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Transcorp Hotels Gets Shareholders’ Nod to Raise N10Bn via Rights Issue

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l-r:   Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola; Chairman, Mr. Emmanuel N. Nnorom; Company Secretary (Ag.), Chike Anikwe and President/CEO of Transcorp Plc, Owen Omogiafo at Transcorp Hotels’ Extraordinary General Meeting held in Lagos on Monday.
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Shareholders of Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, have unanimously authorised the Board of Directors to raise N10 billion in its proposed Rights Issue to fortify its balance sheet.

Transcorp Hotels Gets Shareholders' Nod to Raise N10Bn via Rights Issue

l-r:   Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola; Chairman, Mr. Emmanuel N. Nnorom; Company Secretary (Ag.), Chike Anikwe and President/CEO of Transcorp Plc, Owen Omogiafo at Transcorp Hotels’ Extraordinary General Meeting held in Lagos on Monday.

The approval given at the Extraordinary General Meeting of the Company, which took place on Monday, 29th June 2020, in Lagos was to issue 2,659,574,468 Ordinary Shares of 50 kobo each by way of a Rights Issue to the Shareholders based on 7 new Ordinary Shares for every 20 Ordinary Shares of 50 kobo each held at a price of N3.76 per share.

The shares will be issued from the authorised share capital of the Company which is currently at N7,500,000,000 comprising of 15,000,000,000 Ordinary Shares of N0.50 each, and the resultant issued and fully paid-up share capital will be N5,129.989.184 consisting of 10,259,978,368 Ordinary Shares of N0.50 each.

Mr. Emmanuel N. Nnorom, chairman of Transcorp Hotels Plc, noted that ‘”This approval and endorsement of shareholders empowers the Board and management to look to the future with confidence despite the current harsh operating environment.”

Speaking at the meeting, Mrs. Dupe Olusola, managing director/CEO of Transcorp Hotels Plc also welcomed this approval adding that “our track record of excellent service delivery has positioned us as the first choice for international and local guests alike noting, we are not resting on our oars but working round the clock to innovate new products and services to further delight our guests, notable of such is the launch of asset-light strategies to deepen our hospitality footprints across Africa.”

l-r: Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola; Chairman, Mr. Emmanuel N. Nnorom; Company Secretary (Ag.),; Chike Anikwe and President/CEO of Transcorp Plc, Owen Omogiafo at Transcorp Hotels’ Extraordinary General Meeting held in Lagos on Monday.

She further added that the world has been greatly impacted by the COVID-19 pandemic, with the hospitality industry being one of the hardest hit.

However, we are optimistic about a great recovery for the sector and your approval today shows that you also share in this mindset. We will continue to play our part in ensuring a significant recovery to the Nigerian hospitality industry. ”

“A Non-Executive Director of the Company, who also represents the Ministry of Finance Incorporated on the Board, Mr. Alexander M. Adeyemi mni, said “Given the challenging times the hospitality industry faces, it has become critical to inject funding into the business for a stronger balance sheet. Transcorp Hotels has maintained a history of excellent performance in the hospitality industry, and this is a bold step towards the achievement of its long term goals.”

 

 

 

 

 

 


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JAMB Accuses Student of Securing Admission through Identity Fraud

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Joint Admissions and Matriculation Board (JAMB) has accused a 2025 Unified Tertiary Matriculation Examination (UTME) candidate of manipulating his identity and engaging in online blackmail.

JAMB Accuses Student of Securing Admission through Identity Fraud

Fabian Benjamin, head of public affairs, JAMB, issued a statement on the matter on Thursday.

He said one Chinedu Okeke, currently a 400-level Medicine and Surgery student at the University of Nigeria, Nsukka (UNN), gained admission in 2021 while claiming to be from Amuwo-Odofin, Lagos state.

JAMB said Okeke’s national identification number (NIN) records from 2021 confirm his Lagos origin.

The board stated it does not alter candidate information provided through NIN.

The board, however, said the 400-level student, who is facing potential challenges for incorrect credentials, is now claiming that it retrieved the wrong details for him from the National Identity Management Commission (NIMC) in 2021.

“[This] is unequivocally false, aimed at fabricating a defence for his case,” Benjamin said.

“The evidence suggests that Chinedu altered his records as filled in 2021 before registering for the 2025 UTME, a fact confirmed by even his advocates.”

The board questioned why a 400-level medical student would seek to study mechanical engineering in 2025, especially with “inconsistencies in his claims.”

JAMB alleged that Okeke “took advantage” of Lagos state’s quota in 2021, thereby obstructing the admission opportunities for other deserving candidates from the state.

