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Transcorp Hotels declares N4.5bn profits
By Joseph INOKOTONG
Transcorp Hotels Plc has announced profit after tax of N4.5 billion at its 3rd Annual General Meeting which took place at Transcorp Hilton Abuja.
According to a statement, the Shareholders at the meeting commended the management and staff of the Company for recording a strong financial and operational performance in the financial year ended 31st December 2016, with improvements across all indices despite the economic recession which took a hefty toll on hospitality businesses generally.
The Shareholders also described the management of the Company as visionary and dedicated, as demonstrated by the Hotel’s constantly improving quality of service.
The Shareholders unanimously approved the Board’s recommendation of a final dividend of 40 kobo per share, stating that they are confident that as the Company continues to make progress, it will not relent in meeting their expectations.
Speaking on behalf of shareholders, Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN), expressed appreciation to the Company’s Board and Management for paying dividend at a period when the country’s economy is in dire straits, leading to significant drop in hotel occupancy.
He said, “At a time when a lot of companies prefer to cut dividend with a ready excuse in the current state of the economy, we are delighted that our Company has paid dividend which will go a long way in meeting our financial needs”.
Also speaking, Alhaji Muktar Muktar, President, Trusted Shareholders Association, commended Transcorp Hotels for what he termed “a stellar financial performance” amid a challenging period and the dividend payout which he said was equally laudable.
According to Muktar, Transcorp Hotels has not relented on its oars and has continued to shine brightly delivering world class service to an ever growing clientele of top notch guests across the world. Little wonder it has consistently won numerous awards and most recently bagged a long list of honours in 2016 that will make even its competitors go green with envy.
“We are proud of this achievement and encourage the MD and the Board to continue in this direction”. At this point, the shareholders gave a standing ovation to the MD/ CEO for not just winning the Seven Stars 2016 CEO of the Year at a global event, but for also leading Transcorp Hilton to win the Seven Stars Seal of Excellence Award for the first time.
Earlier, Chairman of the Company, Olorogun O’tega Emerhor explained to shareholders that the strong performance recorded by the Company is because the Company continued to re-invent its offerings, in keeping with service excellence.
He noted that the Company was relentless in maintaining market leadership in its flagship property, closing the year with occupancy of 60%, well ahead of competition. This according to him ensured Transcorp Hotels delivered a resilient performance even in the face of the impact of economic recession on the hospitality industry which has seen occupancy for large hotels dropping below 35%.
“2016 was a year of notable achievements for Transcorp Hotels Plc, despite the strong economic headwinds. The upgrade of Transcorp Hilton Abuja is underway in line with our commitment to stakeholders to build Africa’s choice hospitality assets”, Emerhor said.
He noted that, in validation of Transcorp Hilton Abuja as the prime hotel property in Abuja, the Hotel won numerous awards in 2016 and for the fourth year in a row emerged the proud recipient of five prestigious awards at the 23rdWorld Travel Awards; the laurels include Africa’s Leading Business Hotel; Nigeria’s Leading Business Hotel, Nigeria’s Leading Hotel and Nigeria’s Leading Hotel Suite (the Presidential Suite).
The World Travel Award is recognized globally as the hallmark of quality, with winners setting the benchmark to which others aspire. The Hotel also went on to clinch the 2016 Trip Advisor Travelers’ Choice Awards and the 2016 Seven Stars Luxury Hospitality and Lifestyle awards, Emerhor said.
In his review of the 2016 results, the Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Mr. Valentine Ozigbo said that the Company recorded a 10 percent growth in gross revenue at N15.31bn as against N13.98bn in 2015. This according to him was largely driven by key events including visits by very high profile guests, many foreign heads of government and representatives of consulates. All this he said was due to aggressive business development.
He said the Company recorded a Profit Before Tax of N5.24bn in 2016, maintaining 2015 performance of N5.38bn while the Profit After Tax for the year surpassed 2015 performance of N3.5bn by 17 percent to N4.10bn in 2016. “Our major priority now is creating value for our stakeholders, improving customer service for our guests and maximizing shareholder value, and we believe very strongly that the foundation that we are laying, with the current upgrade and refurbishment of the Transcorp Hilton Abuja and repositioning of Transcorp Hotels Calabar is certain to yield very positive results”, he said.
“On this premise, I am happy to add that our turnaround initiatives for Transcorp Hotels Calabar are equally paying off as the Hotel recorded laudable profit for the first time since 2012”. This development, he explained, was predicated on strategy of increasing occupancy and proactive cost management” Ozigbo stated.
Speaking on 2017 prospects, Mr. Ozigbo maintained that the Company will keep up with the tempo to sustain the financial performance in 2017, despite the impacts of the temporary airport closure. He also confirmed that the Company is on track to deliver on the ongoing upgrade of Transcorp Hilton Abuja as preparations get on for the 30thanniversary of the Hotel in the 2nd quarter of this year.
