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Transcorp Hotels fulfills post-privatisation obligations

The National Council on Privatisation (NCP) at its meeting today, presented Transcorp Hotels Plc with a Certificate of Discharge.

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Transcorp Hotels fulfils post-privatisation obligations

The National Council on Privatisation (NCP) at its meeting today, presented Transcorp Hotels Plc with a Certificate of Discharge, indicating the company has fulfilled all privatisation conditions attached to the sale of the hotel and will no longer be subject to any post-privatisation monitoring. At a ceremony that took place at the Presidential Villa, the Vice President, Professor Yemi Osinbajo SAN GCON, who chairs the Council presented the certificate to Mr. Tony O. Elumelu CON, the Chairman of Transnational Corporation of Nigeria Plc (Transcorp), the core investor in the hotel.

Speaking at the event, Mr. Alex Okoh, the Director-General, Bureau of Public Enterprises (BPE) stated that Transcorp excelled at achieving the KPIs established during the monitoring and evaluation of the asset. Key areas of achievement include an increase in customer base by 113%, increase in service excellence captured by an 82% decrease in customer complaints, and an increase in operational efficiency with retained earnings rising to 70% of turnover.

“The success achieved by the Hotel has evidently proven both the diligent process of implementing the privatisation programme on one hand and the commitment and professionalism of the Management Team of the Hotel on the other,” he said, adding that, “The approval is sequel to the review and analysis of the outcome of our routine performance evaluation earlier conducted on the Hotel, which clearly indicates that the achievements recorded by Transcorp Hotels are in line with all the covenanted obligations embedded in the Share Sale Purchase Agreement (SSPA).” 

Recall that in 2005, Transcorp emerged the core investors in the privatisation of the hotel asset, which later became Transcorp Hotels Plc in 2014 following a decision to make this iconic asset available to the investing public as shareholders. The company later extended its reach to Calabar operating as Transcorp Hotels Calabar and further acquired strategic properties in Lagos and Port Harcourt where it intends to develop new hotels.  In 2018, Transcorp Hotels completed a USD$100m upgrade of the iconic and multi-award winning Transcorp Hilton Abuja, which was a key factor that led to the final discharge of the company by the BPE from further post-privatisation obligations.

Commenting on this, the Chairman, Transcorp, Mr. Tony O. Elumelu, CON, receiving the discharge certificate said “Our group is known for business turn around and value creation and I support public-private partnership as a viable option for catalysing our economic development. For public-private partnerships to work and become a viable approach for the transformation of our country, privatised entities and their owners must justify government’s confidence in them by visibly improving the acquired assets, create jobs, and increase government revenues. Such positive outcomes will encourage the government to privatise more national assets and free itself of revenue for critical social and infrastructure sectors such as education, healthcare, roads, transportation, etc.” He also commended this government for its efforts in driving economic development in Nigeria.

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Also speaking on the discharge, the MD/CEO of Transcorp Hotels Plc, Owen Omogiafo said, “This is a significant milestone in the history of our company and a further demonstration of our long-term commitment to improving lives and transforming our nation.

The hotel recently won the prestigious World Travel Awards 2019 in five categories including Africa’s Leading Business Hotel and received the Signum Virtutis (Seal of Excellence) in the Hotels Sector for Nigeria at the 2019 Seven Stars Luxury Hospitality and Lifestyle Awards.

About Transcorp Hotels Plc

Transcorp Hotels Plc (“Company”) is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The Company owns and operates Transcorp Hilton Abuja, which provides luxury accommodation, excellent cuisine, conferencing and leisure facilities to business travellers and tourists from all over the world. The Company also holds 100 per cent interest in Transcorp Hotels Calabar Limited, which owns and operates the Transcorp Hotel in Calabar. For more information please visit www.transcorphotelsplc.com and/or www.abuja.hilton.com.

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Just in: NUPENG calls off strike for petroleum tanker drivers in Lagos State

The disclosure was made in a series of tweet posts by the SSA to the Lagos State Governor.

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The National Union of Petroleum and Natural Gas Workers (NUPENG), has called off the strike action of the Petroleum Tanker Drivers (PTD) in Lagos State which started earlier today.

This is contained in the communique which was signed by the Lagos State Commissioner for Energy and Mineral Resources, Olateru Odusote and the Deputy National President of NUPENG, Solomon Kilanko, on Monday, August 10, 2020.

The disclosure was made in a series of tweet posts by the Senior Special Assistant to the Lagos State Governor on New Media, Jubril Gawat, through his official twitter handle.

