Category: e-Business

  • Transcorp power records 30 percent year-on-year revenue growth, reaches N398.27bn

    Transcorp power records 30 percent year-on-year revenue growth, reaches N398.27bn

    Transcorp Power Plc has announced its audited financial results for the year ended December 31, 2025, recording a revenue of ₦398.27 billion for the period from ₦305.94 billion in FY 2024 indicating robust growth.

    The revenue went up by 30 percent from ₦305.94 billion in FY 2024). Gross profit of ₦162.44 billion (up 14% Year on Year from ₦142.21 billion in FY 2024) was also recorded.

    The profit after tax stood at ₦91.42 billion (up 14% Year on Year from ₦80.01billion in 2024).

    The Earnings per Share (EPS) was ₦12.19 ((up from ₦10.67 in 2024) while total assets went up to ₦563.48 billion (up 42% from ₦396.78 billion in FY 2024).

    The company stated the performance drivers include: The return of GT20, adding 100MW to the national grid from January 3, 2025, significantly improved overall generation output as well strengthened financial position by paying off over ₦7 billion in borrowings, demonstrating disciplined financial management and commitment to reducing leverage.

    Read Also: Transcorp hotels Plc posts ~N100bn in 2025, grows profit by 49 percent

    Chairman Board of Directors Transcorp Power Plc Emmanuel Nnorom said: “We remain dedicated to improving lives and transforming Africa, ensuring operational excellence and making strategic investments that deliver sustainable, long-term value to our shareholders, while also powering Nigeria’s socioeconomic development.”

    “The confidence in our financial position allows us to propose a full year dividend of ₦5.50k per share for 2025 comprising an interim dividend of ₦1.50k paid on August 18, 2025, and a final of ₦4.00k, representing a 10 per cent increase from the previous year dividend.”

    MD/CEO of the company, Peter Ikenga said: “Our FY 2025 results reflect our steadfast commitment to operational excellence, sustainable growth, strategic market expansion and enhanced generation capacity, which continue to fuel significant revenue growth, enabling us to consistently generate power to the national grid.

    During the year, we increased our average available capacity from 417MW to 550MW and improved average generation output despite grid and transmission line-related issues.

    “Notwithstanding the network transmission line issues, our FY 2025 performance remained strong and reflects our steadfast commitment to operational excellence and sustainable growth.

    Our confidence in the future trajectory of Transcorp Power Plc to deliver exceptional value to our shareholders remains unwavering.

    We will continue to work with relevant stakeholders, particularly Transmission Company of Nigeria, to strengthen the transmission lines and improve evacuation from our plant in 2026 and beyond.”

  • Leaders Without Borders to host top 100 emerging global businesses

    Leaders Without Borders to host top 100 emerging global businesses

    A global leadership, business, and socio-economic development organisation, Leaders Without Borders Development Centre (LWBDC) is set to host top 100 Emerging Global Businesses 2026 in London. 

    Also to be hosted at the same time are Top 100 Influential Global Voices, twin events coming up March 27th – 28th. 

    LWBDC has a reputation for hosting international dialogue, innovation, and strategic partnerships, in advancement of its core objective of fostering collaboration across nations and empowering visionary leaders. 

    Its work is shaped by its firm belief that leadership knows no boundaries and that collaboration across cultures, industries, and continents is key to achieving sustainable global development.

    The events taking place at Millennium Gloucester Hotel, 4-18 Harrington Gardens, United Kingdom will have notable leaders from across the globe honoured 

    The Top 100 Emerging Global Businesses 2026 recognises next wave of innovative enterprises reshaping the global economy. 

    According to the ProjectDirector,  Amb.(Dr)  Hilary Emoh: “These companies represent the cutting edge of industry transformation, from pioneering technologies to game-changing strategies across diverse sectors.

    “Each business on this list has shown outstanding growth, resilience, visionary leadership, and sustainability, setting the bar for excellence in the global marketplace.

    “This is more than just a list—it’s a testament to the power of innovation, perseverance, strategic execution and sustainability in today’s dynamic business environment.” 

