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Vice President Yemi Osinbajo Commissions Transcorp’s Afam 240MW Three Fast Power Turbines

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Vice President Yemi Osinbajo Commissions Transcorp’s Afam 240MW Three Fast Power Turbines

 

Vice President Yemi Osinbajo Commissions Transcorp’s Afam 240MW Three Fast Power Turbines

 

 

 

Afam, Rivers State; The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on Tuesday commissioned Transafam Power – a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State. With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW.

 

 

 

 

 

 

The Commissioning of Afam Three Fast Power plant came on the heel of the presentation of the Discharge Certificate to Transcorp Power Limited by the Vice President and Chairman of the National Council on privatization (NCP) in a ceremony held at the presidential Villa Abuja on Monday, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE).

 

 

Vice President Yemi Osinbajo Commissions Transcorp’s Afam 240MW Three Fast Power Turbines

 

 

 

 

Speaking during the commissioning, the Vice President lauded the Chairman of Transcorp Group, Tony Elumelu and the entire Transcorp team for yet another power sector investment.

 

 

 

 

 

 

 

“Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain.” The Vice President said.

 

 

 

 

 

 

Speaking further, Prof. Osinbajo said: “A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power Limited jointly referred to as Afam Genco”

 

 

 

 

 

In his remark, The Minister of Power, Engr. Abubakar Aliyu applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria.

 

 

 

 

 

 

“What we are celebrating today is an exemplar of the best of Public-Private partnerships. This collaboration has ensured that we are commissioning Afam Three Fast Power today, with a capacity to inject an additional 240MW of electricity into the National grid.”

 

 

 

 

 

 

“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP)”, Engr. Abubakar said.

 

 

 

 

 

The Chairman of Transcorp Group, Mr. Tony O. Elumelu, during the ceremony said that “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny. Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.

 

 

 

 

 

Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. He concluded his speech with the commitment to continue to do well and do good. “We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.

 

 

 

 

 

We are fulfilling our promises to the Government and demonstrating Transcorp’s purpose of “Improving Lives and Transforming Africa”.

 

 

 

 

 

The Director General of the Bureau for Public Enterprises, Alex Okoh highlighted the importance of projects such as these in improving access to electricity in Nigeria. He said “Afam Three fast Power combined with the adjoining Afam Power Plc, will in the next few years add almost 1,000MW of electricity to the national grid. This will go a long way towards reducing the current power deficit while enhancing access to electricity for millions of private and corporate Nigerians, creating jobs, and ensuring the socio-economic development and well-being of the nation.”

 

 

 

 

 

 

The successful commissioning of the Afam Three Fast Power turbines is a testament to the Transcorp Group’s commitment to providing reliable and sustainable power to Nigerians. The commissioning took place shortly after the second anniversary of Transafam Power’s operational takeover of the Afam Power Asset.

 

 

 

 

 

 

Transcorp Group remains at the forefront of driving Nigeria’s economic revitalisation through its power investments in Ughelli, hospitality through Transcorp Hotels and now Transafam.

 

 

 

 

 

 

Transafam Power Limited is one of the power subsidiaries of Transcorp Group and the core investor in Afam Genco, comprising Afam Power Plc and Afam Three Fast Power Limited. The Afam GenCo Power Plant is located at Okoloma Village, in Oyigbo LGA of Rivers State with a total installed capacity of 966 MW. For more information, visit www.transcorppower.com.

 

 

 

 

 

 

Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy. Visit www.transcorpgroup.com for more.

Business

Nigeria’s Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong

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Nigeria's Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong 

Nigeria’s Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Short let, also known as short-term rental, has been gaining popularity in the Nigerian real estate business in recent years.

