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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
Hon. Jafaaru Yakubu Demands Urgent Action on Taraba Road Collapse
Hon. Jafaaru Yakubu, Chairman of the House Committee on Nigeria-China Friendship, has issued a strong call for immediate government intervention following the collapse of the Bali-Suntai Road in Taraba State. His appeal comes two years after the Namnai Bridge in Gassol Local Government Area collapsed, a tragedy that remains unresolved and continues to haunt residents. Yakubu stressed that the latest disaster is not just an infrastructure failure but a humanitarian crisis that threatens livelihoods, education, and commerce across the region.The Bali-Suntai Road, particularly around the Zagah axis in Bali LGA, was washed away after heavy rains, leaving more than 300 vehicles stranded. Among them were heavy-duty trucks loaded with goods, buses carrying passengers, and smaller vehicles attempting to navigate the route. The collapse has paralyzed transport services, cutting off communities and disrupting trade. For traders, the losses are mounting daily as perishable goods rot in transit, while transport operators face financial ruin from halted operations. Ordinary citizens, meanwhile, are left stranded, unable to access markets, schools, or health facilities.In reinforcing Yakubu’s appeal, Alh. Abdulhamid Kungana, Director General of Campaign for Hon. Jafaaru Yakubu’s 2027 House of Representatives bid, underscored the urgency of the crisis, describing it as a ticking time bomb for Taraba’s economy and social fabric. He noted that the collapse has left communities isolated and vulnerable, with economic activities grinding to a halt. His intervention added political weight to Yakubu’s voice, framing the issue not only as a matter of infrastructure but as a test of governance and leadership. By aligning with Yakubu’s call, Kungana’s campaign leadership amplified the demand for swift and decisive action, signaling that the plight of Taraba’s people must be treated as a national priority.Yakubu emphasized that infrastructure is the backbone of economic and social life, and without functioning roads and bridges, communities are isolated, commerce grinds to a halt, and education suffers. His call is not just a political statement but a demand for urgent action that directly affects thousands of Nigerians. Residents have pleaded for swift repairs, warning that the situation will worsen as the rainy season continues. Traders fear that the collapse will lead to skyrocketing prices of goods and services, as supply chains remain disrupted. The prolonged neglect of the Namnai Bridge and now the Bali-Suntai Road highlights the urgent need for sustainable road maintenance policies in Taraba State.The combined voices of Yakubu and Kungana have transformed the crisis into a rallying point for accountability. Their united stance reflects a broader demand for government responsiveness, reminding leaders that infrastructure failures are not abstract statistics but lived realities for communities. The collapse of two critical transport routes within two years has left Taraba’s people in despair, and unless urgent steps are taken, the crisis will deepen, leaving the state further isolated and economically strangled.
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HONOURABLE JAFAARU YAKUBU COMMISERATES WITH QATAR OVER THE DEATH OF RULER
Honourable Jafaaru Yakubu, Chairman of the House Committee on Nigeria–China Friendship Relationship Group, has extended his condolences to the Government and people of Qatar following the passing of the father of the incumbent Emir, His Royal Highness Sheikh Tamim ibn Hamad Al Thani.In his condolence message, Honourable Yakubu described the late ruler as a man of wisdom and compassion whose leadership left a lasting imprint on Qatar and the wider global community. He noted that the deceased patriarch of the Al Thani Royal Family was widely respected for his dedication to service, his vision for progress, and his commitment to uplifting humanity.Yakubu emphasized that Qatar has not only been a leader in the Gulf region but has also shown remarkable generosity through humanitarian partnerships that extend far beyond its borders. He highlighted the role of Qatar Charity in his Federal Constituency of Bali/Gassol in Taraba State, where sustained interventions have supported orphans, widows, and vulnerable groups. These programs, he said, have provided scholarships, empowerment opportunities, and social support that have transformed lives and strengthened communities.“The people of Bali/Gassol Federal Constituency will always remember the kindness of Qatar and the impact of its humanitarian activities in our communities,” Honourable Yakubu remarked. He added that the partnership with Qatar Charity has been a source of hope and opportunity, reinforcing the bonds of friendship between Nigeria and Qatar.He prayed for Allah (SWT) to forgive the shortcomings of the departed leader and grant him Jannatul Firdausi, while assuring the Government of Qatar of his constituency’s solidarity during this period of mourning.The condolence message, delivered in Abuja, underscores the enduring ties between Nigeria and Qatar, and reflects the shared vision of both nations in advancing humanitarian causes and uplifting vulnerable populations. Honourable Yakubu reaffirmed his commitment to strengthening these ties, ensuring that the partnership continues to grow and deliver meaningful benefits to his people.
News
‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain
By Emmanuel Kuza
A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.
Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.
According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.
“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.
He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.
“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.
The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.
Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.
“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.
He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.
“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.
Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.
He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu
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