Transcorp Hotels Pays N717m To Shareholders At Eighth AGM
Transcorp Hotels Plc paid a total dividend of N717 million to its shareholders at its 8th Annual General Meeting held at Transcorp Hilton Abuja on Monday.
The Chairman of the Board of Directors, Mr. Emmanuel Nnorom stated that the company closed the 2021 financial year strongly, with an impressive gross revenue of N22bn, surpassing its 2019’s pre-COVID revenue of N20bn.
“Our disciplined approach to financial management has continued to yield results as reflected in reduced finance cost during the year. During the year, Transcorp Hotels maintained its credit rating for the Company and the Bonds, as two prominent rating agencies affirmed the Company’s “Stable” outlook,” Mr. Nnorom said.
“The pandemic changed the customer behaviour, arrival and departure patterns and the geographical business mix of the hotel. We harnessed all these and dominated the market as we outperformed the industry average and the N10bn revenue recorded in 2020,” the chairman added.
l-r: Non-Executive Director, Mr. Alex Okoh; Non-Executive Director,Hon. Peter Elumelu; Non-Executive Director, Mrs. Owen Omogiafo; Managing Director/CEO, Mrs. Dupe Olusola; Chairman, Mr. Emmanuel Nnorom; Company Secretary, Mrs. Kofo Olokun-Olawoyin; Independent Non-Executive Director, Mrs. Bolanle Onagoruwa; and Non-Executive Director, Mr. Alexander Adeyemi at the 8th Annual General Meeting of Transcorp Hotels Plc held at Transcorp Hilton Hotel Abuja on Monday
In her remarks, Managing Director/CEO Transcorp Hotels Plc. Mrs. Dupe Olusola noted that occupancy — proportion of hotel accommodation occupied — which started at 55% in January grew steadily to an all-time high of 80% in December 2021. Average Daily Rate (ADR) also grew from N69,000 in January 2021 to N83,000 in December 2021.
“We remained the superior choice for all, including numerous world leaders and dignitaries from around the world who we hosted in 2021. We continued to reinforce our position as the all-round industry leader with an increased focus on delivering excellent service quality, customer satisfaction and security,” Mrs. Olusola added.
Reiterating the Chairman’s statement on revenue, the Managing Director/CEO noted that the Company closed the year 2021 with an impressive gross revenue of N22bn.
“This great progress reflects the growth achieved in most of our business segments and the strengthening of our leisure business. We became more innovative in our leisure business segment as a response to the COVID-19 pandemic which was a key success factor for us in 2020. We pushed further in 2021 and grew revenues from this segment by 118% from N1.7b in 2020 to N3.7b at the end of 2021,” Mrs. Olusola said.
READ ALSO: Transcorp Group’s Profit After Tax Hits N27.9b
She expressed optimism about the continued impressive performance of the Company despite the cautious stance from the industry.
“Our key focus will be a continued investment in innovation that allows us to be dynamic and agile whilst delivering superior offerings and service to all our guests. We will continue to innovate and optimise all the facets of our business, from operational efficiency to guest engagement, and bolstering direct revenue. The good cost-saving habits and financial strengths that we cultivated during nearly two years of volatile market conditions will be enhanced,” Mrs. Olusola stressed.
Also commenting on the results, Mrs. Oluwatobiloba Ojediran, Chief Finance Officer of Transcorp Hotels Plc stressed that the company has continued its impressive performance despite the economic headwinds.
“Gross profit grew 143 percent to N16.23 billion for the year ended December 31, 2021, as against N6.67 billion reported in 2020. We also recorded a 114 percent growth in revenue to N21.74 billion from N10.16 billion in 2020,” Mrs Ojediran said.
In his comments, a shareholder Chief Olatunde Okelana, while noting that Transcorp Hotels Plc’s flagship hotel Transcorp Hilton Abuja is the safest and most serene in Abuja, also added that one of the secrets to the success of Transcorp Hotels Plc is inclusiveness. “Look at the composition of the Board,” he stressed, highlighting that 50% of the Board members are women.
The Nigerian Exchange Group (NGX) listed hospitality giant has continued to set the pace in the industry, reinforcing its position as a leading hospitality brand. In the second half of 2021, the Company launched Aura by Transcorp Hotels, an online booking platform that allows people to book accommodation (hotels and apartments), order food and book diverse kinds of experiences, including tours. Transcorp Hotels has continued to strengthen its business and invest for the future. The Company is developing a world-class event center at the Transcorp Hilton premises in Abuja. It is also working on a Lifestyle Center/Hotel in Lagos, one expected to rival the best of its kind globally, even as it upgrades its property in Calabar to maintain the hospitality standards the brand is known for.
Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining hospitality standards. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation of Nigeria (Transcorp). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, food and memorable lifestyle experiences.
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BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN
In compliance with a ruling of the Supreme Court, the Central Bank of Nigeria (CBN) has declared that old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin spoke in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly,” the statement read.
The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.
This was after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.
After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.
However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.
“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.
According to the Presidency, the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.
However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.
Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.
CBN Asked Banks To Receive Old Naira Notes – Soludo
The Central Bank of Nigeria (CBN) has asked commercial banks to dispense and accept old naira notes as deposits, according to Anambra State Governor Charles Soludo.
Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.
He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.
He added that Emefiele personally confirmed the directive to him.
According to him, residents should report banks refusing to accept the old notes.
“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.”
“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement added.
Elon Musk Reclaims Title As World’s Richest Man
Months after losing the title of the world’s richest man, Elon Musk has regained it.
A rally in Tesla’s stock price on Monday boosted the Twitter owner’s net worth by nearly $7bn to $187bn, according to the Bloomberg Billionaires Index.
Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.
Musk’s personal wealth primarily derives from stock in Tesla. The electric carmaker lost nearly two-thirds of its value in 2022, amid investor concerns over weakening demand, Musk’s distracting purchase of Twitter and the tumultuous start to his tenure atop the social media platform.
While Musk’s troubles at Twitter continue, having reportedly fired an additional 200 employees over the weekend after already slashing the workforce from 7,500 to about 2,000 since October, the share price of Tesla has risen nearly 90% since the start of 2023.
On Wednesday, the company will hold its annual Investor Day at its factory in Austin, Texas, and Musk is expected to discuss future products, including the long-promised Cybertruck and Semi Truck, along with plans to expand its production infrastructure around the world.
One such plan was previewed on Tuesday, when the Mexican president, Andrés Manuel López Obrador, said Musk had promised him by phone that Tesla will build a new factory in the city of Monterrey.
“This is going to mean a considerable investment and many, many jobs,” López Obrador said.
Tesla already has plants in China and Germany, and analysts suggest it may expand to Canada as well as Indonesia.
The carmaker continues facing challenges, however, including increased scrutiny of its driver assistance technology. It announced a recall of 362,000 vehicles on 16 February after regulators said its Full Self-Driving Beta software did not follow traffic laws.
Shareholders filed another lawsuit on Monday against Musk alleging that Tesla’s repeated exaggeration of its self-driving capabilities amounted to fraud.
Musk also keeps courting controversy through his erratic and provocative behavior online. After lifting bans on white supremacists, neo-Nazis and QAnon conspiracy theorists on Twitter, the billionaire has curried favor with rightwing trolls and activists.
On Monday, he threw his support behind Scott Adams, the Dilbert cartoonist whose racist rant in a recent YouTube appearance has led to the cancellation of his comic strip in US newspapers.
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