It added that he then “attempted to manipulate his details with the NIMC” to unjustly claim representation from Anambra state in 2025.

The board criticised “online advocates” for “actively reaching out to Chinedu’s parents to extract emotional narratives rather than factual clarifications, neglecting to seek information directly from the university.”

JAMB affirmed its commitment to maintaining accurate records and preventing candidates from exploiting loopholes.

It warned that if UNN confirms any inconsistencies, it would notify the Medical and Dental Council to consider delisting Okeke.

“When a nation trivialises illegalities, it breeds a future fraught with potential criminality,” Benjamin’s statement concluded.


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Check Point Report Finds Africa as Top Target for Cyber-attacks

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Africa has become the most targeted region globally for cyber-attacks in the first quarter of 2025, according to new research from Check Point Software Technologies. The company’s Q1 2025 Global Cyber Attack Report reveals a steep rise in malicious activity as the continent continues to accelerate its Digital transformation.

Ethiopia emerged as the most targeted country in Africa during the reporting period. FakeUpdates ranked as the most common malware, while 80% of malicious files across the continent were delivered via e-mail. In contrast, 62% of threats in SA were distributed via the web.

On average, organisations in Africa faced 3 325 cyber-attacks per week – a staggering 72% above the global average of 1 938 attacks per organisation.

Check Point Software unpacked the findings at a media roundtable in Johannesburg. Eli Smadja, global research group manager at Check Point, provided a detailed overview of Africa’s evolving cyber threat landscape, which he said is increasingly defined by AI-powered threats, ransomware, infostealers, edge device vulnerabilities and cloud-based risks.

Among the most concerning developments was the discovery of a previously undocumented multi-stage backdoor, dubbed Stealth Soldier, currently being deployed in cyber operations targeting North African government entities. The malware forms part of a broader command-and-control infrastructure used in spear-phishing campaigns.

Smadja noted a growing trend in malware designed to bypass AI detection systems.

“These aren’t aimed at advanced large language models (LLMs), but rather at lower-level ones,” he said. “It’s about LLM evasion – fooling the AI and manipulating prompts.”

Despite the increasing use of AI in cyber security, Smadja cautioned against over-reliance on AI-driven defence systems. “AI still requires human prompting.”

Check Point is advocating for a zero trust model and a holistic, automated and consolidated approach to cyber security. This includes centralised threat visibility and simplified controls to protect against ransomware, phishing, data theft and vulnerabilities at the edge.

“Just having something at the perimeter isn’t enough,” Smadja said. “Cyber-attacks are not just targeting PCs or servers anymore. For instance, we’ve seen state-sponsored attacks aimed at fuel pumps to disrupt national supply chains.”

He highlighted the importance of understanding external risk – threats originating outside the organisation – especially as AI-driven ransomware and attacks on third-party service providers continue to rise.

“Printers, for example, are a major attack vector,” he added. “They’re often network-connected, and threat actors can exploit them to gain broader access.”

Credentials, Smadja noted, are also a lucrative commodity on the dark web, often selling for around $500.

 


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FG Appeals to U.S. Over Single-Entry Visa Rule for Nigerian Travelers

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Federal Government has urged the United States to reconsider its revised visa reciprocity policy, which now limits Nigerian non-immigrant visas to single-entry, three-month validity.

In a statement released today by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the Federal government expressed concern over the U.S. decision amidst partnership, cooperation and shared global responsibilities by both countries.

“The attention of the government has been drawn to the recent decision by the U.S. to revise its visa reciprocity schedule for Nigerian citizens, limiting the validity of non-immigrant visas, including B1/B2, F and J categories, to three months with a single entry.

Government views this development with concern and keen interest, particularly given the longstanding cordial relations and strong people-to-people ties between our two countries.

The decision appears misaligned with the principles of reciprocity, equity and mutual respect that should guide bilateral engagements between friendly nations.

Nigeria notes this restriction places a disproportionate burden on Nigerian travellers, students seeking academic opportunities, professionals engaging in legitimate business, families visiting loved ones, and individuals contributing to cultural and educational exchanges.

Nigeria respectfully urges the U.S. to reconsider this decision in the spirit of partnership, cooperation and shared global responsibilities, while acknowledging the sovereign right of every country to determine its immigration policies,” the government said.

The government said diplomatic engagements are ongoing and that the ministry would remain committed to pursuing a resolution that reflects fairness and upholds the values of mutual interest.

The U.S. Embassy in Nigeria had on Tuesday, July 8, announced the new policy. The embassy however mentioned that all U.S. non-immigrant visas issued before July 8, 2025, will retain their original status and validity.


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