The Nation Newspaper

Tag: targets

  • Transcorp targets $1b profit as new CEO takes over

    Transcorp targets $1b profit as new CEO takes over

    The Board of Directors of Transnational Corporation of Nigeria (Transcorp) Plc yesterday appointed Mr. Emmanuel Nnorom as the president and chief executive officer of the conglomerate with a mandate to push the conglomerate’s profit to $1 billion by 2018.

    Nnorom, who was until his appointment the president and chief operating officer of Heirs Holdings, will formally take office on September 1, 2014. He will be succeeding Mr. Obinna Ufudo, who led the conglomerate since 2011.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, said the change was meant to further consolidate the growth of the company noting that the outgoing chief executive had laid a good foundation by delivering on the corporate objectives under the phase one of the corporate transformation.

    “In his three years as CEO of the Transcorp Group, Obinna Ufudo laid a strong foundation of good governance, achieved significant financial returns for the company and played a key role in transforming an ailing enterprise, into an emerging investment powerhouse, with a market capitalisation of over US$1.2bn.  He will be handing over a transformed business to Emmanuel Nnorom. With the implementation of Phase 2 of our strategic intent, we expect accelerated growth in all spheres of our business, with a clear objective of $1 billion in profits by 2018,” Elumelu stated.

    According to him, the appointment represents a further important milestone in Transcorp’s transformation, as the company moves from stabilisation; following the acquisition of a strategic stake by Heirs Holdings, to accelerated growth, as investments in power, oil and gas and real estate and hospitality come to fruition.

    He pointed out that Nnorom’s key role will be to lead the acceleration and deepening of the company’s investments in its four strategic business sectors-hospitality, power, agriculture and oil and gas to build on his predecessor’s achievements in repositioning Transcorp for growth.

    Nnorom is currently president and chief operating officer of Heirs Holdings, the investment holding company of Elumelu. He had served as executive director of United Bank for Africa (UBA)Plc.

  • Ujah targets 10 goals for Cologne

    SL10.nggot in contact with Anthony Ujah for his comments on Cologne’s 5-0 thrashing of Wacker Innsbruck on Monday in a pre – season friendly held in Austria.

    The 23-year-old, who has played non stop in Germany for the past three years, has stated that the win by the Billy Goats against the Austrian I Liga club was merited.

    ”Though we are a stronger team in terms of division and experience but football as we know has no small teams, so I would say we were the better side,” the attacker told SL10.ng.

    Ignoring his debut season at Mainz, Anthony Ujah has managed to score double – digits since he arrived Europe from Warri Wolves back in 2010.

    If the Nigeria international shows the same determination as he did in previous seasons, he is hopeful of continuing that goal-scoring purple patch when the last games are played in the Bundesliga next May.

    The former Lillestrom sensation said : ”By the grace of God I will get to that number. I always try to be better than I was so with hard work I will achieve it.”

    So far, Anthony Ujah has netted 53 goals in 110 league appearances for the teams he has represented – Lillestrom, Mainz and Cologne.

  • Okwuosa targets 2015 AFCON

    Okwuosa targets 2015 AFCON

    South Africa-based defender James Okwuosa has told AfricanFootball.com he hopes his form at newly-promoted Chippa United will earn him a place on Nigeria’s squad for next year’s African Cup of Nations.

    The former Enugu Rangers skipper was part of the Super Eagles squad in the qualifying tournament for Brazil 2014, but was eventually overlooked for the championship.

    “I want a return to the Eagles and I hope that my performance at Chippa United by God’s grace will help me make the AFCON final squad,” Okwuosa told AfricaFootball.com

    The big central defender played a big role as Chippa United bounced back to the South African top flight after they were relegated last season.

    He said he hopes to now ensure the club do not go down again.

    “We are in pre-season now and my main target with Chippa in the new season is to retain our PSL status, any other thing would be a bonus,” he declared.

  • Egwim targets 20-goal season

    Egwim targets 20-goal season

    Ifeanyi Egwim was given a round of applause by Dolphins supporters after netting a stunning hat – trick to give the Port Harcourt based side a 3 – 1 win over Lobi Stars in the Glo Premier League.

