notices of preliminary objection.

Mr Ganduje’s lawyer, Lydia Oluwakemi-Oyewo, similarly expressed readiness for the hearing of the applications.

However, Adekunle Taiye-Falola, the counsel for the 3rd and 7th defendant, said he was not ready to move his preliminary objection.

He said he needed to first regularise his client’s processes filed out of time.

On the other hand, Sunusi Musa, the fifth defendant’s lawyer noted that he had also filed a motion on notice for extension of time since 7 January. He urged the court to grant the application.

The sixth defendant’s lawyer, Abubakar Ahmed, said he filed a notice of preliminary objection as far back as 9 September 2024, and was ready to proceed.

Also, the eighth defendant’s lawyer, Ibrahim Aliyu-Nasarawa, told the court he was not ready to move his application, adding that he intended to file and reply on points of law.

Following this scenario, the trial judge granted all the applications for extension of time and postponed the matter to 15 April for hearing of all pending preliminary objections.

The Kano State Government accused Mr Ganduje in the charges of collecting $210,000 bribe from “people and entities seeking or holding the execution of Kano State Government contract and or project for the remodelling of Kantin Kwari textile market as a bribe through one of the contractors (agent)”.

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Alleged N12 billion Fraud: EFCC demands Otudeko’s physical presence in court

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The counsel in the case of alleged fraud charge brought against the Chairman of Honeywell Group, Oba Otudeko, on Thursday, filed several preliminary objections to the suit before the Federal High Court in Lagos.

The preliminary objections from the accused were contested in court Thursday just as the Economic and Financial Crimes Commission (EFCC) demanded Mr Oba Otudeko’s physical presence in court at the next hearing.

The applications included those challenging the court’s jurisdiction to entertain the case, those asking for stay of arraignment, and those seeking quashing of the charge.

The EFCC had preferred a 13-count charge against Mr Otudeko and a former Managing Director of First Bank Plc., Olabisi Onasanya.

Also charged is a former member of the board of Honeywell Group, Soji Akintayo, and a firm, Anchorage Leisure Ltd.

The N6.2 billion fraud charge is marked FHC/L/20C/2025 and before Justice Chukwujekwu Aneke.

The case was scheduled for arraignment on 20 January, but the defendants were absent on the grounds that the EFCC had not served them with the charge.

Their counsel had argued that they only got “wind” of the case on the pages of newspapers.

The court consequently directed service of the charge by substituted means, and adjourned the case.

On Thursday, Rotimi Oyedepo (SAN) announced appearance for the EFCC and Wole Olanipekun (SAN) announced appearance for Mr Otudeko, while Olasupo Shashore (SAN) appeared for Mr Onasanya.

Kehinde Ogunwumiju (SAN) appeared for Akintayo, while Ade Adedeji (SAN) aanounced appearance for Anchorage Leisure Ltd.

Babajide Koku (SAN) announced appearance for the nominal complainant, First Bank of Nigeria.

Mr Olanipekun informed the court of an application he filed on behalf of Mr Otudeko and dated 28 January which he said was served on the EFCC on 29 January.

He also told the court that there was an affidavit dated 1st February which gave details of Mr Otudeko’s absence in court.

Other defence counsel briefly introduced their applications before the court.

In response, EFCC counsel told the court that he had complied with the court’s directive on substituted service of the charge on the first, third and fourth defendants and had attached a proof of service.

He also told the court that he received processes from Mr Olanipekun confirming that Mr Otudeko was not within the court’s jurisdiction.

Mr Oyedepo added that he received a “harvest of motions” from defence counsel in the suit, objecting to the suit.

He said it was important to know when the parties could return to the court for arraignment of the defendants since the first defendant was absent.

In response, Mr Olanipekun informed the court that he had served an application on the prosecution on behalf of Mr Otudeko, adding that the EFCC had seven days to reply.

He argued that a court had to, first, decide whether it had jurisdiction to entertain the case.

He urged the court to give a date for hearing of the defendants’ applications.

In response, Mr Oyedepo argued that the arraignment of the defendants ought to be taken first before any applications.

