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Transcorp Makes New Appointments, Announces New Subsidiary CEOs

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Board of Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest listed conglomerate a leading investor in the Nigerian energy sector, through the ownership of Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and owners of the iconic Transcorp Hilton Abuja has announced the appointments of Mr. Victor Famuyibo and Mallam Ahmadu Hamman Sambo to its Board of Directors, effective Thursday, April 22, 2021.

Transcorp Makes New Appointments, Announces New Subsidiary CEOs

The Group also formally announced the appointments of two new members of its executive management team, Engr. Vincent Ozoude, as MD/CEO of Trans-Afam Power Ltd and Mr. Peter Ikenga, as MD/CEO of Transcorp Energy Ltd.

Famuyibo

Famuyibo is joining the Board with deep experience and knowledge in Human Resources and Personnel Management.

He worked with multinational companies such as UAC Nigeria, Heineken International and Nigerian Breweries Plc, where he led numerous teams to drive strong employee engagement.

He retired from Nigerian Breweries as Director of Human Resources and a Member of the Board after a distinguished career of 32 years in the company.

Mallam Sambo

Mallam Sambo has over 30 years’ work experience in the Private and Public Sectors in Nigeria and the United States of America.

He retired as Group General Manager in charge of Group Finance for the Nigerian National Petroleum Corporation (NNPC).

Prior to this, he was the Managing Director of NNPC Oilfield Services Limited, NIDAS Marine Limited and NNPC Pension Fund Limited between 2011 and 2016.  In recognition of his meritorious service, he received numerous awards, including the First Place Ministerial Award for outstanding Staff Performance from the Honorable Minister of State for Petroleum Resources.

He is a Member of the Commonwealth of Massachusetts Board of Accountancy, and State of New Hampshire Board of Accountancy.

He is also a Member of the Massachusetts Society of Certified Public Accountants and National Association of Black Accountants.

Ozoude

Vincent Ozoude is the MD/CEO of Trans-Afam Power Ltd.  He joined Transcorp Group from General Electric (GE) Inc-Sub Sahara Africa, where he was Sales Director, covering the entire Sub-Saharan Africa for General Electric Power Generation Services portfolio.

A graduate of Chemical Engineering with Masters in the same field from Enugu state University of Science and Technology, Vincent is leading Transcorp’s recently acquired 966MW power plant asset, Afam Genco, which comprises of Afam Power Plc and Afam Three Fast Power Ltd.

Engr. Ozoude has over 20 years’ work experience in the Power Generation services sector, was at some time a member of GE Field Engineers advisory board for Africa and Middle East region, a greenbelt lean six sigma qualified and won numerous awards such as Everyday Excellence Expertise Award from GE Global leadership, Clear Thinker Award amongst others.

Peter Ikenga is the MD/CEO Transcorp Energy to lead the Conglomerate’s integrated energy strategy, with particular focus on Gas, Renewables and Alternative Energy.

Ikenga

He brings with him, a wealth of global professional experience, having directly developed and managed major Oil, Gas and power assets and operations in multiple regions including Nigeria, Brazil and the United States of America for Shell Nigeria and Shell International.

Prior to joining the group, Peter was Refining Director for an Indigenous Oil and Gas operator in Nigeria.

Commenting on the appointments, Mr. Tony O. Elumelu, chairman of Transcorp Group,  stated, “Transcorp has made a succession of important recent business acquisitions, consolidating our position in the power, oil and gas sectors, demonstrating our commitment to Nigeria’s economy and the rapid advance in our integrated power strategy.  We are delighted to complement these with further investment in human capital.  These announcements illustrate the depth, diversity and quality of experience of our leaders, both executive and non-executive. Our Board and management team, led by the President/Group CEO, Mrs. Owen Omogiafo, are further capacitised to deliver our vision.  Mr. Famuyibo, with his considerable experience in human resources, will be invaluable in working with management to deliver cutting edge employee management practices.  Mallam Sambo brings crucial knowledge of the energy sector, further accelerating our integrated energy strategy”.

Mr. Elumelu said: “Peter and Vincent, working with our existing CEOs, Mr. Chris Ezeafulukwe, MD/CEO Transcorp Power Ughelli and Mrs. Dupe Olusola, MD/CEO Transcorp Hotels Plc, will contribute to the Group’s mission of “Improving Lives and Transforming Nigeria”.

With the acceleration in our integrated energy strategy and the expansion of our hospitality business, notably the recently launched digital hospitality platform, Aura by Transcorp, we are closer to our goal of powering one in every four homes in Nigeria and redefining the standards of hospitality in Africa.  This investment in human capital demonstrates, once again, our commitment to bring together the best, to ensure the execution and value creation that our stakeholders expect”.


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TikTok Returns on Apple, Google US App Stores as Trump Delays Ban

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TikTok returned to the U.S. app stores of Apple and Google on Thursday as President Donald Trump delayed a ban on the Chinese-owned social media app and assured the tech giants they would not be fined for distributing or maintaining it.

The popular short video app used by nearly half of all Americans went dark briefly last month, before a law took effect on January 19 that requires its Chinese owner ByteDance either to sell it on national security grounds or face a ban.

The following day, Trump signed an executive order seeking to delay the enforcement of the ban by 75 days, allowing TikTok to continue its operations in the U.S. temporarily.

Although TikTok resumed service after Trump’s assurances, Google and Apple kept the app removed from their U.S. app stores.

TikTok, the second-most downloaded app in the U.S. last year, said on Thursday that its latest app was now available for download.

The delay could have been because Google and Apple were awaiting assurances that they would not be prosecuted for hosting or distributing the app, according to analysts.

Trump’s directive said the companies, which run mobile application stores or digital marketplaces where users can browse, download and update apps, would not face penalties for keeping the TikTok app up and running.

TikTok had more than 52 million downloads in 2024, according to market intelligence firm Sensor Tower.

About 52% of its total downloads were from Apple App Store, while 48% were from Google Play in the U.S. last year, Sensor Tower said.

The law that requires ByteDance to sell TikTok’s U.S. assets or ultimately face a ban was signed by then President Joe Biden last April, triggered by national security concerns and fears that China could use the video-sharing app to spy on American users.

The U.S. has never banned a major social media platform and the law that passed last year gives the government sweeping authority to ban or seek the sale of other Chinese-owned apps. Trump said on Thursday that his 75-day deadline on TikTok could be extended.

The turmoil at TikTok attracted several potential buyers, including former Los Angeles Dodgers owner Frank McCourt, who have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion.

Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February.


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FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

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Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Dr. Oluwatoyin Madein, accountant-general of the Federation,

The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.

This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.

Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.

The statement reads:

“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”

She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.

Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.

She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.

As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.

She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.

Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.


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NBRDA Investigates Biocatalysts for Bioethanol Production

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National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.

NBRDA Investigates Biocatalysts for Bioethanol Production

Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday

Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.

An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.

He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.

“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.

“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.

Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.

According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.

“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.

“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.

“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.

According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.

He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.

The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.

He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.


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