 

 

 

 

 

 

Nigeria's Short Lets Surge Opens Doors to Unprecedented Real Estate Profits By Dennis Isong 

 

 

 

 

 

 

 

 

A short let refers to the rental of a property for a short period of time, usually ranging from a few days to a few months. This type of rental arrangement is becoming an attractive option for both landlords and tenants in Nigeria.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For landlords, short lets provide an opportunity to earn higher rental yields compared to traditional long-term rentals.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This is because short let tenants are willing to pay a premium for the convenience and flexibility of a short-term rental.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landlords can also avoid the hassle and expense of finding a new tenant every time a long-term tenant moves out.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For tenants, short lets offer a cost-effective and flexible housing solution. They can rent a property for a short period of time, which is ideal for travelers, business professionals, and those who are in between homes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short lets also offer a more homely experience compared to hotels and other forms of temporary accommodation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The popularity of short lets in Nigeria has led to the emergence of several short-term rental platforms, such as Airbnb and Jumia House.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

These platforms have made it easier for landlords to list their properties and for tenants to find short-term rental options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This has also led to the creation of new job opportunities in the real estate industry, such as property management and marketing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

However, there are also some challenges associated with short lets in Nigeria. For example, some landlords are not familiar with the legal and regulatory requirements for short-term rentals, such as obtaining a license and paying taxes. Tenants also face challenges, such as finding a property that meets their needs and navigating the rental process.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In addition to the challenges mentioned earlier, security is also a major concern for both landlords and tenants when it comes to short lets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Properties that are left vacant for short periods of time can be vulnerable to theft and other forms of crime. To address this issue, landlords can invest in security systems such as alarms and surveillance cameras. Tenants can also take precautions by making sure the property is secure when they leave and by keeping valuable items locked away.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Another issue is the impact of short lets on the local community. In some areas, the influx of tourists and short-term renters can put a strain on local resources and disrupt the lives of residents. To mitigate these effects, some cities have implemented regulations on short lets, such as limiting the number of days a property can be rented out or requiring landlords to obtain a permit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Despite these challenges, the demand for short lets in Nigeria is expected to continue to grow in the coming years. The country’s tourism industry is expanding, and with it, the need for affordable and flexible accommodation options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In addition, the growth of the gig economy and remote work is also driving demand for short-term rental options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In conclusion, the prospect of short lets in the Nigerian real estate business is positive. With the increasing demand for short-term rental options, it is an opportunity for landlords to earn higher rental yields and for tenants to find flexible and cost-effective housing solutions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

However, it is important for landlords and tenants to be aware of the legal and regulatory requirements for short-term rentals and to use platforms that provide a safe and secure rental experience.

 

 

 

 

 

 

 

 

 

 

 

Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041.

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Business

Sterling Bank Declares Bounty At 61st AGM

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Sterling Bank Declares Bounty At 61st AGM

Sterling Bank Declares Bounty At 61st AGM

 

Lagos, Nigeria: The shareholders of one of Africa’s fastest growing companies, Sterling Bank, have commended the board of directors, executive management and staff of the bank on its remarkable financial performance for the 2022 year, resulting in a recommendation of dividends of 15 kobo per ordinary share; a fifty percent increase from that paid in 2021. The shareholders gave this commendation at the 61st annual general meeting of the bank held in Lagos on Wednesday.

 

Speaking at the meeting, Mr. Rilwan Hamza, one of the shareholders, commended the board members and staff of the bank for the wonderful financial performance while another shareholder, Mr. Boniface Okezie, expressed delight at the level of transparency displayed by the board and commended them for the improved dividend payout.

 

 

 

 

The shareholders urged the board to make the most of the transition into a financial holdings company and establish more subsidiaries that will drive even more growth and increase shareholder value.

 

The bank’s strong performance for the 2022 financial year was derived from growth in its assets base and customers’ deposits by 14.4 percent and 9.8 percent respectively. This is despite strong economic headwinds experienced by the Nigerian economy in the year under review.

 

Addressing shareholders of the bank at the first meeting as a limited liability company, following its ongoing transformation into a holding company structure, Chairman of the bank; Mr. Asue Ighodalo remarked that, “Despite the challenges during 2022, our performance reflected our resilience and determination to deliver optimal value for our shareholders. We are pleased that we closed the year on a good note.”