    The attacker from Imo State put in an excellent all-round performance and would have added to his three goals if not for ill-luck.

    The 22-year-old says he is ecstatic to net the second hat – trick of his career, with the last one coming three years ago while sporting the colours of Enugu Rangers.

    ”This is my second hat-trick in Nigeria’s Premier League. I scored my first when I was in Rangers against JUTH. I feel very excited; I saw it in a dream the night before the game.

    ”I would have scored four goals but the shot came off the post before the goalkeeper saved it,” Ifeanyi Egwim told SL10.ng.

    He has refused to take the credit alone for his imperious display against Lobi Stars, insisting that it was a team performance by the Stanley Eguma-tutored side.

    ”The match was not an easy match but we were able to create a lot of chances. We played as a team and everybody impressed me.

    ”My coach was happy and told me to work harder in future games. I think I can score 18 – 20 goals before the end of the season,” Egwim concluded.

    After 17 matches, Dolphins sit fifth on the table with 24 points, 6 less than city rivals Sharks, who top the standings.

  • Diamond Bank targets 300 branches

    Diamond Bank Plc yesterday said it plans to grow its branch network from about 250 to 300 before year-end, its Managing Director, Alex Otti has said Otti, who spoke at the bank’s 23rd Annual General Meeting held in Lagos, said the lender will also use multiple delivery channels, like Automated Teller Machines (ATMs), Point of Sale (PoS), and web payment among others to meet customers’ demand.

    He said the bank will pay a N30 kobo dividend to its shareholders for the financial year-ended December 31, 2013. He said the bank’s investors had benefitted from capital appreciation, adding that the bank will keep doing better in the future.

    Otti said all financial services providers had to contend with more activist regulators in the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation, which adopted hand-on approach. For commercial banks, Otti said the most notable policies were those that imposed additional cost on the banks or threatened their revenue streams. Some of these policies, he said, include the increase of Cash Reserve Ratio on public sector deposits from 12 per cent to 50 per cent effective August, which led to the withdrawal of over N800 billion from the banking system.

    He said the revised guide to bank charges led to the phasing out of Commission on Turnover from 2013 to 2016 among others. He said the bank took proactive positions against these policies.

    ity.

    Okezie said there is need for the bank to disclose the number of its directors, who are also top management in any of the bank’s subsidiaries. He said there is need for the bank to continue to cut its cost of operation to enhance profits.

     

  • Ojo targets clean sheet against Taraba

    Ojo targets clean sheet against Taraba

    Giwa FC goalkeeper, Olorunkele Ojo, has promised to keep a clean sheet at newly-promoted Glo Premier League side FC Taraba.

    The Tin City side will be the guests of FC Taraba in the Glo Premier League Match Day 7 duel on Sunday at the Jolly Nyame Stadium in Jalingo.

    Ojo, whose five-star performance at former Nigerian champions Dolphins on Wednesday in Port Harcourt earned Giwa FC a deserved 1-1 draw, said the elite league newcomers will not be contented with another point at FC Taraba but the maximum three points.

    “I’m boosted by the performance at Dolphins to aspire for a 100% clean sheet at FC Taraba. I’m taking extra lessons to ensure I stop the hosts from scoring any goal against us on Sunday.

    “After grabbing our first away point of the season at Dolphins we’re poised to make it a whole three points at FC Taraba.

    “We won’t be satisfied with a point any longer irrespective of the opponents and the ground, we’ve regained our confidence and are ready to go the whole way to achieve good results.

    “Both sides know each other perfectly well, having competed in the same group in the Nigeria National League (NNL) and having been promoted at the same time, but we have the edge over them and that’s what we’ll strive to assert on Sunday.

    “They’re a good side as shown in their performance so far in the league but I believe we’re hungrier for a result,” said the former Zamfara United player to supersport.com.

    Ojo, who dedicated his heroic performance at Dolphins to God, said his side will not rest on their oars until they achieve the set target in the ongoing league season.

