Transnational Corporation of Nigeria Plc (Transcorp), has announced new appointments into its board and executive management. The company in a statement Tuesday said Valentine Ozigbo, has been appointed as its President/CEO with effect from January 1, 2019. He will succeed Adim Jibunoh, who is retiring on December 31.
The statement said Mr Ozigbo, currently the MD/CEO of Transcorp Hotels Plc, owner of the prestigious Transcorp Hilton Abuja, will bring over 20 years’ experience in banking, business development, hospitality and corporate transformation. ‘‘A multiple award winner, Mr Ozigbo holds an M.Sc. Finance from Lancaster University, UK; an MBA in Banking & Finance and a B.Sc. in Accounting from the University of Nigeria. He is a Fellow of the Institute of Chartered Accountants of Nigeria.
‘‘Similarly, Owen Omogiafo has been appointed as the MD/CEO of Transcorp Hotels Plc effective from January 1, 2019. She is currently the Executive Director, Corporate Services at Transnational Corporation of Nigeria Plc,” the statement added.
Also according to the statement, Mrs Omogiafo has over 18 years’ corporate experience in organisational development strategy, human capital management, banking, change and business management. The Board of Transcorp also approved the appointments of Obi Ibekwe and Toyin Sanni as Non-Executive Directors, following the retirement of Kayode Fasola and Abdulqadir Bello.
These appointments are effective October 30, 2018. ‘‘While Ms Sanni was Group Chief Executive Officer at United Capital Plc , a position she retired from in June., Ms Ibekwe holds a Bachelor of Arts degree in International Relations from Tufts University, Medford, Massachusetts, U.S.A., a Bachelor of Law degree from the University of Lagos and an MBA degree from the Ross School of Business, University of Michigan, U.S.A. She has over two decades experience in banking, holding senior executive and senior management positions spanning credit and marketing, credit risk management, human resources and customer service,” the statement read in part.
The company also announced the appointment of Emmanuel Nnorom as the Chairman of its Board, following the retirement of Mr Bello. Speaking on these appointments, the Chairman of Transcorp, Tony Elumelu, reportedly expressed his confidence that the newly appointed chief executives and non-executive directors will further strengthen Transcorp’s core purpose of improving lives across Nigeria.
Ecobank to appeal tribunal judgement on tax liability
Ecobank Nigeria says it will appeal a judgement delivered by the Lagos zone tax tribunal that it has an outstanding tax liability of N1.6 billion to be paid to the Federal Inland Revenue Service (FIRS).
In a statement released on Thursday and sent to The Witness, the bank said its tax liability based on the judgement delivered is N1.3 billion not N1.6 billion as claimed by the FIRS.
“Ecobank Nigeria wishes to provide its position on a statement released by the Federal Inland Revenue Service (FIRS) on the judgement of the tax appeal tribunal (TAT), sitting in Lagos in respect of disputed tax liability between the bank and the FIRS for the 2015 financial year,” the statement read.
“For purposes of clarity, the decision of the TAT was for the bank to pay excess dividend tax on the dividend sum of N5,545,000,000 declared by the bank from its 2015 financial accounts. Based on the decision of the TAT, the excess dividend tax liability is N1,311,673,367 and not N1.6 billion.
“The bank will be appealing to the federal high court against the decision of the TAT as it believes, based on advice from its professional consultants, that the dividend declared relates to income from sources which are statutorily exempt from tax by virtue of the companies income tax ( exemption of bonds and short term government securities) order, 2011.”
Ecobank said its position is based on the principle that “income established to be exempt from companies income tax should not contrary to the intendment of the law, be subjected to the same tax it was intended to be exempt from”.
In a statement released on Wednesday, the FIRS had said the tax appeal tribunal ruled in its favour ordering Ecobank to pay N1.66 billion excess dividend tax for the 2015 financial year.
Dangote strengthens export terminals
Dangote Cement Plc will soon boost its export sales as it prepares to inaugurate its Apapa, Lagos, export terminal. This will be followed by Onne, Rivers State, export terminal. The company disclosed this while commenting on its future plans following the release of its 2019 financial results.
Dangote Cement Plc commended the decision of the federal government to close land borders, saying it is good for the economic growth and should be supported.
According to the company, the preparing to export products by sea in large volume affords it the flexibility to export cement and clinker. The company has spent over $95 million to put the export terminals ready for operations.
Speaking on the result, outgoing Group Chief Executive Officer, Dangote Cement, Joe Makoju, said: “Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets. The Nigerian operations maintained volume and revenue performance in a challenging environment. Looking ahead, I expect an increase in volumes in 2020 as we commence clinker exports via shipping from Nigeria. Pan-Africa volumes were slightly up notably supported by Tanzania and Senegal. I am glad to report that Tanzania contributed positively at earning before tax, depreciation and amortisation (EBITDA level. In 2020, I believe Dangote Cement will see an increase in profitability in Pan-Africa driven by higher volumes and further efficiency improvements.
Dangote Cement Plc recorded a revenue of N891.671 billion in 2019, a profit after tax of N200.5 billion and recommended a final dividend of N16 per share.
Analysts at CSL Stockbrokers Limited has predicted that the cement stock will soon hit N224 per share up from the trading price of N170. They are recommending a buy option for the stock.
Keystone Bank trains entrepreneurs in Abuja
(Keystone Bank Limited) In demonstration of its commitment to consistently promote and support the growth and development of the economy and also to deepen its foothold in the retail sector, Keystone Bank Limited recently held another edition of its capacity building training for its customers in Abuja and its environs.
According to the lender, the programme tagged ‘Spark Up Your Brand 2.0’ which was launched in July 2019 and is part of the bank’s corporate social responsibility (CSR) initiatives, is designed to teach start-ups on how to position their brands for business growth and make them attractive to investors and for profitability.
Speaking on the initiative, Keystone Bank head of CSR, Izore Bamawo said: “SMEs are established drivers of the strongest economies and Nigeria cannot be an exception. With over 15 million SMEs dotting the Nigerian landscape, we are poised to ensure our customers in this segment actively grow their businesses through our partnerships and focused initiatives in the segment, and that is why we have strong support for the MSME sector.
“Keystone Bank is one of the financial institutions that have long-running support for the growth and development of small businesses in Nigeria because of the recognition of critical roles of MSMEs as vital agents of economic development and transformation.
“May I reemphasize that this programme is a demonstration of the bank’s commitment to leverage business growth opportunities pivotal in accelerating the process of economic and social development, which is one of the global millennium development goals?
“Our target is at delivering top-of-mind value propositions to enable the entrepreneur’s position their brands for profitability.”
At the event held on 14th February 2020 at the popular Rock View Hotel, Wuse II, participants were offered a free website alongside mentorship sessions by experts who shared deep insights on varied aspects of marketing and brand management.
Keystone Bank, a technology and service-driven commercial bank offering convenient and reliable solutions to its customers, has a full-fledged SME banking division which over the years has developed various engagement programmes focused on empowering entrepreneurs.
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