 

Mr. Ighodalo said the bank grew profit before tax to N 20.8 billion, representing a 29 percent year-on-year increase from N 16.1 billion recorded in 2021, and a 28.5 percent growth in profit after taxes (PAT) to achieve the sum of N19.3 billion for 2022.

 

He said the PAT growth was driven by an N18.6 billion improvement in net operating income amidst heightened inflationary pressure and regulatory policies, adding that the gross earnings grew by 16.6 percent to N175.1 billion compared to N150.2 billion reported in 2021.

 

On business outlook for the year, the Chairman noted that “We remain very optimistic about our bank’s future and are devoted to effectively transforming our business to deliver optimal performance, and significantly offer superior services to millions of Nigerians.

 

“We are steadfast in our commitment to lead with best-in-class customer experience, establish a work environment that helps our employees became the best versions of themselves, become even more socially responsible as an institution, and create immense value for our shareholders.”

 

The Chairman said, “Our transformation into a holding company structure will allow shareholders and customers to maintain continued exposure to the bank’s existing lines of business and gain exposure to new business lines that will enhance shareholder value.”

 

“As we chart a new future for our organization, the expanded company structure will give us the renewed ambition to conquer new ground and solve more problems.”

 

The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 by the African Brand Magazine , in a poll conducted by GeoPoll and Kantar; two of the world’s leading brand research firms, a top three employer in Nigeria by LinkedIn in the social network’s annual Top 25 List, and most recently, one of the top 100 fastest growing companies in Africa by the prestigious Financial Times.

 

Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the Nigerian economy, its irreverent brand voice and enviable talent management practices, the lender recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).

 

Sterling Bank Declares Bounty At 61st AGM

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Shareholders Commend Wema Bank Management on Good Corporate Performance

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Shareholders Commend Wema Bank Management on Good Corporate Performance

Shareholders Commend Wema Bank Management on Good Corporate Performance

Nigeria’s most innovative financial institution, Wema Bank Plc, held its 2022 Annual General Meeting yesterday May 31st, 2023 amidst encomiums over the sterling performance of the bank and the huge dividend payout.
Specifically, shareholders of the bank commended the board and management for delivering a good result in the financial year.
Shareholders Commend Wema Bank Management on Good Corporate Performance
A shareholder, Mr. Badmos commended the bank for proposing to pay 30kobo dividend per unit of ordinary share, saying it is the biggest in the history of the bank.
He charged the new management to sustain the tempo of excellent corporate performance so that shareholders could continue to get value from their investments.
Speaking on the occasion, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni, said the present management which he leads is poised to making the bank the best financial house digitally.
Oseni said his management team is determined to scale up the bank, stressing that they would take it to its rightful place in the industry. According to him, the welfare of staff members would also be accorded top priority as a way of motivating them to contribute more in terms of their output.
In its audited financial results for the period ended December 31, 2022, the bank recorded gross earnings of N131.08 billion year on year, representing an increase of 42.3 percent over the N92.14 percent posted in 2021.
The results, which showed positive fundamentals across board, revealed a growth of 44.7 percent year on year in interest income to N106.07 billion from N73.30 billion. Non-interest income shot up to N25.01 billion to N18.83 percent, an increase of 32.8 percent.
Similarly, the bank’s profit before tax grew to an all-time high of N14.74 billion year on year as against N12.38 billion the previous year, an increase of 19 percent.
According to the bank, shareholders will receive a dividend of 30 Kobo per ordinary share in what is the biggest dividend payout till date. The bank grew its deposit year by year by 26 percent as at full year 2022 to N1,165.93 billion from N927.47 billion in 2021. Its stock of loans and advances also grew from N418.86 billion in 2021 to N521.43 billion, showing a rise of 24 percent.
The impressive results showed that total assets hit N1,433.79 billion as against N1,164.52 trillion, a growth of 23 percent. Shareholders’ funds also moved up to N82.62 billion from N70.36 billion in 2021, an increase of 17 percent.

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