    Nominations have been opened for the award where top global business leaders and economic influencers will be present.

  • Transcorp hotels Plc posts ~N100bn in 2025, grows profit by 49 percent

    Transcorp hotels Plc posts ~N100bn in 2025, grows profit by 49 percent

    Transcorp Hotels Plc (“Transcorp Hotels” or “the Company”) (NGX: TRANSCOHOT), the hospitality subsidiary of Transnational Corporation Plc (“Transcorp Group”) has posted a historic ₦97.04 billion revenue in 2025. 

    The company, with a market capitalisation of N1.75 trillion, grew its revenue by 38% compared to the same period in 2024 while gross profit increased by 50% year-on-year. 

    Revenue increased by  38% year-on-year, from ₦70.13 billion (FY 2024) to ₦97.04 billion driven by robust demand in room bookings, conferencing, food and beverage services, and other ancillary offerings. 

    Gross Profit Margin expanded to 77%, from 71% in FY 2024, driven by increased volumes, effective cost management, and operational efficiencies. 

    Profit Before Tax rose by 45% to ₦32.82 billion, from ₦22.61 billion in 2024 while Profit After Tax was ₦21.85 billion (up 47% from ₦14.90 billion in FY 2024). 

    Total Assets moved to ₦159.91 billion, representing a 14% increase from ₦140.70 billion in  2024. 

    Total Equity was ₦95.23 billion, an 18% increase from ₦80.52 billion in 2024, driven by strong operational performance and continued commitment to reinvesting to enhance shareholder value, while maintaining the policy of rewarding our valued shareholders through regular dividend distributions. 

    Read Also: Nigeria, Africa set sights on borderless digital economy ahead of RACE 2026

    Board Chair, Transcorp Hotels Plc, Dr Awele V. Elumelu, OFR, said:  “I am delighted with the FY 2025 performance of Transcorp Hotels Plc, led by Mrs. Uzoamaka Oshogwe. 

    “We have continued to strengthen the foundation of our company, with our growing asset base and equity–increasing by14% & 18% respectively–positioning us for the future. 

    “We will continue to be focused on driving operational excellence and business growth, whilst exploring new avenues for sustainable long-term value creation for all.” 

    Managing Director/CEO, Transcorp Hotels Plc, Uzoamaka Oshogwe, said:  “Our full-year 2025 performance represents a major milestone, with record revenue of ₦97.04 billion and retained earnings rising sharply from ₦63.23 billion in FY 2024 to ₦77.5S3 billion, further enhancing our financial resilience and long-term growth capacity. Our success results from disciplined operational efficiency, strong cost management, and most importantly, our exceptional team’s commitment to service excellence.” 

  • More feathers for Anosike as NiMet emerges among top 10 on ICPC’s Ethics and Integrity compliance scorecard

    More feathers for Anosike as NiMet emerges among top 10 on ICPC’s Ethics and Integrity compliance scorecard

    • By Bonaventure Phillips Melah

    A report making the rounds in the media has it that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has rated the Nigerian Meteorological Agency (NiMet) as one of the best performing institutions in the country, with a high mark of 82.65% on its Ethics and Integrity Compliance Scorecard (EICS) for 2025.

    NiMet is the first and only agency in the entire aviation sector to receive this category of ranking and recognition as contained in a letter from ICPC, dated 29 December 2025 and ranked NiMet among the top 10 out of a total of 344 MDAs that were assessed nationwide, adding that the agency also made “Substantial Compliance,” emerging 11th out of 356 MDAs on the ACTU Effectiveness Index (AEI) where it garnered 82.50%.

    The letter said by its performance, NiMet earned a “Very Effective” status for its Anti-Corruption and Transparency Unit (ACTU).

    Available records show that the ICPC EICS evaluation was based on key pillars of Management Culture and Structure; Financial Management Systems; Administrative Systems; and the effectiveness of Anti-Corruption and Transparency Units, adding that it affirms the strength of the Agency’s compliance framework, governance mechanisms and the effectiveness of its operational systems.

