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Transcorp Hotels grows profit by 62% to N5.5bn



Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has announced its financial performance for the third quarter of 2023, Q3’23, recording N5.5 billion profit, representing an increase of 62% from N3.4 billion in the corresponding period of 2022, Q3’22.

The hospitality company sustained strong growth, recording 31.76% increase in revenue to N29.9billion from N22.7billion the previous year, and significantly higher than pre-covid performance.

Further details of the result released to the Nigerian Exchange Limited, NGX, the company’s revenue for the period ended September 30, 2023, was N29.9billion compared to N22.7billion in September 30, 2022, signifying a 31.76% increase.

Commenting on the results, Dupe Olusola, Managing Director/CEO of Transcorp Hotels, said: “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”

According to Olusola, the company continued to experience strong performance in its international business travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as the new government resumed office.


EFCC withdraws money laundering charge against Shasore – weeks after vindication by UK court




The Economic Financial Crimes Commission (EFCC) has withdrawn the money laundering charge filed against Olasupo Shasore, former attorney-general of Lagos state.

Shasore was arraigned alongside his company, Middlesex Investments Ltd, on a 14-count charge of money laundering before Inyang Ekwo, a judge, in November 2022.

At the court session on Thursday, Bala Sanga, EFCC counsel, said Lateef Fagbemi, attorney-general of the federation (AGF) has directed the agency via a letter, to withdraw the charge.

Olawale Akoni, Shasore’s counsel, did not oppose the application.

“We will humbly be asking the defendant to be discharged,” Akoni said.

Consequently, the judge granted the application and discharged the defendants.


The AGF’s letter addressed to the EFCC chairman was titled: “RE: Review of All Civil and Criminal Proceedings Between Process and Industrial Developments Ltd (P&ID) and Federal Republic of Nigeria (FRN).”

The cases listed are charge number: FHC/L/447C/2022 – FRN Vs. Olasupo Shasore, SAN; charge number: FHC/ABJ/CR/386/2022 – FRN Vs. Middlesex Investments Ltd and charge number: ID/19657C/2022 – FRN Vs. Olasupo Shasore, SAN.

The letter with reference number: DPPA/OLASUPO/345/23 informed the EFCC “that the above charges were being reviewed in the light of recent developments in Process & Industrial Developments Limited vs. The Federal Republic of Nigeria (CL-2018-000182) and The Federal Republic of Nigeria vs. Process & Industrial Developments Limited (CL-2019-000752).

“Consequently, you are hereby directed, pursuant to the provisions of Sections 105(1) & 108(1) of the Administration of Criminal Justice Act, 2015, to withdraw the said charges with immediate effect and revert on compliance promptly.”


The former Lagos attorney-general had represented Nigeria in the P&ID case.

The P&ID had won a $9.6 billion judgment against Nigeria in a British court.

With the interest rate, the potential payment had accumulated to over $11 billion.

The company claimed it entered into a contract to build a gas processing plant in Calabar, Cross River state.

The firm added that the deal collapsed because the Nigerian government did not fulfil its end of the bargain.

The federal government accused Shashore of compromising the case in favour of P&ID.

Shasore was also alleged to have been bribed to avert justice in the controversial gas supply purchasing agreement (GSPA) contract.

The government had argued that Shasore bribed two senior lawyers in the ministry of petroleum resources and the Nigerian National Petroleum Company (NNPC) Limited to go on with the collusion.

But P&ID had denied the allegation, stating that if the argument on the GSPA was voided and the question on the jurisdiction of the tribunal had been successful at the time, Shasore’s position “would have knocked out P&ID’s entire claim”.

The former Lagos commissioner for justice has also maintained that he defended Nigeria to the best of his ability on the matter.

However, in a judgment delivered on October 23, Robin Knowles, justice of the Commercial Courts of England and Wales, cleared Shasore of corruption allegations in the P&ID case.

In a judgement delivered by email, the judge ruled that Shasore’s actions were “inconsistent with Nigeria’s theory” that he was corrupt.

The court also halted the enforcement of the $11 billion arbitration award in favour of P&ID against Nigeria.

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Naira depreciates to N1,165/$ at parallel market




The naira, on Thursday, depreciated to N1,165 per dollar at the parallel section of the foreign exchange (FX) market.

The figure represents a N5 or 0.43 percent depreciation compared to the N1,160 it traded last Tuesday.

Speaking to newsmen, currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1,155 and the selling price at N1,165 — leaving a profit margin of N10.

On the official market side, the naira fell by 0.10 percent to close at N832.32 to a dollar on Thursday — from N831.47 at the close of trading on Wednesday.

According to data on FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded an intra-day high of N1,137, and the lowest level for the day was N700.

On Wednesday, the Central Bank of Nigeria (CBN) directed all banks to accept old and redesigned naira notes indefinitely.

The apex bank issued the directive after the supreme court ruled that both notes should co-exist as legal tender.

In the fresh application, Lateef Fagbemi, the attorney-general of the federation (AGF), said due to the prevailing economic crisis, the CBN has not been able to print the volume of new notes that would enable it to phase out old currency notes before December 31.

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‘Accept old, new naira notes’ — CBN notifies banks after Supreme Court judgment




The Central Bank of Nigeria (CBN) has directed all banks to accept old and redesigned naira notes indefinitely.

The development is coming a few hours after the judgement of the supreme court.

Last week, Lateef Fagbemi, attorney general of the federation, filed an application before the supreme court, seeking a deadline extension.

Following the court’s decision, the apex bank directed all banks to accept the N200, N500, and N1000 old notes alongside the redesigned versions.

The financial regulator in a statement signed by Ali Hakama, its director of corporate communications, also urged Nigerians to accept and handle the naira notes with respect.

“The Central Bank of Nigeria (CBN) has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs),” the apex bank said.

“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500, and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions.

“Accordingly, in line with section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria (CBN), will continue to remain legal tender, indefinitely.

“Members of the public are enjoined to continue to accept all Naira banknotes (old or re-designed) for their day-to-day transactions and handle these banknotes with the utmost care, to safeguard and protect the lifecycle of the banknotes.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, e-channels, in order to reduce pressure on the use of physical cash.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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