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Transcorp is delivering on promise to give Nigerians access to country’s growth potential – Tony Elumelu

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LAGOS – With interests from hotels, agriculture, and real estate to power generation and oil exploration, Transcorp, the rapidly transforming conglomerate is providing ordinary shareholders a uniquely diversified opportunity to share in Nigeria’s burgeoning economy.

Following major acquisitions in power and agribusiness, new initiatives in its hotel and tourism business and the commencement soon of production from its existing oil block, Transcorp shareholders are already reaping rewards, with the stock one of the strongest recent performers on the NSE. The extraordinary turnaround in the Company’s business was highlighted in a recent letter to shareholders by the Chairman of Transnational Corporation of Nigeria (Transcorp) Mr. Tony Elumelu, CON.

tony-elumeluGiving an update on the recent rights issue by Transcorp, Elumelu noted that the company has already made significant progress in key sectors of its business; a development that is already impacting positively on the company’s share price which closed at N3.00 on Friday last week, up from 50 kobo not more than two years ago.

According to Elumelu, Transcorp, has since the conclusion and listing of the rights issue, made several important business decisions which will have significant impact on its fortunes. Some of the strategic initiative outlined by the Chairman, include the completion of the acquisition of 100% equity stake in the 1000MW capacity Ughelli Power Plc through its subsidiary – Transcorp Ughelli Power Ltd (TUPL). TUPL paid $300m (N48.3 billion) for the complete ownership of the plant. On November 1, 2013, TUPL successfully took over ownership and physical possession of the plant and plans to raise the output from the current 160MW to at least 1,500MW over the next 3 to 5 years.

“With a dedicated pipeline supplying gas to the plant and an existing off-take agreement with the Bulk Electricity Trader, the returns profile of this investment is compelling. The potential impact of the investment on Transcorp’s fortunes is also significant” he said. “Perhaps most importantly, Transcorp will become one of the leading providers of a robust and sustainable electricity supply into the Nigerian domestic market.”

Further significant progress was shown with the signing of an agreement with Hilton Worldwide to commence the development of a 300 room five-star hotel in Ikoyi, Lagos. This project, which will commence in Q12014 and complete in 30 months, according to Elumelu, will be undertaken through Transcorp’s subsidiary, Transnational Hotels and Tourism Services Limited. The hotel is the first of eight new internationally-branded hotels Transcorp plans to build over the next few years.

Just as the Ikoyi project is getting off the ground, Transcorp, he revealed, has also completed the acquisition of a site in Port Harcourt for the development of another 300 room five star hotel. “We expect to sign the management agreement in first quarter of 2014 and commence construction by the second quarter,” Elumelu stated in the letter.

Whilst targeting expansion, Transcorp is not forgetting flagship hotel brand, the Transcorp Hilton, Abuja. The company has commenced the renovation and upgrade of Nigeria’s premier five-star hotel. The exercise will include; “a dramatic transformation of our existing facilities, the addition of a 5,000 seat capacity conference facility and 200 serviced luxury apartments to the hotel, firmly cementing our position as the destination venue in the Nation’s capital, Abuja.”

In agribusiness, Transcorp is producing orange, mango and pineapple concentrates from the Teragro-Benfruit plant in Makurdi, Benue State. The plant in October 2013, received the ISO 9001:2008 (Quality Management System) and FSSC 22000:2005 (Food Safety Management System) certifications indicating that its products and processes meet the highest global standards.

“We plan to significantly increase the size and scope of this business. Teragro is the only juice concentrate producer in Nigeria and we are creating a fully integrated agro-allied business, ensuring that value added processing occurs here in Nigeria.”

Another important highlight of the Elumelu communication to shareholders is the news of the production date for Transcorp’s existing oil block, OPL 281, which he said will be expected to begin production before the end of 2014. “This marks a significant progress in the company’s oil and gas strategy” he stated.

Elumelu thanked Transcorp’s more than 300,000 shareholders for their support and assured them of further opportunities ahead, stressing that that the Board and Management will not relent in positioning Transcorp as a true vehicle for popular participation in Nigeria’s bright future and prosperity. “We have put in place a world class management team and are committed to developing the synergies between our natural resources portfolio and our power interests, creating an integrated energy approach that directly links Nigeria’s natural resource wealth to the daily needs of our people”.

Transnational Corporation of Nigeria plc (Transcorp) was incorporated on 16 November 2004, with the objective of creating a truly Nigerian conglomerate with the ability to compete successfully on a global scale. Its portfolio of businesses are in the hospitality, agriculture and energy sectors of the Nigerian economy include Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit juice concentrate plant- Nigeria’s first-of–its-kind juice concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy Limited, operator of OPL281.

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Deregulation, Not License For Off-spec Products Blending – Dangote Refinery

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The Dangote Petroleum Refinery and Petrochemicals is of the view that deregulation should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests.

This was contained in a statement on Tuesday by Dangote’s Group Chief Branding and Communications Officer, Anthony Chiejina.

The counsel came in response to remarks by Chief Executive Officer of Pinnacle Oil and Gas Limited, Robert Dickerman, on the importation and blending of petroleum products, which he framed within the context of a “deregulated commodity market.”

However, the Dangote Petroleum Refinery is of the view that his argument for a deregulated market could not obscure the serious implications of his actions, which, it claimed, not only threatened the integrity of Nigeria’s energy sector but also endangered the welfare of its citizens.

ALSO READ: Int’l Trading Coy Hires Blending Facility Next To Dangote Refinery, Hoping To Flood Nig With Substandard Products

While reiterating support for deregulation and industrialisation, the Dangote Refinery emphasised that the support must be grounded in a commitment to the sustainable growth of Nigeria’s economy, while shielding the people from exploitation.

