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Transcorp Hotels declares N4.5bn profits

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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.

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ALIA’S PROBE REPORT: A DESPERATE WITCH-HUNT OF ORTOM ADMINISTRATION & A DISTRACTION FROM 3 YEARS OF FAILED GOVERNANCE

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The attention of the immediate past Governor of Benue State, Chief Samuel Ortom has been drawn to the fanfare surrounding the submission of the report of the so-called Benue State Income and Expenditure Commission of Inquiry to the Benue State Government.

Ordinarily, Chief Ortom would have ignored yet another episode in the Hyacinth Alia administration’s continued obsession with his predecessor’s government. However, the desperate attempt to confer legitimacy on a process that is fundamentally flawed, legally challenged, and politically motivated compels a response.

Let it be stated clearly that what the people of Benue witnessed today was not an exercise in accountability. It was the culmination of a carefully scripted political witch-hunt designed from the outset to indict the government of Chief Samuel Ortom at all costs.

The public may recall that the Alia administration initially constituted two probe panels to investigate the immediate past administration. Those panels became the subject of legal challenge, and notices were duly served on the government. Rather than allow the courts to determine the issues raised, the administration dissolved the original panels and constituted a new one under a different name.

Even the current Commission whose report was presented today was served with notices arising from pending legal proceedings challenging the legitimacy of the exercise.

More importantly, there is a subsisting matter before the Court of Appeal on the same issues, with hearing scheduled for June 29, 2026. In addition, the Benue State Government itself approached the Supreme Court to challenge an Appeal Court decision that nullified the constitution of its probe panels established to investigate the previous administration.
The matter appeal remains pending before the apex court.

It is therefore astonishing that a government which voluntarily submitted itself to the jurisdiction of the courts would, in the same breath, proceed as though those judicial processes do not exist. This conduct betrays a disturbing lack of confidence in the judiciary and amounts to executive rascality of the highest order.

Rather than await the outcome of matters pending before competent courts, Governor Alia and his administration chose to abandon the path of law and embark on a media spectacle intended to achieve through propaganda what they have been unable to achieve through due process.

The timing of this so-called report is not accidental.

After three years in office, Governor Alia’s administration has little to showcase in terms of tangible achievements. Faced with mounting public concerns over insecurity, the plight of internally displaced persons, declining public confidence, industrial disputes in the education sector, and questions surrounding the management of enormous financial resources that have accrued to the state between May 29, 2023 and now, the government has resorted to making the Ortom administration the centrepiece of its governance agenda.

Whenever questions are asked about the over ₦1.3 trillion that has accrued to Benue State under the present administration, Governor Alia and his appointees quickly blame Ortom.

Whenever the administration struggles to explain its performance after three years in office, it blames Ortom.

Whenever insecurity worsens and communities continue to suffer attacks, the Alia government blames Ortom.

Whenever public dissatisfaction grows, it blames Ortom.

Indeed, no week appears to pass without Governor Alia or his appointees launching one media attack or another against the immediate past Governor.

The unfortunate reality is that Governor Alia has become more interested in prosecuting media battles against his predecessor than in addressing the serious challenges confronting Benue State.

Accountability cannot be achieved through predetermined conclusions. Justice cannot emerge from a process whose outcome was written long before the first witness was called.

Chief Ortom remains confident that the financial activities of his administration were conducted within the framework of the law and established governmental procedures. Under his watch, government accounts were subjected to statutory audits annually which were published in several national newspapers, budgets were regularly presented and passed, financial records were maintained by relevant institutions, and government transactions were conducted through established public service structures.

The former Governor has nothing to hide and he remains proud of his record in office and remains committed to the rule of law. He has absolute confidence that no amount of political persecution, propaganda, or manufactured reports can alter the facts of his administration’s stewardship.

He therefore urges the people of Benue State to see that phantom report for what it truly is: a desperate attempt to divert attention from the failures of the current administration and a politically motivated campaign targeted at a predecessor whose only offence is having served the state before Governor Alia.

Rather than weaponizing probes against the previous government, the Alia administration should account for the ₦1.3 trillion that has accrued to it in the last three years. Accountability begins with explaining your own record, not attacking others.

Signed:

Zege Paul Terhide
Media Assistant to Chief Samuel Ortom
June 20, 2026

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GOVERNOR ODODO’S HEARTFELT TRIBUTE TO YAHAYA BELLO WARMS HEARTS; FORMER GOVERNOR RESPONDS WITH GRATITUDE

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By: Hon. Moses Okezie-Okafor

Governor Ahmed Usman Ododo of Kogi State has penned an unusually emotional and deeply sincere birthday tribute to his predecessor, former Governor Yahaya Bello, CON, describing him as his leader, mentor, pathfinder and destiny fulfiller in a message that has drawn widespread commendation across the country.

The message, released on Wednesday, June 18th, to mark the former governor’s birthday, offered another beautiful glimpse into the strong bond between the two leaders, underscoring the mutual respect that has continued to define their relationship since the transition of power in Kogi State.

Political observers have noted that the warmth displayed by both men stands in sharp contrast to the often frosty and adversarial relationships that frequently emerge between sitting governors and their predecessors in Nigeria, where political succession is commonly followed by accusations of betrayal, mutual recriminations and bitter political rivalry.