    According to the letter, which was signed by the Chairman of the ICPC, Dr. Musa Adamu Aliyu, SAN, NiMet was commended for the structures and processes it has put in place to promote efficiency and integrity, while its Management was encouraged to sustain the standard achieved to ensure consistency in ratings and continued improvement in service delivery.

    Reacting to latest rating, the Director General/CEO of NiMet, Professor Charles Anosike, welcomed the development, saying however that it is rather a challenge for him and the management of the agency to do more. He said that NiMet remains committed to upholding the principles of transparency, accountability, and professionalism in the discharge of its mandate, and will continue to strengthen its institutional processes in line with national integrity standards.

    In 1968, a prolific Ghanaian author and poet, Ayi Kwei Armah, wrote that masterpiece titled- ‘The Beautiful Ones are Not Yet Born.’ While many, out of generations of literature students saw the work of fiction as a love story, the author was actually lamenting the absence of committed, disciplined and selfless leaders in his country and by extension, Africa. Back home, Nigeria has had more than a fair share of ugly ones- kindred of unserious, greedy and corrupt leaders without idea of how to positively impact the lives of the people they were meant to serve.

    But as they say in Nigeria, much water has passed under the bridge and change is here. Today, there are many well-educated, well-informed professionals serving as Chief Executive Officers, both in the private and public sectors, that are deploy their intellectual capacities, to transform organisations entrusted in their care. Prof. Charles Anosike is one of the beautiful ones.

    When Anosike assumed office as the CEO of NiMet in December 2023, he was confronted with several institutional challenges including lack of leadership drive, slow and ineffective migration to modern technologies and a demoralized workforce that were denied series of entitlements and claims.

    Within the past two years, Prof. Anosike has combined several ‘Cs’ of leadership- including competence, Courage, Consistency, Commitment, Character, Communication and Clarity to chart a new route of goal-setting and achievements for the organization. He has also Leveraged digital innovations and forged strategic partnerships with local and international institutions, to close critical gaps and achieved remarkable milestones for the organization.

    His ability to draw strength from a twin-chain that include inspiration from President Bola Tinubu’s Renewed Hope Agenda that hammers on providing best quality service to the people and submission to the strict supervisory approach of the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo, SAN, who does not brood indolence and would not suffer non-compliance to highest operational standards, has contributed in no small measures to the massive achievements recorded by NiMet’s management under his leadership.

    Read Also: Anosike’s Transformative Leadership and NiMet’s current global applause

    As it stands today, NiMet has witnessed series of transformations that have ensured Nigeria’s weather services are more accurate, reliable, and impactful than ever before. The agency actively works with the World Meteorological Organization (WMO) and other partners to improve communication of climate information to the public as well as playing crucial role in supporting the Sustainable Development Goals (SDGs) by providing essential data to combat desertification and restore land affected by drought, thereby establishing itself as an authority with clear understanding that its responsibilities go beyond daily weather reports, but include long-term climate and environmental protection.

    Identifying synergy with other organisations as essential to achieving set goals, Anosike’s management has signed partnerships agreement with sister government agencies as well as universities and research institutions within Nigeria and across the world. He sees these collaborations as vital in building a climate-resilient society and mitigating the impact of extreme weather.

    Among his most significant milestones is digitalization of operations as NiMet has replaced its traditional manual flight folder system with an electronic flight folder also known as e-flight folder.

    This cutting-edge tool provides virtual access to a comprehensive suite of flight briefing applications, including weather reports, to pilots and airlines, thereby facilitating informed decision-making and enhancing safety protocols.

    As at today, NiMet has a world-class weather presentation infrastructure which Anosike’s management upgraded to 4K resolution. The transformative initiative was achieved in partnership with global technology leader Chyron. The cutting-edge facility plays pivotal role in NiMet’s current weather presentation capabilities and therefore a critical milestone in the agency’s commitment to delivering world-class meteorological services.

    The agency has also completed full audit of dilapidated infrastructures and ill-conceived projects as well as unveiled the Aeronautical Meteorology Bulletin, a groundbreaking publication designed to promote a deeper understanding of meteorology in the aviation industry. The bulletin aims to empower airlines, pilots, air traffic controllers, and ground services to anticipate and manage weather-related challenges more effectively.