He cited the Court of Appeal’s decision in the case of Yahaya Bello as well as the provisions of Section 396(2) of the Administration of Criminal Justice Act (ACJA), 2015.

He submitted that the court should adjourn the case for arraignment of the defendants.

In further response, Mr Olanipekun argued that it was important for the parties to refrain from “pulling cases by a strand of hair”.

Citing judicial authorities decided after the enactment of the ACJA, including Federal Republic of Nigeria (FRN) versus Idahosa and Shema Ibrahim versus FRN, he argued that the court dispensed with the appearance of the defendants in both cases.

On his part, counsel to the third defendant, Mr Ogunwumiju, also argued that it was important for the court to first take the objection by the defence in the interest of justice.

Citing the provisions of Edet versus State as well as Section 412(3) of the ACJA, he submitted that arraigning the defendants before hearing their objections would be prejudicial.

In the same vein, counsel to the second defendant, Mr Shashore, urged the court to hear the applications of defence.

According to him, the fourth defendant seeks an application staying arraignment, and another quashing the charge.

He argued that it would be unfair to insist that the court take the defendants’ pleas to a charge that might eventually be quashed.

He added that it was important for the court to first decide whether there was merit in doing same.

Counsel to the fourth defendant, Mr Adedeji, argued on the authority of Nwadike versus FRN that court processes must not be made to oppress citizens.

He argued that the case of Yahaya Bello as cited by the prosecution was not relevant to the suit, neither was the provisions of Section 396(3) of ACJA.

Mr Adedeji said the defendants ought not to face fraud trial for a civil transaction.

In reply, Mr Oyedepo said the cases cited by defence counsel were out of context and did not reflect the charge.

He urged the court to make an order directing Mr Otudeko to be present in court on the next adjourned date.

At this point, Mr Olanipekun informed the court that Mr Otudeko was under medical review and was advised to remain in the United Kingdom until a comprehensive review and medical advice.

He urged the court not to make such an order but to adjourn the case for hearing of the applications.

The judge adjourned the case until March 17 for ruling on the arguments.

(NAN)

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14 escape death in Third Mainland Bridge auto crash

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No fewer than 14 commuters escaped death in an accident that involved a commercial bus and a private car along the Third Mainland Bridge on Thursday.

We learnt from a statement by the Director of Public Affairs and Enlightenment Department of the Lagos StateTraffic Management Authority, Adebayo Taofiq, that the accident occurred at the Iyana-Oworonshoki area of the bridge when the commercial bus rammed into the private car.

Taofiq blamed the cause of the accident on excessive speeding by the commercial driver which led to a loss of control and the eventual collision.

He said, “The Lagos State Traffic Management Authority has again demonstrated its unwavering commitment to public safety by swiftly rescuing 14 accident victims following a devastating road crash at Ilaje, inward Iyana-Oworonshoki, along the Third Mainland Bridge.

“The incident involving a Mazda commercial bus (XN 997 KTU) was triggered by reckless speeding, resulting in the driver losing control and forcefully colliding with a moving Toyota Yaris (11150 DLA). The impact led to multiple casualties, necessitating an immediate emergency response.

“LASTMA officers, in collaboration with the Lagos State Ambulance Service, acted with commendable urgency, extricating 14 individuals, including the commercial bus driver, from the wreckage.”

He added that the victims who sustained some injuries were rescued at the Gbagada General Hospital by the Lagos ambulance team.

Reacting to the incident, the LASTMA General Manager, Olalekan Bakare-Oki, extended sympathies to the injured victims while stressing the need for speed limit compliance among drivers.

“Upon successful evacuation, the rescued victims were promptly handed over to LASAMBUS personnel, who swiftly transported them to Gbagada General Hospital for immediate medical attention.

“General Manager of LASTMA, Mr Olalekan Bakare-Oki, underscored the pressing need for both commercial and private motorists to comply with officially sanctioned speed limits to avert needless road fatalities.

“He extended his deepest sympathies to the injured and wished them a swift and complete recovery,” Taofiq concluded.

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