In his message, Governor Ododo paid glowing tribute to Bello’s leadership, courage and vision, crediting him with laying the foundations for the progress being witnessed in the state today.

The Governor wrote:

“Your Excellency, my Leader, Mentor and Pathfinder,

The true measure of a leader is not in the battles he avoids, but in the burdens he willingly bears so that others may walk a path he cleared.

As I reflect on your life and leadership on the occasion of your birthday, this profound truth comes readily to mind. Your journey has been defined by courage, sacrifice and a great commitment to a cause greater than yourself.

You took the bullets for the difficult decisions that laid the foundation for a prosperous Kogi State. You bore the criticisms, confronted the opposition and endured the pressures that come with charting a new course. While many saw risks, you saw possibilities. While others sought convenience, you chose conviction.

You were used, and are still being used, by God to fulfill the destinies of many people, including mine. No one saw it coming. No one would have made such a choice. No one would have looked in my direction and entrusted me with such responsibility except a visionary leader like you, who possesses the rare gift of seeing tomorrow in the people of today.

Your birthday means a lot to us because it marks the day a great leader, fearless reformer, destiny fulfiller and builder of men was born. Through your leadership, countless lives have been transformed, hopes have been restored, and opportunities have been created for people who otherwise may never have had the chance.

Beyond the offices you have occupied and the accomplishments that history will record, your greatest legacy remains the lives you have touched and the futures you have shaped. Generations yet unborn will continue to reap from the seeds you planted with courage, vision and selfless service.

As you celebrate another year today, I pray that Almighty Allah continues to strengthen you, preserve you in good health, enrich you with wisdom and grant you many more years of fulfillment and impact. May your days be long, your joy be full and your legacy continue to flourish.

Happy Birthday, Your Excellency Sir.

With profound respect and gratitude,

HE Alh. Ahmed Usman Ododo, FCA
The Chief Servant of Kogi State

18th June, 2026.”

The former governor responded in equally warm terms, expressing gratitude for the tribute and describing Governor Ododo as his ‘success story now and forever’. Bello thanked Almighty Allah for giving Ododo to him, Kogi State and humanity ‘at this critical moment in our history’, commended his inclusive leadership and urged him to keep flying the state’s flag ever higher.

The exchange has been widely interpreted as further evidence of the unusual political maturity that has characterised the relationship between the two men since the transition of power in Kogi State. Rather than the familiar cycle of estrangement and political warfare that often follows succession in Nigeria, both leaders have consistently projected unity, continuity and a shared commitment to the state’s development.

For many observers, the birthday exchange was more than a private expression of goodwill. It was a public affirmation of mutual loyalty, gratitude and statesmanship – values too often absent from contemporary political partnerships.

This writer believes such public demonstrations of mutual respect are increasingly needed in a political climate often marked by needless infighting. They remind us that political transitions need not breed bitterness and division, and that governance is strengthened when successors acknowledge the foundations laid by their predecessors and predecessors, in turn, accord due respect to those entrusted with continuing the work.

As felicitations continue to pour in for former Governor Yahaya Bello on his birthday, the messages exchanged between the two leaders are, no doubt, the clearest illustrations of political continuity, mutual respect and mature leadership to be found anywhere in Nigeria’s democracy today.

Moses Okezie-Okafor is a lawyer, governance strategist and public policy commentator who works closely with both leaders. He serves as Director-General of Research and Development, Kogi State, and writes regularly on leadership, democratic institutions, public sector reform and national development.

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EFCC Witness Again Fails to Link Yahaya Bello to Disputed Properties and Funds

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Trial in the ongoing prosecution of Yahaya Bello, the erstwhile Governor of Kogi State resumed today in Abuja. Parties appeared before Hon. Justice Josephine Anenih to continue proceedings in the High tension legal battle.

Shehu Bala ‘Bello’, testifying for the Economic and Financial Crimes Commission (EFCC), today underwent extensive cross-examination at the hands of defence counsel in the ongoing trial of former Kogi State Governor, Alhaji Yahaya Adoza Bello.

The witness, who was subsequently discharged after what a journalist observing proceedings described as ‘a grilling’, is now the seventeenth prosecution witness (PW17) called by the EFCC since the commencement of the trial.

During a lengthy and detailed cross-examination, defence counsel subjected the witness to questions bordering on his relationship with Ali Bello whom he testified at the last hearing yesterday to have had dealings with, including the acquisition of various properties, the source of funds utilised in those transactions, and the ownership structure of the assets that have featured prominently in the prosecution’s case.

Despite the extensive questioning, the witness failed to directly link former Governor Yahaya Bello to the ownership, purchase, financing or control of the disputed properties and funds under scrutiny before the court. He also clarified that ‘Bello’ in his name is purely concidently, and that he is not related to the former Governor.

Under questioning, PW17 exonerated Bello from allegation of having had business dealings with him. He maintained that his dealings related principally to his own business and property transactions and he did not have direct business with the former governor on any of the properties and other assets in issue.

The development is being viewed by courtroom observers as another difficult outing for the prosecution, which has now called seventeen witnesses without allegedly producing direct evidence tying the former governor to the properties and financial transactions at the centre of the charges.

Proceedings are currently ongoing. More details later…

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