TheNewsGuru

Tag: nigerian

  • INTERVIEW: We’ve significantly increased power generation to make life better for Nigerians – Tony Elumelu

    INTERVIEW: We’ve significantly increased power generation to make life better for Nigerians – Tony Elumelu

    …says Transcorp not in a hurry to join Stock Exchange

    … Otedela and I are brothers

    Business mogul, Tony Elumelu in a chat with Arise bared it all about the landmarks of Transcorp in recent years in different sectors of the Nigerian economy and the mileages recorded in power generation to better the lives of Nigerians. He also espoused much about his friend Multi Billionnaire Femi Otedela describing as his brother and the only guy he follows on Instagram and the other person is his wife.

    Hear him:

    What were the highlights of the AGM for Transcorp today and what key decisions and resolutions were made by the shareholders and the directors of the company?

    A: Today was our 17th AGM and I will say the meeting was in two parts. First the shareholders commended the board and the management for a great job that they have done.

    One of the shareholders Dr Farouk spoke about the company paying 500% increase in dividends payment and he was also impressed that we are building to last, we are building Transcorp and not siphoning profits away, but making sure that we reinvest and retain earnings.

    He reminded us that Warren Buffet said that companies that retain earnings and profits are companies he invests in; so he commended management and he requested the investing public to take advantage of the opportunities in Transcorp to invest more.

    On the other part we had some resolutions which were passed, the reappointment of all the board members, all board members due for retirement were all duly elected, reelected. Also the auditors were elected and most importantly some business resolutions that will enable the company do more were also passed by shareholders and it was a very good AGM.

     

    What are some of these key resolutions as far as the business operation is concerned as a group?

    We like to capacitised and enable management to do what they do because we have in place a company that is the management led by Dr….. and the resolution was give us the enablement in case we see opportunities in the market place to take advantage of this and we have empowered them, the shareholders have duly empowered the board and management to do so.

     

    2022 a very tough financial year and trying to find out how the various business groups like power, oil and gas, hospitality and leisure were able to navigate the macroeconomic area.

    The operating environment is tough but we thank God for the quality of leadership of Transcorp. The Group CEO and his team, they’ve done very well in making sure that all the sectors we operate in, the power sector, the hospitality sector, leisure and even the oil and gas, the upcoming sector we stay ahead.

    The hospitality business, Transcorp Hilton Hotel is the biggest hotel brand in Africa and they continue to maintain that lead. Owen and Olusola Dupe, the CEO of Transcorp Hotel, she is doing great job and the CEOs of the power business, they are doing very well; so the companies are doing very well.

    In terms of our power business, we have increased generation significantly helping to improve access to electricity in Nigeria. The Transcorp Power Ughelli generates about 600megawatts of electricity every day.

    Our in store capacity is about 1000megawatts and our generating capacity is over 700, the only reason we cannot even do 750 a day is because of gas limitation but we are integrating our energy play, hopefully from our oil and gas plant, we will be able to pipe gas to Transcorp Power and increase because Nigerians need electricity and that is where we commit to Nigerians.

    Transcorp is about improving lives and transforming society we want to transform Nigerian society and we know that power is critical to the transformation of Nigeria and that is what we are doing.

    In the hotel area, we are doing very well, recognized world over and I doff my hat for the team who are leading Transcorp, interestingly the CEO of Transcorp Hotel is a woman, the group CEO of Transcorp is a woman and then of course Chris who is driving our Ughelli power plant, he is doing a great job.

     

    Are you looking at taking Transcorp Power for listing on the Nigerian Stock Exchange Limited any time soon?

    No, I hear that rumour from time to time especially after some other competing institutions were listed on the Exchange. No, we are long term players, we want to grow more and significantly, we believe that there are a few more things we want to do in the power sector so that that sector can actually blossom.

    The transmission line has to be fixed and the gas supply has to be fixed and then we believe that when we improve transmission lines and also address the gas supply issue, that will be the right time to do so.