The refinery made it clear that the health and safety of Nigerians should never be compromised in the pursuit of profit.

According to the statement, “The Dangote Petroleum Refinery and Petrochemicals Company has long been an advocate for deregulation and industrialisation in Nigeria, but our support is rooted in a commitment to the sustainable growth of the country’s economy and the protection of its people from any exploitation. Unlike Dickerman’s view, deregulation should not be a licence for the importation and distribution of off-spec products or the subversion of national interests.”

The company also noted that, as an American, Dickerman should be well aware of how his own country protects its industries. It pointed to several recent examples from the United States to underline the point.

For instance, U.S. President Joe Biden recently opposed the sale of U.S. Steel to Japan’s Nippon Steel, stressing the importance of maintaining strong American steel companies supported by American workers — an example of protectionism that prioritises national economic interests over short-term profit.

Similarly, the U.S. has taken action to restrict the use of Chinese-made cranes in its ports, citing national security concerns. The U.S. has also imposed a 100% tariff on electric vehicles and a 50% duty on medical equipment imported from China, further demonstrating its commitment to safeguarding domestic industries.

The U.S. has also ramped up efforts to boost its own production of computer chips and medical supplies, driven by national security concerns and the need for economic self-sufficiency. Furthermore, during his presidency, George W. Bush used anti-dumping laws to impose tariffs on a range of Chinese goods that were considered to be unfairly priced.

“It is therefore perplexing that Dickerman, with all his experience in the U.S. market, would advocate for the importation and blending of petroleum products to Nigeria under the claim of deregulation and a free market. The fact is that he had deceitfully approached us and pleaded that we extend the pipeline from our refinery to Pinnacle’s tank farms for the purpose of blending our high-quality products with their imported products and selling them to Nigerians. We categorically rejected his request to extend our pipeline to their tank farms for such devious purposes because it would be a betrayal of the Nigerian people’s trust. The health and safety of Nigerians cannot—and should not—be compromised for profit,” the statement added.

The company also raised concerns over Pinnacle Oil’s decision to lease its tank farms to a company without any retail outlets in Nigeria, questioning the strategic intent behind such actions, particularly given that the farms are located just 500 metres from Dangote’s refinery.

It expressed its vigilance regarding the coordinated efforts to undermine the Dangote Refinery, drawing parallels to the fate of refineries in Port Harcourt, Kaduna, and Warri.

Consequently, the Dangote Petroleum Refinery called on the government, patriotic Nigerians, and local businesses to remain steadfast in defending the country’s sovereignty and economic independence.

“The choice we face is between fostering industrialisation or allowing Nigeria to remain a dumping ground for inferior products while exporting jobs. For nearly three decades, cartels and their collaborators have sabotaged efforts to develop Nigeria’s refining capacity, keeping the country dependent on imported products. The time has come to end this cycle of exploitation and ensure that Nigeria’s energy sector works for the benefit of its people,” it added.

Reiterating belief that a strong, self-sufficient energy sector is vital for Nigeria’s economic growth, the Dangote Refinery affirmed that it will continue to advocate for policies and practices that protect both industries and the well-being of all Nigerians.

The company also expressed its support for healthy competition that drives innovation and quality, and looked forward to the upcoming commissioning of the four state-owned refineries, as promised by the NNPC Ltd.

“At Dangote Petroleum Refinery, we are committed to ensuring that Nigeria becomes self-reliant in petroleum production, and we welcome competition that drives innovation and quality. However, we will never allow the continued importation and blending of petroleum products, nor the deliberate destruction of our national economy. We believe that a strong, self-sufficient energy sector is vital to Nigeria’s economic growth, and we will continue to advocate for policies and practices that protect our industries and the well-being of all Nigerians.

“We eagerly anticipate the coming on stream of the Kaduna, Warri, and Port Harcourt refineries before the end of this year, as promised by the Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari. This milestone will not only end all baseless rumours of monopoly but also position Nigeria as a refining hub for petroleum products in Africa,” it concluded.

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How CNL Stays Focused On Candidates’ Comprehensive Testing Experience

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Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPC Ltd) and CNL, has expressed commitment to providing a seamless and inclusive experience for all applicants participating in the selection tests for its available job opportunities.

According to the General Manager, Policy, Government and Public Affairs, at CNL, Olusoga Oduselu, the company strategically achieves this by leveraging reputable organizations and technology.

Biztellers reports that the CNL retained Dragnet Solutions Limited (DSL), a provider of online assessment services with relevant expertise, to administer aptitude tests to candidates for its available job opportunities.

ALSO READ: Sustainability: Dangote Eyes Planting 10,000 Mangrove Trees In Nigeria 

Olusoga explained that the online assessments allow candidates to participate from various locations to save time and promote inclusivity for candidates who are constrained to participate in physical assessments.

He maintained that this strategy “provides equal opportunities for all candidates, including those with disabilities.”

According to Oduselu, the CNL was aware of some complaints of challenges by some candidates during their scheduled test period. To address these challenges, CNL engaged with DSL and deployed repeat tests for those who complained of technical hitches during the tests and those who could not participate in their scheduled tests.

“All isolated cases of system glitches have been addressed by our consultant, and the transparent, all-inclusive recruitment process continues. The applicants and our various stakeholders have commended this act of goodwill,” he stated.

The CNL’s recruitment process, including assessment, is transparent and fair and provides equal opportunity for all qualified candidates to compete for available job opportunities.

He added that the CNL assures its stakeholders that its recruitment process uses appropriate technology and complies with applicable laws and regulatory requirements.

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Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals

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Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.

In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.

Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.

His remarks underscore the significant revenue opportunities available in the digital content landscape.

Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.

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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.

“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.

Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.

This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.

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