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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.

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.

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Business News

FG to support MSME contribution to economy to boost development – Minister

The Minister said that the FG has schemes aimed at improving the post-pandemic climate for SMEs in Nigeria.

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FG releases new details on MSMEs support scheme, budgets N200 billion for loans, FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

The Federal Government declared that it is working with stakeholders to improve MSME participation in the economy through improving the business climate which will create jobs.

This was disclosed by Amb. Mariam Katagum, Minister of State for Industry, Trade and Investment, at the 7th EMPRETEC Global Summit,  on Tuesday, themed “The Role of Entrepreneurship, MSME and EMPRETEC in post-COVID-19 Resurgence.”

The Minister stated that the MSME sector of the economy is the growth engine of any economy which contributes to its development, job creation and export, amongst others.

“An MSMEs survey indicates that Nigeria’s SMEs contribute nearly 50 percent of the country’s GDP and account for over 80 percent of employment. No doubt, the sector is pivotal to Nigeria’s growth, including reducing poverty and unemployment levels.

It has, therefore, become more apparent that supporting entrepreneurs and small businesses by creating opportunities for MSMEs to thrive is essential for increasing productivity, creating jobs, and boosting our economy.

This is why the Government is working with stakeholders across all sectors, to create the enabling environment for entrepreneurs and MSMEs to ensure that they grow now and into the future,” she stated.

On economic sustainability

The Minister said that the FG has schemes aimed at improving the post-pandemic climate for SMEs in Nigeria. She also disclosed that the FG launched the National Policy on Micro, Small and Medium Enterprises (MSMEs), a framework for the resolution of the challenges faced by the sector.

The programmes launched by the FG includes the Survival Fund and Guaranteed Off-take Schemes, operated by a Steering Committee in the Ministry of Industry, Trade and Investment.

“The Government of Nigeria had, prior to the outbreak of COVID-19, initiated the MSMEs Clinics scheme as a strategy, aimed at providing support for the MSMEs in the country.

At the clinics, operators in the MSMEs space are engaged by regulators and business advisory experts, on issues ranging from entrepreneurship, skill development, finance, quality & standards, and on how to facilitate and grow their businesses and enterprises,” she added.

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What you should know 

Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.

A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1%. This means that 33.3% of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.

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Business News

Amazon to open its first African office in South Africa

Amazon already launched its data centres for AWS in Cape Town but its eCommerce services had until now, not been available in Africa,

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Amazon- More than 19,000 workers got the Covid-19 virus

Amazon, US retail giant has announced that it would be opening its first African office in South Africa with a real estate investment of over R4 billion. This announcement is coming a week after Twitter choose to open its first African office in Ghana.

Authorities in Cape Town noted that Amazon would be occupying a new development in River Club, a prime section of the city. This new development will create 5,239 jobs in the construction phase alone. Along with 19,000 indirect and induced jobs.

The 15-hectare parcel of land will cost R4 billion and include two precincts. Authorities said the first precinct of 60,000sqm will occupy different layers of development; while the second section of 70,000 will hold Amazon headquarters in Africa.

Cape town city officials noted that “US retail giant, Amazon, will be the anchor tenant, opening a base of operations on the African continent. The development is envisaged to take place in phases, with construction set to take place over three to five years.

It is clear that this development offers many economic, social and environmental benefits for the area. We are committed to driving investment to revitalize the economy, which is slowly recovering following the impact of Covid-19.”

What you should know

Amazon already launched its data centres for Amazon Web Services (AWS) in cape town but its eCommerce services had until now, not been available in Africa.

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