    So we are looking at about 5years from now to list Transcorp Power because we believe that in about 5years time, the transmission lines would have been fixed and the gas supply to the power sector would have improve significantly.

     

    There are always opportunities if you see, as we look at what the government is doing, so if there were opportunities to take on more, will you be willing to take on more opportunity and investments in the power sector or oil and gas for example?

    Definitely. You know we have a track record, my track record as Tony Elumelu in Nigeria is my business turnaround track record and also creating opportunities for shareholders.

    So when we took over Transcorp for instance, it was only Transcorp Hilton Hotel Abuja that existed, today we are talking about power plant with capacity of about 2000megawatts that we have invested in.

    So we know how to grow businesses, we know how to turnaround businesses and we know how to smell opportunities when they arise.

    So, it is just starting and that is why I am happy that today, a lot more interest is being shown in Transcorp shares.

     

    So talking about the share increase and all that, is it all about buying in of majority shares, big shares in Transcorp, we have seen for example the market reopen for the week with more than a billion shares being traded in the market, the stock was up roughly 10%, this buying interest is about what is in the news about Femi Otedola coming in as a big player buyer of Transcorp shares?

    No, first Femi Otedola is a very good friend, there are only two people l follow on Instagram, my wife and Femi Otedola that tells you the level of friendship that we have. Is a man I admire and I respect and he is a friend, in fact we actually call ourselves brothers.

    So I welcome Femi Otedola’s investment in Transcorp, that is what we want, I mean come on, people get sentimental and emotional at times for no reason.

    But two of you are in the same business, he is into power business, you are into power business.

    And what is wrong, there can be a cross roads. You know abroad or even in Nigeria, we go on financial road show, and what do we do? We go talk to investors to say please come and invest in our company.

    I am happy to see an indigenous active investor community and I am happy that Femi is investing in locally and he should be commended for that and I also welcome his investment in Transcorp because the more people show interest in the activities, in the performance of the company, the more people invest in the company, the better for our shareholders.

    You know, you want to make your stock investors toast and I am happy that Transcorp is becoming investors toast.

    If you remembered, about 10years ago before we took over Transcorp, people were not interested in Transcorp, even people who own shares, when I wanted to buy over Transcorp, people who owned shares of Transcorp didn’t even find their certificate because they’ve lost confidence in the company.

    Today under our leadership, Transcorp has consistently 5years over now paid dividend every year, it never happened in the history of the company before. There is capital appreciation for the company.

    So when friends and investing public come to invest in company like this, it’s a validation, it tells you that they believe in your story, they believe in your vision, they believe in your management, they believe in your leadership, they believe in your competence, that is what has been demonstrated.

    And I like my friend to come on board and I like the fact that he is on board and I look forward to working with him for us to take Transcorp to greater heights.

  • Sudanese bloodbath: FG sets up Cttee to rescue stranded Nigerians

    Sudanese bloodbath: FG sets up Cttee to rescue stranded Nigerians

    …as Arewa group threatens to hold Buhari responsible if…

    The Federal Government has set up a committee to work towards rescuing Nigerian citizens trapped in Sudan due the current unrest in the North African country.

    This was disclosed in a statement by the National Emergency Management Agency (NEMA) signed by its Head of Press Unit, Manzo Ezekiel, on Saturday.

    Also, Yerima Shettima, the national president of the Arewa Youth Consultative Forum (AYCF) says President Muhammadu Buhari’s regime will be held responsible for the death of any northerner in the troubled country.

    In a statement issued on Saturday by the AYCF, the group said it is unacceptable that thousands of Nigerians in Sudan, especially students, have not been evacuated.

    The latest assurance is coming after the Federal Government on Friday expressed worry over its inability to evacuate Nigerians in Sudan as a deadly crisis continues to plague the North African nation.

    The Chairman, Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa had in Twitter post noted that the authorities were experiencing challenges, particularly with regard to airlifting Nigerian nationals out of the troubled country.