    Another area of pride for NiMet is the agency’s flagship product, the Seasonal Climate Prediction (SCP), a vital early warning tool for farmers, livestock practitioners, and other sectors of the economy as well as the implementation of a co-production process, engaging relevant stakeholders in weather-sensitive sectors to craft informed, user-tailored weather forecasts. These forecasts are translated into Hausa, Yoruba, Igbo, and Pidgin to enhance uptake and facilitate better planning and climate-smart decision-making.

    The agency also successfully launched a centralised Secure Aviation Data Information Service (SADIS) Application Programming Interface (API) platform aimed at boosting Aviation safety efficiency in Nigeria. It was part of the overall modernisation of the country’s aviation weather services with Nigeria becoming a trailblazer in Africa.

    Not long ago, NiMet took a major step toward sustainable innovation with the deployment of electric vehicles (EVs) for airside operations across Nigeria’s five international airports — Lagos, Abuja, Kano, Port Harcourt, and Enugu. The development marked the first deployment of EVs in the nation’s aviation sector, positioning NiMet at the forefront of environmental transformation and operational efficiency which aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda on clean energy and climate resilience. The vehicles are capable of covering up to 200 kilometers on a single charge and are supported by dedicated charging stations at each airport.

    Furthermore, NiMet and other stakeholders in the aviation industry concluded nationwide Quality Management System (QMS) Engagement across major airports as part of efforts to strengthen service delivery, improve aviation safety, and sustain its ISO 9001:2015 certification for aeronautical meteorological services.

    Also, NiMet, Sahel, IRI and Gates Foundation launched ‘ENACTS Initiative’ to strengthen access to climate data. The event held in Abuja under the Building Agricultural Systems Resilience in Nigeria Project financed by the Bill & Melinda Gates Foundation and featured a Project Review Workshop with stakeholders across agriculture, health, water resources, blue economy and disaster management, among others.

    NiMet was also part of an Investor Roundtable hosted by the Nigerian Exchange Group (NGX) to commemorate the International Sustainability Standards Board (ISSB) Preparers Readiness Programme and strengthen partnerships and networking for agencies with similar objectives.

    NiMet also entered into partnership with the Kingdom of Morocco on AI-Based Weather Forecast, Early Warning Systems at an event where Anosike and his Moroccan counterpart, Mohammed Dhkissi, pledged to deepen bilateral cooperation between the two institutions, particularly in the area of Artificial Intelligence (AI)-driven weather forecasting and early warning systems for enhanced climate resilience.

    To further bolster its ICT capacity aimed at greater efficiency, NiMet entered a strategic alliance with the National Information Technology Development Agency (NITDA) with Anosike saying the goal was to foster collaboration and explore strategic areas between the two key government institutions which aims to enhance the credibility of NiMet’s services.

    Simultaneously also, was the signing of MoU between NiMet Landmark University aimed at advancing meteorological research and deepening climate science education in Nigeria which seeks to enhance the collection and analysis of climate data and support initiatives that promote environmental resilience and sustainable national development.

    The standing ovations being given to NiMet at several national and international gatherings as well as awards and accolades, are part of the various testimonies of Anosike’s bold footprints at the agency.

    Within the past twenty-four months, Anosike has received several prestigious awards including “Best Federal MDA in Open Data Excellence” by Nigeria GovTech Public Service Awards 2025 which also decorated him with the ‘Distinguished GovTech Trailblazer’s Award;’ ‘Aviation Sector CEO of the Year 2024;’ the 2025 ‘African Public Sector Leadership Impact Award’ for his transformational leadership, organized by the African Leadership Magazine at an event held in Casablanca, Morocco, where Anosike was honoured alongside other notable dignitaries including serving presidents of two African countries and the MD/CEO of First Bank of Nigeria Plc. The National Association of Nigerian Students (NANS) also honoured Anosike with ‘Outstanding Mentorship Award.’

