Connect with us

Business

UBA takes centre stage as Elumelu addresses 2024 ECOWAS mining forum in Cotonou

Published

on

UBA takes centre stage as Elumelu addresses 2024 ECOWAS mining forum in Cotonou
•UBA Group Chairman, Tony Elumelu
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has been announced as the official sponsor of the 4th edition of the ECOWAS Mining and Petroleum Forum (ECOMOF 2024) scheduled to take place at the Palais des Congrès in Cotonou, Benin from February 22 to February 24, 2024.

The regional event is expected to see a large gathering of key players and stakeholders in the mining and petroleum sectors of the Economic Community of West African States (ECOWAS) and as the financial institution of choice, with presence in 20 African countries and active involvement in major continental development projects, UBA is the preferred partner for the event, underlining the bank’s commitment to the growth of mining and Petroleum industry in the sub-region but to the whole not African economic development.

UBA Group Chairman, Tony Elumelu, would give the keynote address during the opening ceremony of this all-important event.

Elumelu who doubles as Chairman of Transcorp Group, with extensive interests in energy and power, will be speaking on the theme: “Geo-extractive Resources and Technologies: what pooling strategies for Value Creation in West Africa”

His speech is expected to highlight UBA’s increasing effort to support and develop the African continent through strategic investments in the key sectors of mining and petroleum.

Under the esteemed leadership of the President of the Republic of Benin, His Excellency, Patrice Talon, and the President of the Federal Republic of Nigeria and current President of ECOWAS, His Excellency Mr. Bola Tinubu, UBA Group will at the forum aim to restate its commitment towards supporting economic and social development across the continent.

SEE ALSO:  Enugu Govt partners tech firm on training to tackle youth unemployment

The focus of ECOMOF 2024 underscores the significance of transforming the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the Gross Domestic Products (GDP) of ECOWAS member states.

The Transnational Corporation Group (Transcorp Plc) – a diversified conglomerate with strategic investments in various sectors, including power and energy – will also actively participate in the forum.

Key officials from UBA Group and Transcorp Plc, including the Chief Executive Officer UBA Africa, Abiola Bawuah; UBA’s Group Head, Corporate and Energy Bank, Ebele Ogbue, and President/ Chief Executive Officer, Transcorp Group, Owen Omogiafo will be actively involved in discussions and panels on the sidelines of the event.

Advertisement

Anticipated to attract over 2,000 participants from diverse sectors, including representatives from mining and oil industries, government officials, international and national investors, industry experts, ECOWAS delegates, and international organizations, ECOMOF 2024 promises to be a significant platform for collaborative dialogue and partnership building.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Advertisements
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

EKEDC migrates 33 additional feeders to Band A

Published

on

The Eko Electricity Distribution Company says the Nigerian Electricity Regulatory Commission has approved the migration of 33 additional feeders to Band A under its franchise area.

The feeders are Adeleke Adedoyin, Ajeast, Annex, Army Resettlement, British America Tobacco, CIG, Coker, Dideolu, Droyers, Empire Court, Estate, Etim Inyang, Firro, Freeman, Glover, Heritage, M&K Express, Mega Plaza, Montgomery 1, Moore Road, Nest Oil, NIMR, Nipost, Osborne, Ozumba Mbadiwe, Palace Road, Rocky Estate, Rumens, Smith, Station Feeder (Nitel), Victoria Arobieke, DPR andNitel.

The DisCo disclosed this Friday in a statement made available to our correspondent by the General Manager, Corporate Communications of EKEDC, Babatunde Lasaki.

The Federal Government, through the NERC, had on April 3 announced that subsidy would no longer be paid on the electricity consumed by Band A customers.

From N68 per kilowatt-hour, Band A customers now pay N255/KWh, while others maintain the old tariffs.

Lasaki said customers in these areas would experience “a guaranteed minimum of 20 hours of power supply daily in line with the newly approved Multi-Year Tariff Order”.

He assured customers within the EKEDC network of ongoing efforts to improve the quality of service rendered to them.

He said, “In our bid to serve our customers better, we are looking to even add more feeders to the list of our Band A feeders so that more customers can enjoy a guaranteed 20 hours of power supply daily.

Advertisement

“It is also our commitment to ensure that customers under other service bands, that is, Bands B to E also enjoy their guaranteed minimum supply hours while we work to improve our power supply”.

SEE ALSO:  13 new governors borrowed N226.8bn in six months – DMO

Lasaki added that EKEDC was working to eliminate supply downtime within its franchise area and achieve its goal of a stable and uninterruptible power supply.

He said, “The EKEDC is dedicated to investing more in infrastructural capacity to improve power supply and is working with all stakeholders to ensure a minimum of 20 hours of supply is available to all its customers”.

Advertisements
Continue Reading

Business

Mbah urges FG to complete Enugu int’l trade fair complex

Published

on

Enugu chamber of commerce lauds Mbah over security, infrastructure
Enugu State Governor, Dr Peter Mbah

The Enugu State Government has urged the Federal Government to bring to reality its resolve and pledge to build the Enugu International Trade Fair complex to international standard according to its master plan.

Gov. Peter Mbah made the call on Friday in Enugu while declaring open the 35th Enugu International Trade Fair.

The fair, which is being organised by
Enugu Chamber of Commerce Industry Mining and Agriculture (ECCIMA), is themed: “Promoting Made in Nigeria products for global Competitiveness.”

Mbah, represented by his Deputy, Chief Ifeanyi Ossai, noted that for equity, there was a need for the Federal Government to build and complete the fair complex just as it had done in Kaduna and Lagos fair complexes.

