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TRANSCORP PLC RELEASES AUDITED FY 2015 CONSOLIDATED RESULTS, REWARDS SHAREHOLDERS WITH BONUS ISSUE

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Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s foremost investment conglomerate has announced its audited 2015 Financial Results. The Group posted a profit before tax of N3.3bn for the period under review.

Transcorp Group Operating Profit went up by 11% from N14bn in 2014 FY to N15bn. Its posted turnover of N40.8bn and profit before tax of N3.3bn in 2015 due to foreign exchange loss which affected the net results of the power business and impairment of investments in the stock market. The Group’s total comprehensive income stood at N1.4bn for the period under review.

The company grew its balance sheet during the year. Total asset increased by N32bn to N202.9bn, compared to N170.8bn as at 2014 FY. Increase in Plant Property and Equipment reflects the impact of expansion projects undertaken by Transcorp Hotels Plc. specifically the upgrade of Transcorp Hilton Hotel Abuja and developments of Transcorp Hilton Ikoyi and Port Harcourt.

Tax payable stood at N1.3bn following the corporate restructuring of the Group with the successful merger of Transcorp Ughelli Power (TUPL) and Ughelli Power Plc (UPP). Shareholders Funds stood at N87.5bn.

The Group Revenue was affected by the non-implementation of the Multi-Year Tariff Order (MYTO) 2015 in the Power sector and impacts of forex devaluation on the cost of gas and debt service. The merger of Transcorp Power Ughelli Limited (TUPL) and Ughelli Power Plc (UPP) was successfully completed and the surviving entity renamed as Transcorp Power Limited. The objective of the merger was to eliminate duplicated costs and ensure greater efficiency.

Despite the slow start experienced by the Hospitality business in Q1 2015 occasioned by security concerns regarding the March 2015 general elections, it closed strongly in Q4 2015. Transcorp Hotels Plc successfully raised two series (Series I and II) of its N30bn Medium Term Bond Programme. Series I raised N10bn over a 7-year term at 16.5% p.a. Series II raised N10bn over a 7-year term at 16.5% p.a. The proceeds of the Bond issue is already being applied towards the upgrade of Transcorp Hilton Abuja as well as the development of a Multi-Banquet Conference Centre.

As part of its continued effort to enhance shareholder value, the Group Board has recommended to shareholders for approval of a bonus issue of 1 Ordinary Share of 50 Kobo for every 20 Ordinary Share of 50 Kobo each held by shareholders.

Commenting on the results, Emmanuel Nnorom, President/CEO said: “We displayed relative resilience in 2015 despite various macroeconomic and industry challenges. We continued to maintain top line in 2015 and adapted cost-management measures to keep our administrative expenses within line. Our current expansion agenda within the Hospitality, Oil & Gas and Power sectors will provide the platform for sustainable growth within the medium term. Following recent government intervention in the Power sector, particularly with tariff increase, we expect that a strong growth in our power business in 2016.” The Gas shortages still remain a challenge.

Management will continue to adapt proactive approach to the challenging business environment, adopting our diversified business model, strong corporate governance and excellent execution of identified strategies to drive our growth in the near term.

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Beware of fake Oxycontin in circulation, NAFDAC warns public

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The National Agency for Food and Drug Administration and Control has alerted the public on falsified Oxycontin 80mg (oxycodone hydrochloride) which it says was detected in an unregulated market in Switzerland.

The public alert with No. 07/2025 was uploaded on the agency’s website on Thursday.
The agency said the issue about falsified medicine was reported to the World Health Organisation by the genuine manufacturer, MUNDIPHARMA, in February.

It said the falsified product imitated the genuine OXYCONTIN 80mg authorised for sale in Poland, adding that the genuine OXYCONTIN (oxycodone hydrochloride) is a semi-synthetic opioid indicated for the treatment of moderate to severe pain.

It said laboratory tests of samples for the falsified product were conducted by the Drug Information Centre in Zurich, Switzerland, and that WHO, DIZ’s drug-checking service determined that the tablets did not contain oxycodone but a synthetic opioid likely to be a nitazene compound.

According to NAFDAC, Nitazene derivatives (e.g., metonitazene, isotonitazene, fluonitazene) are potent synthetic opioids, primarily used in research due to their high addiction potential and severe side effects.

It said these substances could be hundreds of times stronger than oxycodone, posing a high overdose risk, stressing that limited information is available on their risks, toxicity, side effects, and long-term consequences.

“The identified product in this alert is confirmed as falsified on the basis that it deliberately/fraudulently misrepresented its identity, composition, or source.

“The falsified product imitates OXYCONTIN 80mg manufactured and marketed by MUNDIPHARMA in the Polish market. MUNDIPHARMA has confirmed that the product was falsified and was not produced by their company.

“This falsified product has been found to contain undeclared nitazene compounds, which pose a significant risk due to the high likelihood of adverse events, even in small doses. Nitazenes produce similar effects to other opioids.

“Their high potency carries a high risk of overdose and death. Using nitazene derivatives has been linked to several deaths.