    But according to NEMA, the committee, which consists of professional emergency responders, search and rescue experts, “will constantly evaluate the situation and seek for the safest way to evacuate the Nigerian citizens even if it is through a country neigboring Sudan.”

    The agency said it is in “constant communication with all relevant partners including the Ministry of Foreign Affairs, the Nigerian Embassy in Khartoum, Sudan, the Nigerians in Diaspora Commission and security agencies while seeking for an appropriate window of opportunity to evacuate all stranded Nigerians back home in a safe and dignified manner.”

    It noted that the current emergency situation in Sudan is very complex with fighting between waring factions going on and all airports and land boarders closed.

    However, NEMA said it is working with all its partners and is constantly compiling updated information on the situation.

    The Director General of NEMA, Mustapha Ahmed, also said that the agency is very much concerned and is working on all possible options of bringing the stranded Nigerians back home to their loved ones in safe and dignified manner.

  • Sudanese bloodbath: DG NidCom, Dabiri-Erewa gives update on Nigerian students

    Sudanese bloodbath: DG NidCom, Dabiri-Erewa gives update on Nigerian students

    Hon Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission, (NIDCOM), has noted with concern the plight of Nigerian Students in Sudan over the escalation of hostilities between the Sudanese Army and the Paramilitary group-Rapid Support Forces(RSF).

    The NIDCOM Boss in a statement by Gabriel Odu of Media, Public Relations and Protocols Unit, NIDCOM, stated that the Commission has received the letter of SOLICITATION by National Association of Nigerian Students Sudan for possible evacuation of students especially those in Khartoum, the Sudanese capital.

    She assured that
    the National Emergency Management Agency, (NEMA) which is in charge of emergency evacuations, is consulting with the Nigerian mission in Sudan and other relevant agencies .

    She urged all Nigerian students in Sudan as well as Nigerians living in Sudan to be security conscious and calm.

    TheNewsGuru.com, (TNG) recalls that in the last four days the African country has been in turmoil.

  • Bad news for Nigerian healthcare workers as UK halts recruitment of caregivers, 53 others

    Bad news for Nigerian healthcare workers as UK halts recruitment of caregivers, 53 others

    The United Kingdom has placed Nigeria and 53 other countries on the red list of countries that should not be actively targeted for recruitment by health and social care employers.

    The announcement was contained in the revised code of practice for the international recruitment of health and social care personnel in England.

    It is recommended that employers, recruitment organisations, agencies, collaborations, and contracting bodies check the red country list for updates before any recruitment drive.

    It defined active international recruitment in the code as the process by which UK health and social care employers (including local authorities), contracting bodies, recruitment organisations, agencies, collaborations, and sub-contractors target individuals to market UK employment opportunities, with the intention of recruiting to a role in the UK health or social care sector. It includes both physical or virtual targeting, and whether or not these actions lead to substantive employment.

    Nigeria has the third highest number of foreign doctors working in the UK after India, and Pakistan.

    The UK, however, in its revised code of practice said the health and social care organisations in England do not actively recruit from those countries the WHO recognises as having the most pressing health and care workforce-related challenges unless there is a government-to-government agreement to support managed recruitment activities.

    The countries placed on the red list of ‘No active recruitment’ in alphabetical order are Afghanistan, Angola, Bangladesh, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo, Democratic Republic of Congo, Côte d’Ivoire, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Haiti, Kiribati, Lao People’s Democratic Republic, Lesotho, Liberia.

    Other countries are Madagascar, Malawi, Mali, Mauritania, Federated States of Micronesia, Mozambique, Niger, Nigeria, Pakistan, Papua New Guinea, Rwanda, Samoa, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sudan, United Republic of Tanzania, Timor-Leste, Togo, Tuvalu, Uganda, Vanuatu, Republic of Yemen, Zambia, and Zimbabwe.

