News
Lagos to Become Technology Talent Hub — Hamzat
The Lagos State Government over the weekend said it was positioning the state as a technology talent hub for the world through training and job placement.
Dr Obafemi Hamzat, Deputy Governor, said this at an Engineering Summit Africa, organised by the engineering students of Lagos State University (LASU) in Lagos.
The theme of the summit is, “Engineering, Technology and Economic Growth: A Global View”. Hamzat said that the Gov. Babajide Sanwo-Olu’s administration was convinced that an easy way to boost the Lagos economy was to invest in engineering, technology and innovation.
According to him, the state government is aware that there is a skill deficiency in Africa, and the Sanwo-Olu’s administration is willing to close it with talents in Lagos.
“Any responsible government will be alarmed by the number of youth unemployment and make sure it is a top priority. “This is why we are speaking with the private sector now on positioning Lagos as a technology talent pipeline for the world through training and job placement.
“Our plan is to train 1,000 youths (working population) on how to code every year and produce entry and intermediate level skills set for the world to recruit from. “Lagos can reinvent itself; we can be the largest exporter of engineers and or technology.
“We can be the largest software exporter in the world; we can as well be the largest health technology developer. We can do it, if we are all invested and proactive,” he said Hamzat, who was represented by Mr Radaq Ajala, Chairman, Odi-Olowo Local Council Development Area, Musin, lamented that globally, engineering appeared to be experiencing skills shortage.
According to him, the type of engineering that students are studying does not always match the type of engineers required by specific countries.
“There is a great deal of existing literature that questions the quality of engineering degrees from some universities, suggesting that graduates do not have the right skills and experience to secure engineering employment.
“Many have highlighted the insufficient level of training for engineers in Africa which acts as a constraint on the advancement of engineering on the continent.
“The shortages of engineers in different disciplines across the world highlights the importance of ensuring that the right talent and skills are available in the sector, ” he said.
Jamiu Ijaodola, Executive Director, Engineering Summit Africa, said the programme was organised to share ideas on how engineering could develop various sectors of the country’s economy.
According to him, the engineering profession is a repository of knowledge, technology and experience of key economic importance and it is vital to ongoing economic growth and development.
News
Transcorp Power Reports N67.86Bn Revenue
Transcorp Power Plc, also known as Transcorp Power, reported N67.86 billion in revenue for the quarter that concluded on March 31, 2024, on Friday.
The amount represents a notable 223 percent increase from the N21.04 billion reported in the first quarter of 2023.
This was disclosed in the electricity generating company’s unaudited financial report, which was made available in Lagos, for the period ending March 31.
Transcorp Power reported that its Profit Before Tax (PBT) increased to N28.77 billion in the first quarter of 2024 from N3.29 billion in the same period the previous year, a 775 percent increase.
In the first quarter of 2024, the company’s Profit After Tax (PAT) increased by 665% year over year to N20.1 billion, from N2.6 billion in the same period the previous year.
The total assets of the electricity-generating subsidiary increased as well, rising from N223.3 billion in the same period of 2023 to N276.2 billion in the first quarter of 2024.
Mr. Evans Okpogoro, chief fnancial officer, Transcorp Power, commented on the financial highlights, stating that the company’s first quarter results for this year showed a cost to income ratio of 70% and a gross margin of 51%.
According to Okpogoro, the company also reported a gross margin of 37%, an expense-to-income ratio of 87%, a net profit margin of 13%, and a net profit margin of 30% as of the first quarter of 2023.
He stated that this highlighted the remarkable operational efficiency gains of the company.
According to him, Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.
“We expect that by the end of the year 2024, we will see a similar growth trajectory recorded between 2022 and 2023 financial year.
Also, Mr Peter Ikenga, managing director/chief executive officer (CEO), Transcorp Power, expressed the company’s delight to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.
Ikenga said the ability of the electricity subsidiary to sustain growth amidst the environment shows the resilience of its business model and the efficient execution of its strategic initiatives.
As part of the Transcorp Group’s implementation of its integrated power strategy, the managing director went on to say that the company’s strong performance is evidence of its strategic focus and effective execution.
Strategically investing in the power, hospitality, and energy sectors, Transcorp Power Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s top listed companies.
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
- Telecom2 days ago
Imperative of Upholding Nigeria’s Telecoms Lifeline
- News2 days ago
Kaspersky Warns of Data Stealers Hunting for User Credentials
- E-Financial2 days ago
Hydrogen, CCHub Partner to Encourage Fintech Startup Success
- Telecom2 days ago
What You Need to Know About Multifactor Authentication Fatigue Attacks and How they can be Prevented
- Telecom2 days ago
Samsung Returns to Top of The Smartphone Market – Industry tracker
- E-Financial2 days ago
CBN Cuts Banks’ Loan-to-Deposit Ratio to 50 Percent
- E-Financial2 days ago
Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs
- Telecom2 days ago
SHELT System Integration Launches “SHELT SI” in Nigeria