    The emergence of NiMet among the top 10 out of 344 MDAs on ICPC’s Ethics and Integrity Compliance Scorecard (EICS) is a pleasant icing on the agency’s cake and a shouting testimony that a great future awaits NiMet and its staff while at the same time reinforces the hope of patriotic Nigerians that the the and is truly Green. 

  • AFDB clears Nigerian firm Sargittarius

    AFDB clears Nigerian firm Sargittarius

    The African Development Bank (AfDB) has removed Sargittarius Nigeria Limited and its affiliates from its sanction list.

    The bank had imposed penalties on several companies because of its investigation into procurement processes linked to the Urban Water Supply and Sanitation improvement Project in Oyo and Taraba States in 2014 and 2016.

    The company noted that the issues relating to the infractions in the bid submissions were related to errors in two bidding forms, while the correct originating and supporting documents were attached to the bids, each running into over 600 pages. 

    The company maintained throughout the process that the errors were inadvertent, not fraudulent, and did not confer any advantage, particularly as it did not win the bids.

    Sargittarius Nigeria Limited fully cooperated with AfDB’s Office of Integrity and Anti-Corruption during the investigation, providing all requested documentation and clarifications. 

    The errors had also been identified and corrected internally through the company’s control processes well before the commencement of the AfDB investigation.

    In line with best practices, the company has since developed and implemented an integrity compliance programme and continues to engage proactively with development partners to strengthen its governance and compliance frameworks.

    Reacting to the development, an official of Sargittarius Nigeria Limited stated that the company was pleased that this unfortunate incident was now over, and further affirms the company’s track record of integrity and ethical business practice.

    This brings closure to the matter and reinforces AfDB’s commitment to due process, as well as the importance of transparency and accountability in projects financed by development institutions.

  • Parallex Bank reaffirms support for FALA

    Parallex Bank reaffirms support for FALA

    Parallex Bank Plc has reaffirmed commitment to nurturing African youth talent following sponsorship of the 2025 edition of the Future Africa Leaders Awards (FALA) on December 31, 2025.

    Organised by the Future Africa Leaders Foundation (FALF), the annual awards recognise young Africans driving exceptional impact across their communities.

    The 2025 edition honoured 10 outstanding young leaders across the continent for developmental projects spanning education, technology, healthcare, agriculture, community service and social innovation.

    The star prize was won by Rejoice Waithera, a 23-year-old Kenyan agripreneur and humanitarian whose initiatives in food security, waste management and community health have been described as transformative and scalable.

    Read Also: Obasanjo holds closed-door meeting with Babangida in Minna

    Speaking during the public presentation of the winners, the Managing Director of Parallex Bank, Dr. Olufemi Bakre, said the bank’s sponsorship reflects its belief in the continent’s young population and its potential to redefine Africa’s developmental trajectory.

    Bakre, who was represented by the Head Brands and Communication, Parallex Bank, Mr. Ademola Adeshola noted that Nigeria stands at an extraordinary demographic moment, with its large and youthful population representing significant national potential.

    Nearly 70 per cent of Nigerians are under the age of 30, a figure he believes illustrates both the nation’s vibrant energy and the opportunities embedded within this demographic advantage.

    He added that Africa’s young population represents a dynamic force capable of driving innovation, accelerating economic growth, increasing social impact and reshaping leadership norms across the continent, provided they receive the right support, platforms and resources to thrive.

    Bakre explained that Parallex Bank’s involvement in the awards aligns with its long-term commitment to youth empowerment, stating that the bank sees young people as central to Africa’s future and remains dedicated to initiatives that expand leadership potential across the continent.

    He expressed strong admiration to the 2025 FALA winners and ambassadors for their courage, ingenuity and resilience, describing their achievements as evidence of a new generation determined to turn challenges into opportunities and build meaningful change within their communities.

    He encouraged the young leaders to remain committed to Africa’s development by leading with integrity, purpose and a deep sense of responsibility to uplift the continent.

    The Manging Director also commended the Future Africa Leaders Foundation for its sustained investment in youth leadership development, acknowledging the organisation’s role in inspiring hope and nurturing a legacy of impactful leadership across Africa in line with its founding vision.

