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Transcorp Group Posts Strong Performance with N82.1bn revenue  in  H1 2023

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Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen Omogiafo, says that in spite of the challenging business environment in Nigeria, the Group, posted sustained growth in its financials for the first half of the year ended June 30, 2023, across all its business interests- Power, Hospitality and Energy sectors.

Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen Omogiafo

In its financial report filed with the Nigerian Exchange (NGX), the Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022.
This represents a substantial 31percent growth year-on-year.

Also, the Group’s  operating income grew by 46 percent from N20.5 billion in June 2022 to N29.9 billion in June 2023.

However, operating expenses for the period ended June 30, was N15.9 billion, an increase of 40 percent compared to N11.3 billion of the corresponding previous year.

Further, Transcorp reported an 39 percent growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022.

Interest cost declined by 9 percent to N6.6 billion in June 2023 from N6.1 billion in the same period under review.

Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12 percent increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61percent) and Trade and Other Receivables (+40 percent) which cushioned the effect of the decline in Inventories (+68 percent).

Transcorp shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022.

Dr.Omogiafo attributed the impressive performances to
” our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders.”

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Business

Bolt seeks dialogue with drivers ahead of May 1 strike

The strike, announced on Tuesday by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria, targets major operators including Bolt, Uber, In Drive, and others.

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Bolt, Nigeria’s largest e-hailing startup by market share, says it is seeking dialogue with driver representatives following a planned 24-hour strike by app-based drivers in Lagos, scheduled for May 1, over poor earnings and working conditions.

In an emailed response to PUNCH Online on Thursday, the Estonian ride-hailing operator acknowledged some of the concerns raised by the drivers and confirmed its openness to discussions aimed at addressing its drivers’grievances.

The strike, announced on Tuesday by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria, targets major operators including Bolt, Uber, In Drive, and others.

The union accused the companies of ignoring repeated calls for fair compensation, safer working conditions, and recognition of workers’ rights.

The union accused the companies of ignoring repeated calls for fair compensation, safer working conditions, and recognition of workers’ rights.

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Business

Nigeria to host maiden AfCFTA hackathon

The initiative, led by Cherith-Code Concept Ltd, an International Trade Consortium, is supported by a coalition of partners, including Ascend Studios Foundation, Amazon Web Services, GFA Technologies, the National Information Technology Development Agency (NITDA), and Real Sources Africa, a Kenya-based company.

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The Nigeria AfCFTA Coordination Office has concluded arrangements for hosting the first-ever AfCFTA Hackathon in the country with a N20 million grand prize.

Held as a flagship event at the Science of Trade (SOT) Conference 2025, hosted by Ascend Studios Foundation, the maiden AfCFTA Hackathon is set to take place from May 1 to 3, 2025, in Lagos.

AfCFTA Coordination Office and Director of the Hackathon Project, Mr Olusegun Olutayo, disclosed this in a press release.

He emphasized thatthe hackathon is an innovative, tech-driven challenge specifically designed with Nigeria’s enterprising youth in mind.

The initiative, led by Cherith-Code Concept Ltd, an International Trade Consortium, is supported by a coalition of partners, including Ascend Studios Foundation, Amazon Web Services, GFA Technologies, the National Information Technology Development Agency (NITDA), and Real Sources Africa, a Kenya-based company.

This annual, high-impact project will focus on unpacking the opportunities presented by the newly adopted AfCFTA Digital Trade Protocol (DTP).

The platform will serve as a hub for developing competitive, practical and innovative solutions to power digital trade across Africa.

The convener of the SOT conference, Dr Inya Lawal, expressed enthusiasm about the hackathon’s transformative potential and the partnership with the Nigeria AfCFTA Coordination Office.

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Business

Excitements As Wema Bank Clocks 80 In 8 Days

As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank.

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All roads lead to Lagos on May 2nd 2025, when Wema Bank, Nigeria’s oldest indigenous bank, leading innovative bank and pioneer of Africa’s first fully digital bank, ALAT, will be marking its 80th anniversary in grand style, in Lagos, the city where it all started.

Founded on May 2nd 1945 as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe and a family friend, Reverend Alade.

In an era where the banking industry was designed to cater only to the colonial government and expatriates, Wema Bank came to life as a vanguard of indigenous banking, bridging the gap in access to financial services by providing quality financial services tailored to the needs of indigenous Nigerians and businesses.

The story of Wema Bank is one that symbolises remarkable resilience, capturing the journey of an indigenous Nigerian bank that dared to rise at the heights of the colonial era, weathering the storms of the difficult terrain, navigating challenges and constantly reinventing to continue serving Nigerians against all odds, for 8 solid decades and counting.

Founded on May 2nd, 1945, as Agbonmagbe Bank Limited, Wema Bank was established by the Late Chief Matthew Adekoya Okupe and two others—his wife, Regina Adekoya Okupe, and a family friend, Reverend Alade.

This great bank, which began as the mere vision of an illustrious philanthropist in a hollow room at Agbonmagbe Lodge, Yaba, Lagos, has now grown to not only become Nigeria’s longest standing indigenous and most resilient bank but also, Nigeria’s most innovative bank.

In truth, Wema Bank’s formidable legacy is proof that Nigerian businesses have the capacity to last, transcend time, adapt and innovate to remain valuable to customers, stakeholders, shareholders, industries, and the nation at large.

From empowering Nigerians with the finest quality of financial services to providing tailored opportunities for underserved categories of the population, spearheading the future of banking and being a backbone for Nigeria’s FinTech industry by not only pioneering the continent’s first fully digital bank, ALAT, but also allowing FinTechs to operate using the Bank’s secure and advanced network; Wema Bank has built a legacy of impact since 1945.

As Wema Bank counts down to its 80th anniversary on May 2nd, 2025, the world eagerly anticipates the future of possibilities that lies ahead for this phenomenal bank.

While details of the grand Wema at 80 event are yet to be disclosed, the event is reported to be the most star-studded and exclusive corporate celebration of the year.

It is convening generations of Nigerians in Lagos in a night of momentous reflection, merriment, and grandeur with the dress code and timeless elegance.

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