  • Court jails Nigerian four years imprisonment over $1m cyber-fraud in US

    Court jails Nigerian four years imprisonment over $1m cyber-fraud in US

    A Nigerian, Solomon Ekunke Okpe, 31, has been sentenced to four years in an American jail for taking part in online scams that targeted US citizens and banks, leading up to $1 million in losses to victims.

    The 31-year-old was handed the prison term after being extradited from Malaysia, where he was arrested, to the US to stand trial.

    The US Department of Justice, while announcing the sentence said Okpe and his accomplices “devised and executed business email compromise (BEC), work-from-home, check-cashing, romance, and credit card scams” between 2011 and 2017.

    According to Infosecurity magazine, targeted victims included individuals, banks, and businesses in the US and other countries, who were subjected to email phishing attacks aimed at stealing login credentials and “other sensitive information.”

    TheNewsGuru.com (TNG) reports that DoJ described the scams as “intended to cause more than $1 million in losses to US victims” although it is not clear if the cyber-fraud gang achieved this nefarious goal.

    Financial institutions named by the DoJ as victims include First American Holding Company and MidFirst Bank.

    Okpe now joins his fellow gang member, Johnson Uke Obogo, behind bars.

    Obogo was sentenced on March 20 to a year and a day in prison for his role in the scams, a considerably shorter tariff than Okpe’s.

     

    TheNewsGuru.com (TNG) reports that the United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United States.

    It is equivalent to the justice or interior ministries of other countries. The department is headed by the U.S. attorney general, who reports directly to the president of the United States and is a member of the president’s Cabinet. The current attorney general is Merrick Garland, who was sworn in on March 11, 2021.

    The modern incarnation of the Justice Department was formed in 1870 during the Ulysses S. Grant presidency. The department comprises federal law enforcement agencies, including the Federal Bureau of Investigation, the U.S. Marshals Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Drug Enforcement Administration, and the Federal Bureau of Prisons.

    It also has eight major divisions of lawyers who represent the U.S. federal government in litigation: the Civil, Criminal, Civil Rights, Antitrust, Tax, Environment and Natural Resources, National Security, and Justice Management Divisions. The department also includes the U.S. Attorneys’ Offices for each of the 94 U.S. federal judicial districts.

    The primary actions of the DOJ are representing the U.S. government in legal matters and running the federal prison system.

    The department is also responsible for reviewing the conduct of local law enforcement as directed by the Violent Crime Control and Law Enforcement Act of 1994

  • I never intended to kill my Nigerian girlfriend, Chinese man tells court

    I never intended to kill my Nigerian girlfriend, Chinese man tells court

    A Chinese National, Mr. Frank Geng-Quangrong, 47, on Thursday, again told a Kano High Court that he never intended to kill his Nigerian girlfriend, Ummukulsum Sani, 22.

    The defendant, who lives at Railway Quarters Kano is charged with culpable homicide.

    Frank, led in evidence by defence counsel, Mr Muhammad Dan’azumi, tendered a black mobile phone Redmi, WhatsApp messages, pictures, videos of the deceased, and a certificate of compliance dated March 8.

    “The exhibits include the defendant’s phone, WhatsApp computer-generated chats between Frank and Ummukulsum between Sept.13 and Sept.16, 2022.

    “Other exhibits include pictures, the receipt of the N5 million gold jewelry he bought for Ummukulsum, and a 4GB black flash drive containing videos of the deceased in his house”, he said.

    The video played in court showed the deceased playing with the pet dog, Charlie in Frank’s house in Railway Quarters Kano.

    Dan’azumi played the second video clip to the court showing the deceased on site of her house in Abuja, as well as sitting a picture of her sitting on seven bail of clothes Frank bought for their marriage.

    While cross-examining the defendant, the prosecution counsel, Kano Attorney General, Musa Abdullahi-Lawan, asked the defendant where he was and who sent him the video clip of the deceased.

    “Ummukulsum seemed very happy and alive in the video, she is dead now. Who killed her?

