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How Paris Subsidiary Fits Into Access Bank’s Africa Agenda – Lifestyle Nigeria

The decision of Access Bank to establish a subsidiary in Paris, France has been receiving high reviews in the financial press given the strategic move by one of Africa’s leading banks into the colonial capital of Francophone Africa.

The subsidiary according to the bank was established to connect the former colonial power with Africa.

. reports that the decision of Access Bank to connect France with Africa flows from the increasing spread of the bank across the continent.

Indeed, the Paris enterprise comes after the bank, three years ago disclosed to stakeholders in Nigeria, its determination to be Africa’s gateway to the world. That was after it won the approval of the capital market regulatory authorities in Nigeria to acquire a Kenyan bank, Transnational Bank, TNB.

Though an English-speaking country, the move into Kenya did not obviate the incursions that Access Bank had over the period had been making into the continent across anglophone and francophone countries in West, East, Southern and Central Africa.

. reports that from its sprawling headquarters in the Victoria Island area of Lagos, Nigeria, Access Bank has spread its flanks with franchises in Congo DRC, Rwanda, Ghana, South Africa, Kenya, Burundi, and Zambia among others.

While Access Bank had before now maintained European operations out of London, the establishment of the Paris, France subsidiary is expected to complement the increasing Africanisation of the bank.

It is expected that the establishment of the Paris subsidiary would help dilute language and cultural issues between Anglophone and Francophone Africa within the bank towards seamless operations that will strengthen the bank’s continued stride towards continental dominance.

Related Topics:Access africa agenda Banks fits lifestyle Nigeria Paris Subsidiary

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Transcorp Group Sustains Revenue Growth Of 173% In Q1 2024

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

Lifestyle Nigeria reports that in its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:
• Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
• Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
• Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
• Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
• Profit before tax from ordinary business of the Group surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
• Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
• The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
• Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
• Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
• On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
• Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence.

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Lagos govt discovers under-bridge apartment where tenants pay N250,000 rent annually

Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, stated on Wednesday that the government uncovered an apartment under the Dolphin Estate Bridge in Ikoyi for which renters pay an annual fee of N250,000.

According to the commissioner, the under-bridge residence contains 86 partitioned rooms sized “10×10 and 12×10”.

Wahab revealed this information in a post on X.com on Wednesday, along with videos.

He stated that the enforcement team from Lagos State’s Ministry of Environment and Water Resources had effectively removed all structures, including a container used for various unlawful activities, from beneath the Dolphin Estate Bridge.

Sharing videos, the commissioner wrote, “A total number of 86 rooms, partitioned into 10×10 and 12×10, and a container used for different illegal activities were discovered under the Dolphin Estate Bridge.

“They have all been removed by the enforcement team of the Lagos State Ministry of the Environment and Water Resources.”

A Special Adviser to Governor Babajide Sanwo-Olu, Kunle Rotimi-Akodu, further confirmed the eviction of illegal settlers from beneath the bridge towards Dolphin Estate in Ikoyi.

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Man Arrested For Giving Underage Daughter’s Hand In Marriage

Man Arrested For Giving Underage Daughter’s Hand In Marriage

Lifestyle Nigeria gathered that the Anambra State Government has arrested one Uzochukwu Okoli for giving out his underage daughter’s hand in marriage.

Okoli was apprehended after his daughter reported to the state Ministry of Women and Social Welfare about the ill-treatment being meted out to her by her father and the man he forced her to marry.

This was disclosed in a statement issued by Chidimma Ikeanyionwu, the Media Aide to the state Commissioner for Women and Social Welfare, Ify Obinabo, on Thursday.

Ikeanyionwu said the girl, identified as Chioma, who is currently 16 years old, told the ministry that after the death of their mother, their father brought her back from Edo State, where they were going to school to take a husband.

The statement read, “She alleged that she was first forced to live with a 70-year-old man at the age of 14, but after some time, she ran back to her father’s house before he finally gave her out to a 34-year-old Chinedu N. as husband.