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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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YAHAYA BELLO: PAYMENT OF SCHOOL FEES: SETTING THE RECORDS STRAIGHT 

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NO AMOUNT OF BLACKMAIL WILL MAKE HE YAHAYA BELLO ‘COME THROUGH THE BACKDOOR’

 

 

On Tuesday, 23rd April 2024, Mr. Olanipekun Olukoyede, in a conduct which we view as unbecoming of a Legal Practitioner, organised a press conference where he alleged (amongst other outrightly defamatory statements) that His Excellency, Alhaji Yahaya Bello, withdrew cash from the Kogi State Government Account, sent same to Bureau De Change Operators and then used same to pay the school fees of his children in advance.

 

According to Olukoyede, the payment was made just about the time the former Governor was to leave office.

 

Since the said press conference, receipts of payments of the said fees bearing the names of His Excellency’s Children and those of other family members, who separately paid their fees, have been flying all over the internet.

 

While we reserve our rights to seek redress against the said defamatory statements, permit us to briefly state the following for the purpose of setting the records straight:

 

1. His Excellency, Yahaya Bello’s children have attended the American International School, Abuja well before he became Governor and he has paid fees for his children as and when due and without fail.

 

2. His Excellency, Alhaji Yahaya Bello did not pay the sum of USD720,000 as alleged by the EFCC Chairman or USD840,000 as is being bandied about on the internet.

 

3. The payment of the fees was not effected at about the time his Excellency was to leave office as claimed by Mr. Olukoyede but same commenced in 2021.

 

3. Alhaji Yahaya Bello DID NOT pay the fees of his Children with monies from the Coffers of the Kogi State Government.

 

4. When the EFCC approached the American International School Abuja (AISA) to illegally recover funds legitimately paid by Alhaji Yahaya Bello and other family members, a member of the family challenged the EFCC’s unlawful acts to recover funds legitimately paid. The FCT High Court, in Suit No. FCT/HC/2574/2023 between: Mr. Ali Bello v. The Incorporated Trustees of American International School, Abuja, held that AISA could not lawfully and unilaterally refund to a third party, including the EFCC, fees paid by the parties to the suit.

 

The Court subsequently mandated AISA to continue to provide the services it had been paid with respect to the fees.

 

From the foregoing, it is clear that no money belonging to Alhaji Yahaya Bello or his family members with regard to school fees has been recovered by the EFCC.

 

5. Now, let it be known that, contrary to misleading narratives by the EFCC, all the documents published online i.e. receipts and letters, that the EFCC has released online, in furtherance of its unrelenting persecution of the former Governor, are documents filed by lawyers in the suit instituted on behalf of Alhaji Yahaya Bello and others who paid fees for their wards under the Advance Fee Payment Agreement with AISA.

Those documents, having been filed by his lawyers, are thus public documents, which shows that his Excellency, Yahaya Bello, has nothing to hide with regard to the payment of advance fees for his children. This unending harassment and persecution, even while in office, were among key reasons he sought to enforce his fundamental human rights.

 

6. We state that the payment of these fees and the legitimacy thereof is the subject matter of Charge No. FHC/CR/573/2022, filed by the EFCC since 15th December 2022 at the Federal High Court, Abuja. The Charge is pending and the Court has yet to make any finding or convicted anyone in respect of the said sum.

 

7. It is imperative to remind Mr. Olukoyede, who is a Lawyer, that once parties have submitted a dispute to the Court, they are to shun all actions and statements that may prejudice the hearing of the matter or the mind of the Court.

 

8. Since the matter is sub judice, we say no more, we await the EFCC’s proof of the allegations in Court, which is the only venue where the proof of these allegations matter.

 

9. We thank Nigerians who have recognised the obvious desperation of the EFCC boss to convict the former Governor by all means in the Court of public opinion rather than in the law court, as personal vendetta, with the connivance of like minds, and not a fight against corruption.

 

10.We implore others who might have been misled by their shenanigans not to be fooled by mischievous narratives but to

follow the case through until justice is served.

 

11. Finally, our Principal, Yahaya Bello, doesn’t visit law enforcement agencies “through the backdoor”. He has insisted on following due process in line with the rule of law. No amount of blackmail will intimidate him.

 

Thank you.

 

Signed

Ohiare Michael

MEDIA OFFICE,

HE YAHAYA BELLO

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Commissioner for Justice, Zacchaeus Adangor Resigns After Being Redeployed By Governor Fubara.

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Commissioner for Justice and Attorney-General of Rivers State, Zacchaeus Adangor has rejected his redeployment as Commissioner for Special Duties.

Zacchaeus also tendered his resignation from the state executive council.

Zacchaeus had, on 14 December, resigned his position as the Attorney-General of the state following the face-off between Governor Sim Fubara and the Minister of the Federal Capital Territory, FCT, Nyesom Wike.

Zacchaeus and other commissioners who resigned due to the political crisis in the state, however, returned to the government after being reconfirmed by the state House of Assembly.

Fubara, earlier in the week, reshuffled his cabinet and redeployed Zacchaeus as the commissioner for Special Duties (Governor’s Office).

In a letter sighted by DAILY POST and addressed to the Secretary to the Rivers State government, Zacchaeus rejected his new office.

Zacchaeus, a strong ally of Wike, in his resignation letter, accused Governor Fubara of interfering with the performance of his duties as Attorney General of the state.

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Just in: Senator Ayogu Eze Dies At 65

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Famous former lawmaker, Senator Ayogu Eze, is dead. He died at the age of 65.

Ayogu represented Enugu North in the Senate during which time he played key role of the image maker of the Senate.

He died in an Abuja hospital after a protracted illness.

Sources squealed that Ayogu had been down, a situation that made him unable to attend his child’s wedding ceremony held earlier in the year in Lagos State.

He was a founding member of the Peoples Democratic Party, PDP, before he defected to the All Progressives Congress, APC, where he ran for Enugu State governorship election.

In the Senate, he was appointed chairman of the senate committee on Information and Media, making him the official spokesperson of the senate in 2007.

After his reelection to the senate in 2011, he was appointed chairman of the committee on works.

Eze also served as a member of committees on Police Affairs, National Planning, Marine Transport and Federal Character & Inter-Government Affairs.

In May last year, the Senate confirmed the appointment of Eze and five others as Federal Commissioners for Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.

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