  • Consumer group alleges unfair competition in cocoa imports, canvasses stricter regulation

    Consumer group alleges unfair competition in cocoa imports, canvasses stricter regulation

    A Lagos-based Consumer advocacy group, Centre for Consumer Concern, Awareness and Initiative (CCC-AI), has alleged unfair competition in importation of cocoa-based products, urging the authorities to emphasis stricter regulation to ensure a fair market.

    In a statement on Monday, the Centre stated that the regulatory practice, whereby importers of cocoa-based products and dairy products get exemption from pre-shipment SONCAP certification, creates unfair competition with local manufacturers of same products. 

    It also stated that “weak enforcement of regulatory guidelines has created a regulatory gap that allows non-compliant cocoa-based products to access the Nigerian market.”

    The CCC-AI also shared a similar concern on the recent global recall of batches of contaminated SMA infant formula. It said, “CCC-AI notes that although details around the infant milk issue continue to unfold, both matters reveal a deepening crisis in Nigeria’s consumer protection and regulatory enforcement landscape, particularly around imported food and cocoa-based products.

    “These are not isolated incidents,” CCC-AI stated. “They point to a pattern where regulatory vigilance is weakening, corporate compliance is inconsistent, and consumers are being placed at unacceptable risk.” 

    The consumer group “urges the Federal Competition and Consumer Protection (FCCPC) to establish and coordinate a joint task force with LASCOPA, NAFDAC, Standards Organisation of Nigeria, Nigeria Customs Service and consumer advocacy groups on harmonizing regulations and address product risks management controls.”

    The group also urged “brands and importers to take responsibility and prioritize Nigerian consumer safety.” “Nigerian consumers deserve safe products, fair markets, and regulators who act decisively in the public interest,” CCC-AI stated.

  • PSAN, 99 other CSOs throw weight behind NASS action on tax reforms ACT

    PSAN, 99 other CSOs throw weight behind NASS action on tax reforms ACT

    Not less than 100 civil society organisations, led by the Parliamentary Support and Advocacy Network (PSAN) and the Civil Rights Situation Room on Economic Reforms, have publicly endorsed Speaker Tajudeen Abbas, for handling of the ongoing review of landmark tax reform laws.

    At a press conference on Monday in Abuja by convener Comrade Ogiri John, the coalition commended the Speaker and the Senate President for what they described as a “measured, constitutionally grounded, and institutionally exemplary” response to public concerns over the recently assented tax legislation.

    The four key statutes under scrutiny — the Nigeria Tax Act, 2025; the Nigeria Tax Administration Act, 2025; the Joint Revenue Board of Nigeria (Establishment) Act, 2025; and the Nigeria Revenue Service (Establishment) Act, 2025 — represent a major overhaul of the country’s fiscal framework. 

    The laws, passed by the National Assembly and signed into law by President Bola Tinubu earlier in 2025, are intended to simplify tax administration, enhance revenue collection, and improve the investment climate ahead of their scheduled implementation on January 1, 2026.

    Recent weeks have seen heightened public debate following allegations of discrepancies between the versions approved by lawmakers and the officially gazetted copies. 

    The coalition, however, maintained that such scrutiny is healthy for democracy but must be rooted in facts and procedure. 

    “Having undertaken a careful and dispassionate examination, we are convinced that the response of the National Assembly Leadership has been exemplary in its adherence to constitutionalism and institutional self-regulation,” John stated on behalf of the groups in their joint address.

    They highlighted that the actions taken by the Speaker Abbas-led House and the Senate leadership are fully aligned with the 1999 Constitution (as amended), the Acts Authentication Act, and established parliamentary rules. 

    “This is not an admission of any deficiency, nor an erosion of authority. Rather, it represents the deliberate exercise of institutional responsibility,” the coalition emphasised.

    The coalition specifically praised the directive to the Clerk of the National Assembly to facilitate the re-gazetting of the Acts and to provide Certified True Copies upon request. 

    They described the move as a vital step to “enhance transparency, restore public confidence, and affirm that citizens and institutions must have unimpeachable access to the authentic law.”

