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Ikeja Hotel Plc is considering a capital raise

Ikeja Hotel Plc may soon be considering a capital raise. The company’s management disclosed this during a Facts Behind The Figure session.



Ikeja Hotel

Ikeja Hotel Plc may be considering a capital raise sometime in the near future. The new management of the company disclosed this yesterday during a Facts Behind The Figure session held at the Nigerian Stock Exchange.

The company recorded a revenue increase of 9.45% from N12.1 billion in 2017 to N13.2 billion in 2018. The earnings before interest and tax rose from N1.4 billion in 2018 to N1.9 billion in 2019 while profit after tax also rose by 83.12% from N603 million in 2017, to N1.1 billion in 2018.

While addressing stockbrokers, the company’s Chief Operating Officer, Theophilus Eniola Netufo, linked the improved performance in profit to effective cost of management and planning which was established by the new management team.

Olumide Bolumole, Divisional Head, Listings Business, NSE presenting the replica of the gong to Theophilus Eniola Netufo, Chief Operating Officer, Ikeja Hotel Plc

Netufo expressed his optimism that the company’s growth will be retained because measures have been put in place to ensure that statutory obligation will be complied with.

He also stated that Ikeja Hotels made enormous savings in the 2018 financial year, due to prompt payment of all required payments to the federal government and other agencies, improved marketing and cost reduction.

“We have zero tolerance for the default. All our reports are returned at the appropriate time. We don’t wait for any government agency to slam us with fine. In 2018, we did not pay a dime. No penalty. No fine”

[READ ALSO: Berger Paints declares N188 million dividend, reveals expansion Plans]

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Speaking further, the COO disclosed that the firm would be seeking to raise capital to rehabilitate the 1st to 4th floor of the Sheraton Lagos, as well as the public area.

“The 5th and 6th floors were renovated in 2017. That has driven our revenue. The room rate is very high.

“We are looking for money to renovate the 1st, 2nd, 3rd, and 4th floor and the public area. We want to move now. We want to move as quickly as possible because many hotels are coming up, and we don’t want to be caught in the web. We want to position the hotel so we can stay competitive.

“We want to improve our banquet facilities. We see what’s happening in Lagos. (Federal Palace Hotel). We want to replicate the same thing.” 

Meanwhile, the company’s General Manager, Barry Curran, also provided some more details on the 2018 operating numbers.

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“Our room growth 18/17 was 12%. That’s a big number when you consider we are a mature business. Our food and beverage growth year on year was 11%. We had about 10%/11% growth in our topline growth for the year (2018).

“Our compset (competitive set) includes all of the big hotels on the island and mainland. There are 7 hotels in our compset we measure ourselves against. We are one of the biggest hotels, with 340 rooms.   We did 58.4% occupancy over 12 months (in 2018). The average within our in compset was 51.5%.

“Even occupancy itself is not the best measure.  We use a metric called Revpa (Revenue per available room). Our revpa for the entire year grew by 30.2%. While our compset went –0.8%. The average length of stay in our hotel is 3.5 nights.” 

In response to a question from Nairametrics about whether the firm would take up an additional stake in Federal Palace Hotel (since Sun International is in the process of divesting), the company’s COO said that would be a board decision.

Other members of the company’s board that attended the event are- the Non-Executive Director, Dr. Alex Thomopulos, General Manager, Barry Curran, and the Company Secretary, Mrs. Chisom Umeofia.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Twitter to establish its first African presence in Ghana

Twitter has announced Ghana as headquarter of its operations in Africa.



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Jack Dorsey, CEO of Twitter Inc has announced today in a tweet that the company is establishing a presence in Africa.

“Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” Dorsey tweeted.

As part of its mission to serve the public conversation, Twitter is making it easier for everyone to join in and provide more relevant experiences for people across the world.

Why Ghana as a choice…

Twitter stated that it chose to expand to Ghana first because the country is an advocate of free speech, online freedom, and the Open Internet.

In a blog post the company said, “In line with our growth strategy, we’re excited to announce that we are now actively building a team in Ghana. To truly serve the public conversation, we must be more immersed in the rich and vibrant communities that drive the conversations taking place every day across the African continent.”

“Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa.

“Whenever we enter new markets, we work hard to ensure that we are not just investing in the talent that we hire, but also investing in local communities and the social fabric that supports them. We have already laid foundations through partnerships with Amref Health Africa in Kenya, Afrochella in Ghana, Mentally Aware Nigeria Initiative (MANI) in Nigeria, and The HackLab Foundation in Ghana. As part of our long-term commitment to the region, we’ll continue to explore compelling ways we can use the positive power of Twitter to strengthen our communities through employee engagement, platform activation, and corporate giving,” Twitter stated.

The company is also looking to hire specialists to join several teams to operate in product, design, engineering, marketing and communications.

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Reacting to Dorsey’s announcement, Ghanaian President, Nana Akufo-Addo, in a tweet said that the government and people of Ghana welcome welcomed the micro-blogging site.

“The choice of Ghana as HQ for Twitter’s Africa operations is excellent news. Government and Ghanaians welcome very much this announcement and the confidence reposed in our country,” President Akufo-Addo tweeted.

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Youths need critical skills to strengthen Nigerian economy – Bankers Committee’s FITC

Nigerian youths need to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.



Financial Institutions Training Centre (FITC)

Bankers Committee’s FITC has called on Nigerian youths to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

This was disclosed by the Managing Director, FITC, Chizor Malize, during the launch of its Future of Work Academy for Youths on Monday.

According to her, the initiative is to continuously bridge the knowledge gap in the country and Africa at large, as it is expected to equip the youths for the peculiar needs of the Future of Work.

It also seeks to solve the prevalent issue of producing university graduates with degrees and skills that have limited practical use in the current global job market, as well as the requirements for the Future of Work.

She said, “The world of work is changing rapidly, and competition for the right talent is fierce. Graduate talents have for decades been primarily identified and employed based on academic excellence, however, in the emerging world of work, creativity, innovation, and work-ready skills have become the non-negotiable indicators for competitive advantage, and to evaluate capabilities.

“It is therefore important for youths to build critical skills, that will equip them for the requirements of the Future of Work in the ever-evolving business landscape. The value FITC FOWA is bringing to corporations at this time cannot be overemphasized. By equipping youths and creating a pool of well-engaged workforce for organizations, FITC FOWA will be directly strengthening the economy and the society in general.”

Malize added that the initiative offers essential courses in Data Science, Data Analytics, Coding, Digital Marketing, Graphics Designs, MS Excel & Analytics, Digital Marketing, Use of PowerPoint, and other key areas that have been strategically packaged to educate, enlighten, and upskill undergraduates and graduates with the vital skills for the Future of Work.

What you should know

Owned by the Bankers Committee (CBN, NDIC and all Nigerian deposit money banks), FITC was established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector.

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