    “You told the court in your testimony that on that fateful day you called the deceased several times on phone but she refused to pick.

    “Why did you go to her house uninvited,”?

    Frank said: “she sent me the video herself.

    “I did not intend to kill Ummukulsum and I don’t want to be killed. She injured me on my genitals and I cannot show the court it is against our Chinese culture and I am a Muslim.

    “On that fateful day she called on WhatsApp call and told me to bring her pet dog, Charlie.

    “On reaching her house, after refusing to pick my call, I sent her a text message, later her mother( Fatima Zubairu (Pw1) opened the gate and I got in to pick Charlie.

    “I did not talk to the deceased mother because she does not understand English and I don’t understand Hausa language” Frank said

    Abdullahi-Lawan, alleged that the defendant on Sept.16, 2022 stabbed the deceased with a knife in her house at Janbulo Quarters Kano.

    The defendant, however, pleaded not guilty to the charge.

    He said that the offence contravenes the provisions of Section 221(b) of the Penal Code.

    Justice Sanusi Ado-Ma’aji, admitted the exhibits and adjourned the matter until March 29 and March 30, for continuation of defense and cross-examination.

  • Cash swap has brought hardship to Nigerians – Lawan

    Cash swap has brought hardship to Nigerians – Lawan

    Senate President, Ahmad Lawan, has said that the poor implementation of the Naira swap has brought hardship to millions of Nigerians.

    In a statement he personally signed, Lawan stated that while the policy was laudable but that its poor implementation had beclouded the merits therein.

    In the statement Lawan said: “I sincerely empathise with fellow Nigerians the hardship being experienced across our land in the implementation of the currency redesign policy of the Central Bank of Nigeria.

    “Even though we all agree on the merits of the policy, its implementation gap, unfortunately, brought enormous hardship upon citizens across the country.

    “However, I wish to assure us that with appropriate intervention by the government and the collaboration of all stakeholders, this hardship will soon fade away and normalcy will be restored to our daily livelihoods.”

  • Cash crunch: Buhari to address Nigerians today

    Cash crunch: Buhari to address Nigerians today

    President Muhammadu Buhari will make a national broadcast on Thursday on the cash crunch bedeviling Nigerians today.

    This was contained in a statement issued by his Special Adviser on Media and Publicity, Femi Adesina late Wednesday night.

    Recall that on Wednesday Nigerians in some parts of the country mostly in the western part protested the lingering scarcity of new notes.

    Television, radio stations and other electronic media outlets are enjoined to hook up to the network services of the Nigerian Television Authority and Radio Nigeria for the broadcast.

  • Nigerians Call For More Women In Governance, Say It Will Reduce Corruption

    Nigerians Call For More Women In Governance, Say It Will Reduce Corruption

    Exasperated by rising corruption in Africa’s most populous country, stakeholders in the fight against corruption in Nigeria have identified adequate inclusion of women in governance as an antidote to public sector corruption while lamenting the government’s effort in implementing the revised National Gender Policy (NGP).

    The call for the inclusion of more women in governance had been necessitated by the low representation of women in Nigeria’s governance structures.

    Human rights lawyer Mary Musa led the call during PUBLIC CONSCIENCE, an anti-corruption radio programme produced by the Progressive Impact Organization for Community Development, PRIMORG, Wednesday in Abuja.

    Speaking during the programme, Musa stated that Nigeria would be heading in the better direction if more women are deliberately handed opportunities in political leadership and public service as they embody the values, character and integrity, which is needed in building a corrupt-free nation.

    She noted that Nigerian women are prudent and have been equipped to instill prudence, character and integrity in the mind of their children and can replicate these virtues in leadership positions.

    “If we (government) put more women who are prudent in the government spaces, political spaces, corruption will reduce drastically because they are coming with values, character and integrity. We are not saying take any woman because she is a woman, we are saying take women who know what it means to be in political offices.