    John underscored the significance of the reforms while defending the procedural approach.

    “The stakes are profound. These tax reform laws will fundamentally shape Nigeria’s fiscal architecture, economic incentives, investment climate, revenue mobilisation, and prospects for inclusive growth,” he said. 

    “Precision in law-making is not delay; it is duty. Certainty in law is not weakness; it is strength.”

    The coalition appealed to Nigerians, opinion leaders, and other stakeholders to exercise patience and allow the constitutional review process to conclude without undue pressure. 

    They reaffirmed their support for transformative economic reforms while stressing their unwavering commitment to the rule of law and institutional integrity.

  • Eko Hotels & Suites bakes Africa’s largest Christmas Cake, sets new record at tropical Christmas Wonderland

    Eko Hotels & Suites bakes Africa’s largest Christmas Cake, sets new record at tropical Christmas Wonderland

    Eko Hotels & Suites raised the bar for festive celebrations with the unveiling of its largest-ever Christmas cake at the 2025 edition of the Tropical Christmas Wonderland.

    The spectacular cake, measuring an astonishing 10 meters long and four meters wide, officially broke last year’s record for the longest Christmas cake, reaffirming the hotel’s reputation for grandeur and innovation. The record-breaking cake was part of the annual Christmas spectacle, drawing admiration from guests, families, industry stakeholders, and the media. What began as a bold festive idea has now evolved into a yearly ritual, eagerly anticipated as part of Eko Hotels’ end-of-year celebrations. The ambitious project was led by Chef Nawras, who coordinated a dedicated team of pastry chefs and culinary professionals to bring the monumental creation to life. “This cake represents teamwork, creativity, and the spirit of Christmas,” Chef Nawras said. “Breaking our own record shows that we are constantly challenging ourselves to do better each year. I’m incredibly proud of the team for their dedication and precision in delivering something truly extraordinary.” Dr. Iyadunni Gbadebo, Director of Sales and Marketing at Eko Hotels & Suites, highlighted the significance of the tradition beyond the record itself. “The Tropical Christmas Wonderland is about creating unforgettable experiences,” Dr. Gbadebo noted. “This annual cake has become a symbol of joy, hospitality, and excellence. Breaking last year’s record is not just a win for Eko Hotels, but for Lagos as a destination that celebrates creativity, culture, and festive magic at a global standard.”

  • Court strikes out FHT Mega Express suit against Parallex Bank

    Court strikes out FHT Mega Express suit against Parallex Bank

    The Lagos State High Court has struck out the suit filed by FHT Mega Express Limited against Parallex Bank and ordered the company to publish the court’s decision in three national newspapers, according to the Certified True Copy (CTC) of the judgment obtained today.

    Justice A.T. Muyideen of the Ikeja Judicial Division, in the ruling delivered on 18 November 2025, terminated Suit No. LD/ADR/6143/2025, in which FHT Mega Express Limited claimed that Parallex Bank was indebted to it. 

    The company had initially sought ex-parte orders to attach funds belonging to the bank, but the court refused the application and directed that the bank be served.

    The CTC of the judgment shows that Parallex Bank, upon being served, responded through its senior counsel, Dr. Kemi Pinheiro SAN, who filed multiple processes, including a preliminary objection dated 17 November 2025. In the objection, the bank contended that the suit was an abuse of court process.

    The bank’s filings, as captured in the certified judgment record, revealed that Parallex had earlier instituted Suit No. FHC/L/CS/1774/2025 at the Federal High Court on 4 September 2025 against FHT Mega Express Limited, seeking to recover over N4.5 billion allegedly owed by the company. 

    The Federal High Court had reportedly ordered parties to maintain the status quo, a development FHT Mega Express failed to disclose before initiating the Lagos High Court action.

    According to the CTC, Parallex Bank argued that the company attempted to secretly obtain ex-parte orders to freeze the bank’s funds despite being aware of the subsisting Federal High Court proceedings.

    Following its failed ex-parte bid and confronted with the bank’s strong objection, FHT Mega Express applied on 18 November 2025 to discontinue the matter.