“Mixing them with other depressants like alcohol or benzodiazepines can be very dangerous, leading to severe effects like respiratory depression, low blood pressure, coma, or even death,” NAFDAC said.

It said that this falsified product posed a particular risk to individuals with substance use disorders who might perceive this falsified product as a safe and quality-assured medicine.

NAFDAC said that visible discrepancies were observed on the falsified product such as the placement of the batch and expiry dates on the counterfeit product were incorrect.

It added that the falsified product batch and expiry date are visible on the front side of the blister strip, adding that genuine OXYCONTIN has the batch and expiry date visible on the back of the blister strip.

NAFDAC stated that on the falsified product, the expiry date is on the left and the batch number is on the right, pointing out that genuine OXYCONTIN has the batch number on the left and the expiry date on the right.

According to NAFDAC, all its zonal directors and state coordinators have been instructed to conduct surveillance and retrieve any falsified products of this medicine found within their zones and states in Nigeria.

It said that importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importation, distribution, sale, and use of falsified OXYCONTIN tablets.

NAFDAC said that all medical products/ medical devices must be obtained from authorised/licensed suppliers, stressing that products’ authenticity and physical condition should be carefully checked.

It advised healthcare professionals and consumers to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office, or call NAFDAC on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng.

It said that healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office.

NAFDAC said that healthcare professionals and patients could also report to the agency through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng

NAN

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Rivers emergency rule: Why I walked out – Senator Dickson opens up on what happened at Senate close section

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The lawmaker representing the Bayelsa West Senatorial District, Senator Seriake Dickson, has revealed that he walked out of the red chamber on Thursday following a heated argument regarding the approval of the State of Emergency in Rivers State.

SOCIETY REPORTERS reports that the Senate on Thursday approved the emergency rule and the six-month suspension of Governor Siminalayi Fubara, his deputy, and all the state lawmakers, as declared by President Bola Tinubu on Tuesday.

During the Thursday plenary, Senator Dickson, who stiffly opposed the proclamation, had a brief argument with the President of the Senate, Senator Godswill Akpabio, before the House proceeded to a closed session.

In a statement on Friday, Senator Dickson revealed that he raised his “objections in the closed session on how the declaration fell short of constitutional prescription based on my views as a Democrat, sworn to uphold the Nigerian constitution.”

The lawmaker also revealed that though the Senate did not undertake the debate in an open session, “it was quite robust.”

The former governor of Bayelsa State listed Senators Waziri Tambuwal and Enyinnaya Abaribe among those who kicked against the proclamation.

Part of the statement reads: “I left the plenary before the Senate President was directed to report the outcome because I didn’t want to be present while what I opposed was being reported. I believe Senator Tambuwal, Senator Abaribe, and others also left.

“I want to make it clear that, as I stated repeatedly, I spoke and voted against the proclamation in our closed session, supported by Senator Aminu Tambuwal and a few other senators who were not recognized to speak.

“And so I want to thank all the senators who shared the view that I vigorously canvassed.

“I am, however, aware of the efforts made to modify the declaration as a result of the concerns and views we have expressed and canvassed over the past few days.

“Though I acknowledge the effort being made by the leadership and the President to moderate the terms of the declaration and to create a mechanism for oversight, theoretically, this does not counter the primary issue of constitutionality.

“The beauty of democracy is such that the minority will have their say while the majority will have their way.

“I would have wished for a more robust and open debate so that all views and opinions could be openly canvassed, as I requested even at the closed session specifically, and thereafter, the majority could have their way. But as it is, both chambers have decided, and the ball is now in the court of the other arms of government, especially the judiciary, in the event of any challenge.”

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Just In: Court restrains INEC from receiving petition for recall of Natasha

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The Federal High Court, Lokoja, has granted an interim injunction restraining the Independent National Electoral Commission, INEC, from receiving petitions for the purpose of initiating a recall process against Senator Natasha Akpoti-Uduaghan.

SOCIETY REPORTERS reports that the push to recall the suspended senator intensified on Thursday, with more groups in Kogi Central throwing their weight behind the process.

However, a group of Ebira indigenes refuted the claim that the recall process was being sponsored and influenced with money by Akpoti-Uduaghan’s political opponents.

Nevertheless, the court, which gave the order on Thursday, also restricted INEC staff, agents, privies, or assigns from accepting or acting on any petition containing fictitious signatures of purported members of the Kogi Central Senatorial District and from conducting any referendum pending the determination of the motion on notice to the same effect.

The court, according to the order paper made available to newsmen on Friday morning, granted the application following an ex-parte application for an interim injunction supported by an affidavit of extreme urgency.

The court processes were sworn to by Anebe Jacob Ogirima for himself and four others who are registered voters and constituents of the Kogi Central Senatorial District of Kogi State.

However, the application was moved by Smart Nwachimere, Esq., of West-Idahosa, SAN & Co., but the case has been adjourned to May 6, 2025, for a report of service and further mention.

Reacting to the development, a pressure group, Action Collective, commended the judiciary for granting the order.

The group’s coordinator, Dr. Onimisi Ibrahim, said in his reaction that the order would further expose the impunity of some sponsored individuals behind the failed plot to recall Senator Natasha.

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