Transcorp Hotels Gets Shareholders’ Approval To Raise N10billion Through Rights Issue.

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.
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.

Transcorp Announces the Appointment of Mrs. Foluke Abdulrazaq as Board Vice Chairman

Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading listed conglomerate, owner of Transcorp Power Limited, one of Nigeria’s largest power producers and the iconic Transcorp Hilton in Abuja, has announced the appointment of Mrs. Foluke K. Abdulrazaq to its Board of Directors, as Vice Chairman, effective Friday, 5th of June 2020.

Saudi Arabia Increases Its Oil Prices By Most In Two Decades

Saudi Arabia sharply raised its official selling prices for crude oil, removing almost completely the deep discounts it had in place to preserve its market share during the price war it waged on Russia in March.

Nigeria ready to compensate for overproduction in May-June

Nigeria said on Saturday it was ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, when OPEC and its allies implemented a deal to curb supply by record amounts.
“Nigeria reconfirms our commitment under the existing agreement,” Nigeria’s Ministry of Petroleum Resources said in a statement on Twitter ahead of talks between OPEC and its allies.

COVID-19 survey: 85% of businesses say there is reduction in income flow

The impact of the COVID-19 is bringing untold hardship to households and businesses, with 85 per cent of businesses, outside agriculture saying there has been significant reduction in income flow., according a report a report by the National Bureau of Statistics (NBS), in collaboration with the World Bank.

Africa Beyond Covid-19: President Weah, US Senator Coons, Elumelu, Others urge govt., private sector collaboration at UBA Day … Demand a new deal in and for Africa … Advocate speedy implementation of AFCFTA … Call for Increased Investment in Digital Connectivity

United Bank for Africa (UBA) celebrated Africa Day 2020, by bringing together global leaders at the 2nd UBA Africa Day Conversations, screened live across the continent. UBA helps set the debate around African economic development through its series of “Africa Conversations”. This year, the focus was on the Sustainable Development Goals (SDGs) and the Covid-19 pandemic. Leaders emphasised the need for meaningful collaboration between governments and the private sector, as a requirement for the quick recovery of the economy of the African continent post Covid-19.

Africa’s Post-Covid Economic Recovery: Elumelu Moderates as World President, senators Convene at UBA Africa Day Conversations 2020

The President of Senegal, H.E. Macky Sall, President of Liberia, H.E George Weah and United States Senator Chris Coons will form part of a High-Level Leadership Panel to be moderated by the Chairman, United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, to discuss Africa’s economic recovery in the 2020 edition of UBA’s Africa Conversations.

COVID-19 lockdown: GSM service providers emerge gainers as schools move online

Almost every sector of the economy is/was shut down for COVID-19 to be caged. But the GSM service providers, along side the power sector ‘ganged’ up against suffering Nigerians to emerge winners.
Analysts say, because of the lock down, most people relied on mobile calls and data to know what is happening on the other side of the divide. This, they say brought about the ‘ables’ telling those without data or call credit what is happening or not.

Revenue shortfall may spike fiscal deficit to $5.3trn, beyond 3% threshold … Fiscal adjustments imperative

The implication of the significant revenue shortfall witnessed as a result of the economic lockdown looks dire, with an estimated fiscal deficit of $5.3 trillion, more than twice the initial projection of N2.2 trillion. Worse still, it is beyond the three per cent threshold set by the Fiscal Responsibility Act (2007).

Elumelu says Covid-19 Presents Opportunity to Reset Africa … Advocates Martial Plan to Boost Electricity And Ease Debt Burden … Wants Youths Prioritised as SMEs are Empowered

The Chairman of the United Bank for Africa (UBA) Plc, Tony Elumelu, has stated that the Coronavirus Pandemic currently ravaging the world presents an opportunity to reset the African continent so that Africans can be empowered to become more productive and self reliant. He said this today at the high-level Roundtable discussions made up of African leaders including Dr. Ngozi Okonjo – Iweala, the Special Envoy of the African Union on Covid-19 and Tidjane Thiam who is also a Covid-19 Special Envoy responsible for mobilising international economic support for Africa.