Jubril disclosed that the state will set up a standing committee to discuss with the union on an ongoing basis to resolve the various issues as they arise. The state government will also review the timing restriction on movement of petroleum tankers within the next week.

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FMDQ says newly signed CAMA bill will make Nigeria a powerful destination of capital

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business.

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AFEX to partner with FMDQ and Dubai Commodities Exchange

FMDQ Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by President Muhammadu Buhari, would reposition Nigeria as a powerful destination of capital.

The newly signed Companies and Allied Matters Act. 2020 bill, repeals and replaces the extant Companies and Allied Matters Act, 1990.

While making the disclosure in Lagos on Monday, August 10, 2020, the Group Chief Executive Officer of FMDQ, Bola Onadele, said the country’s financial market and the economy as a whole would receive the long-awaited boost to encourage economic development with the new CAMA.

READ MORE: President Buhari signs amended Companies Allied Matters bill

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business in the country. Some of such innovation are reduction in filing fee and other reforms to encourage small and medium enterprises, provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.

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According to a report from News Agency of Nigeria (NAN), FMDQ’s Onadele pointed out that the implementation of the new CAMA, would lead to a new wave of innovative developments in the Nigerian financial market and as well as improve the ease of doing business in the country.

Onadele said, ‘’With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts.’’

“Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria.’’

“The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,” he said.

Going further, he said noted that these game-changing provisions would provide the remedy to critical legal deficiencies that were affecting the development of the financial markets.

Onadele disclosed that the netting provisions in the CAMA would address the credit risk challenges, operational and legal bottlenecks of gross settlement for spot and derivatives transactions.

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He said the derivatives market would enhance market liquidity, improve price discovery, reduce risk capital charges and transaction costs as well as increase financial markets stability.

READ: It costs more to ship through Apapa port than Ghana’s Tema port, others –SBM

Nairametrics had 3 days ago reported that President Muhammadu Buhari signed the new Company and Allied Matters Bill 2020, which was recently passed by the National Assembly. The newly signed bill replaces the extant Companies and Allied Matters Act, 1990 and introduced several corporate legal innovations geared toward enhancing the ease of doing business in the country.

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Nigeria to begin gold production in 2021 with the Segilola Gold Project

The gold produced is expected to become a part of Nigeria’s external reserve.

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Nigeria to begin gold production in 2021 with the Segilola Gold Project, Nigeria to save $300 million from importation of barite 

Nigeria is set to commence gold production in 2021 after the launch of the Segilola Gold Project in Osun state. This was disclosed by the Honourable Minister of Mines and Steel Development, Olamilekan Adegbite, while taking stock of his first year in office as Minister.

In a statement signed by his Special Adviser on Media, Ayodeji Adeyemi, Adegbite said that the project is expected to create about direct 400 direct jobs and 1000 indirect jobs along the gold value chain.

READ ALSO: Why Ajaokuta Cannot Make Steel

He added that once the project takes off, Nigeria would become a major gold producing country, a move that would hasten the diversification of the economy and reduce unemployment among the youth populace.

He noted that the government was creating an enabling environment across the gold value chain. According to him, “the international roadshows we have had in the past have borne fruits. Today we have Thor exploration in Osun State through the Segilola Gold project, which is projected to start producing in the first half of next year.”

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The minister also noted that the government has licenced two gold refineries to refine gold to the London Bullion Market Association, LBMA, standard.

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About the Ajaokuta Steel Plant, Adegbite explained that the global travel restriction caused by the pandemic had prevented the technical experts from Russia from coming over to the plant to conduct an audit of the steel plant. He assured that this would be done as soon as the flight restriction was over, and there are hopes to revive the plant before the expiration of President Buhari’s tenure.

Why it matters

The take-off of gold production in Nigeria is expected to open up an industry centred around gold production, from equipment leasing and repairs, logistic and transport. Note that gold requires a specialized means of transport, security, insurance, aggregators among others. These, according to Adegbite, would ultimately create tens of thousands of jobs across the gold value chain.

READ ALSO: Mambilla Plant: FG disburses N700 million for power project

The minister further stated that Nigeria has mined, processed, and refined gold under the Presidential Artisanal Gold Mining Development Initiative, PAGMI. The first batch of PAGMI gold was unveiled at a presentation ceremony to President Buhari on July 16, 2020.

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The gold produced is expected to become a part of Nigeria’s external reserve after being purchased by the Central Bank.

“PAGMI will result in the creation of thousands of new mining and formalized jobs, leading to poverty alleviation for many households. Under the scheme, artisanal and small scale gold miners will earn more from higher productivity, better recovery rates through mechanization of operations, and better access to reliable geological information,” he said.

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