    “If we select those women knowing they are influencers in their spaces doing fantastic and credible jobs with excellent value systems, Nigeria is headed for a better place.

    “We have credible women, but they face barriers like sexual harassment at workplaces. Even in politics, we have a lot of women going into politics, but there are god-fathers who want to take advantage of the young women coming into politics. It’s beyond being credible and competent. It’s about creating an enabling environment for the woman to thrive,” Musa stressed.

    On the government’s lacklustre approach on implementing the revised National Gender Policy, she revealed that the most effective tool in persuading the Federal Government to implement the policy remains sensitization, advocacy and peaceful protest.

    Musa also regretted that implementation of the National Gender Policy is stifled by a lack of political will and urged the government to enforce the policy and place punitive measures on public offices that fail to align with the provisions of the revised NGP.

    On her part, Communications Manager, Nigeria Women Trust Fund, Mujidat Agbabiaka backed Nigerian women to do well if given more opportunities in leadership, emphasizing that women have what it takes to participate in leadership and make the country better. She added that women must be encouraged and empowered to take charge of administration because of their discipline and integrity.

    Agbabiaka said, “We’ve seen women out there doing well in their leadership capacity and their homes are not broken. They still perform their maternal roles. They still take care of their families, their husband and children, immediate and extended families.”

    Ahead of the 2023 general elections, she advised women not to sell their votes to politicians, urging them rather to study the manifestos of political parties and candidates in order to make informed decisions.

    “We know the roles the politicians play in impoverishing the women further by giving them seasoning cubes and wrappers as if those things matter in politics and electioneering. We have said that these things are wrong and women should desist from accepting gifts but rather look inward into candidates and see what they are offering based on their manifestos.”

    Some Nigerians who phoned into the programme from Abuja, the nation’s capital, alluded that Nigeria would be better governed and less corrupt if women were given more leadership opportunities owing to their antecedents from the home front.

    PRIMORG and the Women’s Rights Advancement & Protection Alternative (WRAPA) are collaborating to promote the revised gender policy of the Federal Government for more opportunities for women in Nigeria.

    Public Conscience is a syndicated weekly anti-corruption radio program used by PRIMORG to draw government and citizens’ attention to corruption and integrity issues in Nigeria.

    The program has the support of the MacArthur Foundation.

  • Indian police nab 26-year-old Nigerian man for allegedly duping lover of N31m

    Indian police nab 26-year-old Nigerian man for allegedly duping lover of N31m

    A 26-year-old Nigerian, Bernard Chukwunonsu, has been arrested in India for allegedly duping a woman of N31m after promising to marry her.

    The Nigerian (Chukwunonsu), a resident of Uttamnagar in New Delhi, was arrested by Surat police on Sunday, January 1, 2023.

    “The accused befriended the woman through social media and promised to marry her. The accused and his friend later called her posing as Immigration department officers. They told her that her boyfriend has been caught and a parcel has been seized from him.” Surat police commissioner Ajay Kumar Tomar said.

    “The caller demanded money to release her boyfriend and the parcel. The woman then deposited Rs. 57.39 lakh in the bank account of the accused between December 1 and December 12. After few days, the accused stopped picking up her calls,” Tomar added.

    Police registered an offence under IPC sections 419 (punishment for cheating by personation) , 420 (cheating), 120(b) (criminal conspiracy), and relevant sections of the IT Act.

    The police commissioner said that in 2022, 376 cybercrime cases were registered with Surat police, out of which 218 cases are solved and the police are working on the other cases.

    “In 2022, a total of 376 offences were registered with Surat cybercrime cell, out of which 218 cases were solved, with 60 per cent detection rate. Similarly in 2021, 272 cybercrime cases were registered and the detection rate was 46 per cent, while in 2020, 192 cybercrime cases were registered and the detection rate was 36 percent,” Tomar said.

    He also appealed to people to contact cyber crime cell, if they are cheated or threatened in a similar manner and be wary of unknown persons on social media.