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

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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.

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FG begins free CNG bus service in Abuja

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The Federal Government has commenced a free Compressed Natural Gas bus service in Abuja to ease transportation costs for Nigerians in the capital city.

The CNG buses began operations on December 2, 2024, as shown in a video shared by the Presidential CNG Initiative on its X (formerly Twitter) page.

The buses, according to reports, will run along popular routes from suburbs in Abuja such as Mararaba to Eagle Square and Berger bus stop.

The government had said that the buses would convey passengers free of charge for the next 40 days.

The free bus ride will end on January 6, 2025.

Last week, the government, through the Ministry of Transportation, handed over 15 Compressed Natural Gas-powered buses to three transport unions to ease the high cost of transportation in the capital city.

The transport unions that benefitted from the gesture include the National Road Transport Workers Union, the Nigerian Association of Road Transport Owners, and the Road Transport Employers Association of Nigeria.

In a video obtained by our correspondent on Monday, commuters who benefitted from the program commended the government initiative to reduce the costs of transportation.

One of the respondents, Fatima, said, “I just boarded a CNG bus going to Maraba, and we were asked not to pay, and I didn’t pay. I hope it will continue for long.

“I like it very much; I know this is the beginning of good things that will happen to Nigerian people.”

Another respondent, Blessing, said, “If they’re doing like this, we’ll be happy. After this one now, let them bring down the price. That’s why I said after this one they should.”

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FCCPC to probe MTN, GTB, Air Peace over complaints of ‘exploitative practices’

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The Federal Competition and Consumer Protection Commission (FCCPC) says it will probe consumer complaints of exploitative practices in banking, telecommunications, and aviation sectors.

In a statement on Sunday, Ondaje Ijagwu, FCCPC’s director of corporate affairs, announced that the probe is scheduled to commence from December 3 to December 5.

He said the inquiry would address issues related to poor service delivery, exploitative practices, and possible violations of consumer rights.

“In the banking sector, the FCCPC will engage Guaranty Trust Bank (GTB) over reports of network failures that hinder customers from accessing their funds or using banking applications,” Ijagwu said.

“In the telecommunications sector, MTN Nigeria faces questions regarding persistent complaints of undelivered data services, unexplained data depletion, and inadequate customer care.

“Similarly, Air Peace Limited will address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on certain domestic routes.

“These inquiries are being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, specifically Sections 17, 18, 32, 33, 80, 110, 111, 112, and 113, which empower the FCCPC to investigate and resolve practices that undermine consumer rights, disrupt markets, or create unfair competition.”

The director said the FCCPC’s engagement with the companies provides a platform to address consumer concerns, clarify business practices, and enforce compliance with regulatory standards.

He said the companies will be required to appear before the commission on specified dates to provide information and responses, allowing the commission to make decisions and address outstanding issues efficiently.

According to Ijagwu, the action reflects the FCCPC’s commitment to safeguarding consumer rights, fostering a fair marketplace, and ensuring accountability across all sectors.

He urged consumers to continue to report instances of poor service delivery or exploitative practices to the FCCPC through its official channels.

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CBN to launch new website today

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The Central Bank of Nigeria (CBN) says it will launch its new website today.

In a statement on Sunday, Hakama Sidi Ali, acting director of corporate communications at the CBN, said the redesigned website, operational from Monday, can be accessed on www.cbn.gov.ng.

She also said the platform will introduce a variety of new content, covering a broader spectrum of information regarding the bank’s mandate.

“The Bank has developed a contemporary Web API that operates on Microsoft .NET Core 8 (the most recent and stable release) to enhance user experience by speeding up and simplifying the navigation process,” Sidi-Ali said.

“We are pleased to announce that the front-end design and back-end technology were created in-house.

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the Bank’s mandate.

The CBN director also said the website is “responsive to mobile devices, facilitating navigation across various web browsers and devices”.

“The Bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she added.

“We are committed to developing and enhancing the website to facilitate communication.

“Please follow our different social media channels linked on the website’s home page for more updates.”

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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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