News
Court fixes August 27 for hearing in Benue APC candidates’ suit
A Federal High Court in Abuja has fixed August 27 for definite hearing in a suit filed by aggrieved members of the Benue State chapter of the All Progressives Congress (APC), who are challenging their alleged substitution as validly nominated candidates for the 2027 general election.
Justice Inyang Ekwo adjourned the matter at the instance of counsel to the plaintiffs, Mohammed Ndarani (SAN), who sought time to respond to a preliminary objection filed by the APC, the first defendant, challenging the court’s jurisdiction to hear the suit.
Justice Ekwo directed counsel for the parties to file and exchange their processes before the next adjourned date, warning that any counsel who failed to do so would be personalized.
Matthew Burka appeared for the APC, while the Independent National Electoral Commission (INEC), the second defendant, was represented by Oluwole Olukunle.
The adjournment followed an earlier order by the court directing the APC and INEC to maintain the status quo in the dispute over candidates who emerged from the party’s Benue State primaries.
The order was made last Thursday during proceedings in Suit No. FHC/ABJ/CS/1429/2026, filed by Engr. Sesugh kaaba and other aggrieved APC candidates from Benue State against the party and the electoral commission.
The plaintiffs, through an ex parte motion filed on July 5, sought six interim reliefs, including an order restraining the APC from substituting its validly nominated candidates through a June 29 correspondence to INEC, or any subsequent communication, pending determination of the substantive suit. They also asked the court to compel the APC to transmit to INEC the names of candidates validly nominated during primaries monitored by the commission.
When the matter first came up on July 8, the court declined to grant the interim application immediately, directing the APC and INEC to appear and respond before any ruling. The matter was adjourned to July 16.
At Thursday’s proceedings, counsel for the APC and INEC were in court, while the plaintiffs were represented by Ndarani and his legal team.
Ruling on the application, Justice Ekwo held that since issues had been joined by the parties — particularly with INEC now before the court the defendants were bound by law to preserve the subject matter of the litigation pending determination of the suit. When plaintiffs’ counsel urged the court to caution the APC and INEC against any action affecting the disputed list of candidates, the judge said it was “not a matter of advice but of law,” stressing that the defendants were bound to maintain the status quo.
The court accordingly restrained the APC and INEC from taking any action capable of altering the disputed list of candidates pending the hearing and determination of the substantive suit. The defendants did not object to the restraining order.
At the commencement of proceedings, the court noted that all parties had voluntarily submitted to its jurisdiction by filing and exchanging their respective processes, and held that there was no procedural or jurisdictional impediment to an expeditious determination of the case. It directed that the matter be heard without further delay.
In furtherance of preserving the res and safeguarding the judicial process, the court ordered all parties to maintain the status quo pending final determination of the suit, restraining any act capable of prejudicing the rights of the parties or rendering the proceedings nugatory. It further directed that INEC be served forthwith with the originating and all consequential processes.
The effect of the subsisting order is that INEC is restrained from tampering with the existing list of candidates and from receiving, recognising, or acting on any purported substituted list of National Assembly candidates from Benue State submitted by the APC.
News
CONGRATULATION TO HON. GINIKA FLORENCE TOR ON HER APPOINTMENT AS FEDERAL COMMISSIONER, NATIONAL SALARIES, INCOMES AND WAGES COMMISSION
I, Amb. Tonye Sylvester Iyade, extend my warmest congratulations to Hon. Ginika Florence Tor on her well-deserved appointment as a Federal Commissioner of the National Salaries, Incomes and Wages Commission by His Excellency, President Bola Ahmed Tinubu, GCFR.
This prestigious appointment is a clear recognition of Hon. Ginika Florence Tor’s years of dedicated service, unwavering loyalty, competence, and commitment to nation-building. Her appointment reflects the confidence reposed in her ability to contribute meaningfully to the advancement of the Commission’s mandate and the continued progress of our dear nation.
I also wish to express my profound appreciation to President Bola Ahmed Tinubu, GCFR.for this thoughtful appointment. It is yet another demonstration that the President values commitment, hard work, capacity, and those who have remained steadfast in supporting and advancing the ideals of the Renewed Hope Agenda. By appointing capable and experienced individuals into strategic positions, the President continues to reinforce his administration’s commitment to good governance, merit, and effective service delivery.
There is no doubt that Hon. Ginika Florence Tor possesses the experience, character, and leadership qualities required to excel in this important national assignment. I am confident that she will discharge her responsibilities with integrity, professionalism, and dedication, while contributing significantly to the realization of the Renewed Hope vision of the Tinubu administration.
As she assumes this important office, I pray that Almighty God grants her wisdom, strength, sound health, and divine guidance to serve Nigeria with excellence and leave behind a legacy of impactful service.
Congratulations once again, Hon. Ginika Florence Tor, on this remarkable and well-deserved appointment. I wish you a successful and rewarding tenure in service to our great nation.