According to the governor, we cannot easily explain to our people why this fair complex is not developed, while that of Kaduna and Lagos had been fully built and developed by the Federal Government.

“I charge the Federal Minister, here present, to make a formal memo to the Federal Executive Council for its development. We cannot aviod to wait any longer on this vital economic development move,” he said.

He also called on the chamber and organised private sector in the region to work towards it through executive and legislative lobbying and advocacy as well as media awareness on the matter.

The governor also called on the chamber and other sister chambers in the South-East and South-South regions to open lobby for the opening up of viable waterways commercial businesses and goods movement through the River Niger Port, Ibom Deep Port and Oguta Port among others.

Advertisement

“This is to facilitate trade and large movement of goods as well as check the excess use of the roads to convey goods, which is more expensive,” he said.

SEE ALSO:  13 new governors borrowed N226.8bn in six months – DMO

Mbah said that the state had passed and signed it Electricity Act, which means that very soon it will give licence to private investors to produce electricity in the state.

 

“We know how vital the place of constant and reliable electricity to industrialization and economy growth of our dear state,” he said.

On the theme of the fair, he said that it was apt, adding that it was only through massive productive activities especially goods patronized by Nigerians can lead the country to prosperity.

“It is also good we add quality and value on every made in Nigerian product we are promoting to gain global competitiveness and acceptability,” he said.

The Minister of Innovation, Science and Technology, Chief Uche Nnaji, noted that with its wealth of agricultural and mineral resources, Enugu State is in a prime position to lead the push for products made in Nigeria.

Nnaji said that the state’s potential for various industries, including energy, pharmaceuticals, and building materials, sets the groundwork for substantial economic change and industrial growth.

Advertisement

He said: “To make the most of this potential, it’s vital for the state to encourage investment and offer financial incentives to businesses. Enugu’s key location and the increasing demand for local products highlight big market opportunities.

“This effort is supported by Presidential Executive Order Number 5 and the goals of my Ministry to use innovation, science, and technology as the main drivers of economic change.

“We are dedicated to improving the quality and appeal of locally made products, demonstrated by our backing of engineering developments and research efforts.”

SEE ALSO:  Tinubu awards slain military officers MON, approves scholarships for children, houses for families

In a welcome address, Chief Odeiga Jideonwo, President of Enugu Chamber of Commerce Industry Mining and Agriculture (ECCIMA), called on Federal Government through the CBN to reconsider reviewing downwards, interest rate.

Jideonwo noted that policies of government especially as it affects credit to SMEs should be made to work by using the business associations as buffer for her members that are genuinely in need of credit facilities to expand their business operations.

According to him, now is the time to support the startups/SMEs which will in turn, tackle the issue of unemployment, insecurity, hunger, etc, in our country, for wealth creation.

“There is no gainsaying that this will go a long way to unleash the economy of most states in the Federation and thereby expanding the frontiers of the nation’s economy.

“One of the unique features of the 35th Enugu International Trade Fair, is the presence of the second 1000sqm Marquee Tent designated to accomodate SMEs from Enugu State.

Advertisement

“All thanks to His Excellency, the Executive Governor of Enugu State, Dr. Peter Ndubuisi Mba for sponsoring the installation of this tent where all SMEs are showcasing their products and services.

“By this, the ingenuity and new ideas in the state would be brought to bear for commercialization. We have also made entry to the Fair complex free to all visitors. This is aimed at driving more traffic into the Fair.

“Interestingly, we have resolved to make this fair a pilot fair to boost our match making strategy to provide a more amenable atmosphere for interface between Researchers, Prototype Innovators and Investors for enhanced linkages to enhance and unleash the industrial sector/SMEs.”

Advertisements
Continue Reading

Business

Transcorp demonstrates robust growth in FY’23 as revenue increases by 47.3%

Published

on

…pre-tax profit up by 93.5%

Transnational Corporation Plc has announced its financial results for the year ended December 31, 2023.

The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3% increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution.

Highlights of Transcorp group Results:

• FY 2023 Revenue was N197 billion, a significant increase of 47.3%, compared to 2022.

• Operating Expenses saw an increase of 22.6% year on year, totalling N26.9 billion in 2023, reflecting the impact of inflation.

• Net Finance Cost increased by 46% to N22.6 billion, arising from interest on foreign currency loans, that has now been repaid.

• Profit before Tax surged by 93.5%, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.

Advertisement

• Profit after Tax improved 91% year-on-year to N32.6 billion in 2023, compared to N17.1 billion in the same period last year.

• Earnings per share of the Group were N40 compared to N19 in 2022.

• Total assets grew by 20%, to N529.9 billion in full year 2023, up from N442.7 billion in December 2022.

In response to the results, Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “The financial results for 2023 underscore our Group’s strong operational performance and the results of our strategic initiatives. Notwithstanding the strong macroeconomic headwinds in the year, we achieved significant growth in revenue and profits, indicating our ability to navigate a dynamic market landscape effectively. Our primary objectives remain centered on achieving sustainable growth, enhanced operational and technical efficiency, and maximizing value for shareholders.”

SEE ALSO:  Peter Odili pronounces Gov Fubara as Rivers PDP political leader, dumps Wike

Transcorp is dedicated to its transformation agenda, emphasizing sustained growth and a relentless pursuit of long-term value for shareholders.

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed Conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 15% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL281. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

Advertisement
Advertisements
Continue Reading

Trending