Signed:
Amb. Tonye Sylvester Iyade
News
Borno Deputy Governorship: Shealting The Swords , Healing The Wounds.
BY: Inuwa Bwala.
Given the role of a Deputy Governor, it is rather an anathrma to campaign, seeking to be chosen, as a deputy governorship candidate.
Changing dynamics have however seen to the emergence of individuals, openly campaigningy , to be so chosen.
It is a truism that, the choice is the prerogative of the governorship candidate, to nominate someone, he or she feels he or she can blend well.
The case in Borno for the oncoming elections, presents a case study, of people doing things wrongly and expect to alter a long standing narrative.
In the last few days, since Ali Abdullahi, was chosen as the runningmate to Engineer Mustapha Gubio, the polity seems to be getting charged.
I have tried to jaxtapose argumentson the appropriateness or lack of it, in the choice of Ali Abdullahi, as the deputy Governorship candidate of the All Progresdives Congress, APC, in Borno state.
While some justify the choice, others were not too comfortable with it.
To many, there was no sufficient consultations, with critical stakeholders, before the choice was made public.
To others, the candidate was picked from outside the traditional political circle, and yet to others, he is not conversant with the ways of the people, having been born and bred outside the enviroment.
I understand others even feel that the choice negates the expectations of frontrunners in the campaigns, with some people even developing a sense of entitlement, in way.
In as much as everybody os granted the right to aspire, it has never been the norm to consult everybody before a deputy governorship candidate is chosen.
It is normal to try selling the idea, but it is not a must, that the evrntual choice must be someone others feel must be the one.
No matter how anyone feels, there are rooms for a rhendezvous of interests, in a party that controls the government.
And given our peculiar circumstances in Borno, we have to give it to the candidate, to nominate somebody he feels he could blend with, effectively.
That most of the arguments did not center on competence, capacity or value addition of the deputy governorship candidate, leave room for one to surmise that, the conventional practice, rrlies more on atributes, above interest.
I would rather, those who feel slighted to reminiscence, on Ali Abdullahi’s past performances, and not the lack of patronage, or political convenience, on their sides.
The Task Ahead, presupposes that, while Borno is still smarting from years of insecurity, we do not enjoy the luxury of internal political bickerings, which could cause dislocations and possible going into the elections as a divided house.
It is a truism that we need a deputy governor, with requisite administrative experience and technical capacity, to fully compliment the efforts of Engineer Mustapha Gubio, so that together they can hit the ground running reminisceint of the Governor Zulum era. A curious look into Ali Abdullahi’s pedigree, shows that, he brings that capacity, in the same fashion that he demonstrated at SEMA. I have no doubt at the back of my mind, that both governor Zulum and our governorship candidate, Mustapha Gubio, are passionate about the continuity of the Zulum Agenda, hence the choice of Ali SEMA, as he is popularly known.
Taking into consideration the need to live up to the expectations of the people, especially on the need to rebuild Borno, they may have considered changing the course midstream may tend to slow us down.
I know as a matter of fact, that, Ali Abdullahi has been aligned to Zulum’s vision of service, integrity, and results, for a long time.
That the governor has gone out of his way in trying to placate those who may have nursed the ambition of being the ones to be considwred, points to the fact that, the Gubio/Abdullahi ticket was chosen to unite us, not divide us.
I am sure the Governor values every zone, every elder, and every stakeholder, and never intended to shut out anybody. We may recall, that, similar skepticism greeted the emergence of Zulum and Kadafur in 2023, but having seen their best sides, makes Borno the better off for it today.
Shealthing our swords and healing the wounds of this innitial perceibed snub, is a sinquanon to making the choice the best team, we could put forward for Borno.
I am compelled to appeal to all of us to look beyond personal interests and prioritize Borno, even as we strive to deliver. The Governor’s door remains open for dialogue, as always.
Let us rally behind this ticket, and mot risk a divided house that cannot deliver to our people. A united APC in Borno is what our people expect of us.
Let the narrative turn to the choice of Ali Abdullahi as Deputy Governorship candidate is about *competence, continuity, and service to Borno people, and not about how he emerged.
Governor Babagana Umara Zulum with his deputy have showed focus on finishing the work of rebuilding Borno’s destroyed schools, hospitals and roads, and resettling our people. His successor needs a deputy who understands this vission and shares that same commitment.
Ali Abdullahi has the experience, he has demonstrated loyalty, and has showed dedication. Let us not crucify him on the cross of our personal ambitions.
I respect all opinions expressed so far, but this is not the time for divisions, this is the time to unite behind the ticket no matter its perceived inadequacies, so that we can continue to deliver for Borno.
Our collective focus should be Borno first, and not who should be in a particular position.
We have no cause to doubt the man who delivered for us, in the face of innitial skepticism, so, let Ali SEMA, be.
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