    “I’m excited with my performance at Dolphins and want to give God all the credit. I believe the same God that gave us the first road point won’t desert us as we fight for relevance”

  • Private equity targets agric projects

    Private equity targets agric projects

    There is increasing focus of private equity on agricultural projects in Nigeria, the Director, Africa region, Cassava Adding Value to Africa, Dr Kola Adebayo has said.

    He said interest is growing in the food and agriculture sector following an impressive investment backdrop with a population of 160million.

    According to him, capturing the nation’s agricultural potential could lead to the application of improved inputs to develop profitable agribusinesses.

    To this end, he said the private sector is responding to the challenge by re-allocating its resources towards identifying agribusiness opportunities and building teams capable of executing them to generate returns.

    According to him, agriculture will remain a key growth driver, adding that the private sector would keep playing major roles in Africa’s green revolution.

    He cited currency risk and market-distorting policies, and micro-level hurdles such as a lack of financing and management expertise, rural location, and lack of political connection as some of the challenges besetting the sector.

     

    To further this, Databank Financial Services Ltd, an investment bank in Ghana has established a private equity fund, Databank Africa Agriculture Fund (AAF), to finance agricultural activities across Africa. The fund is investing in Zimbabwe , Cameroon, Madagascar, Zambia and Nigeria.

    The fund, which Databank officials describe as a small and medium scale investment fund, was capitalised with US$30 million. The investment has this year added another US$6 million to the pan African fund. The Chairman of the Board of Director of Databank, Mr Ken Ofori-Atta, said the fund invested between US$250,000 and US$4 million in each country at a time.

    Currently, the AAF has investments in farms in Zimbabwe and Cameroon, a fertiliser plant in Madagascar, a beverage company in Zambia and a bakery in Nigeria. It invests up to US$4 million in each country. Mr Ofori-Atta said the fund was also looking at a poultry farm in Burkina Faso.

    Databank chairman explained that the investments were based on due diligence which indicated prospects and some level of skills set that the entrepreneurs had.

    Poultry, for instance, had a good market in Burkina Faso and the entrepreneur had good expertise already with a bit of capital and technical support.

    In Nigeria, a bakery with a capacity of 30,000 loafs a day to a city, such as Lagos which has 20 million residents, has worthwhile investment to deserve the fund’s attention.

    He added that the fund was also looking at some investments in Ghana, having about $10 million of its capital intact.

     

  • Make a Move targets mega box office sales

    Make a Move targets mega box office sales

    Last-rising actress, Ivie Okujaye, has disclosed that she is targeting N30 million in box office sales for her debut movie, Make a Move, which is scheduled to be released nationwide on June 6.

    “I heard Nollywood movies haven’t had it so good at the cinemas in recent times. Even cinema houses seem wary to give Nollywood movies much attention and space. Make a Move is set to redefine that. Our target is to sell as much as N30million from the box office-that is our minimum target. I know it is a daunting task, but be assured that we will make that figure and earn some respect back for Nollywood,” the actress stated.

    According to Wale Adebayo, popularly known as Sango, Make a Move is the kind of story every young person can relate to. It is a story of self-belief, doubt and fight against an unfavourable environment.

    The film tells the story of two sisters who find dance as an escape route from a non-pleasant past. They must dare to make a move to get to the land of their dreams.

    Themed along music and dance, the flick stars 2face Idibia, Omawunmi, Majid Michel, Tina Mba, Wale Adebayo, Ivie Okujaye, Beverly Naya, and popular VJ, Denrele Edun. It is directed by Niyi Akinmolayan.

     

  • Tamen targets Glo title

    Tamen targets Glo title

    MEDRANO Tamen says his target this season is to spur Sunshine Stars FC of Akure to win the Globacom Premier League title.

    The Cameroonian import stated in a social media (Facebook) chat.

    “Having missed playing continental football with other top clubs in Africa, it’s imperative that Sunshine Stars return to the ranks. That would be to win the Globacom title at the end of the current season.

    “If you must know, this is my target and that of my mates.”

    The former Tiko United of Cameroon midfielder who saw 45minutes action in the 2-2 draw against Kano Pillars on Match Day 2 hinted that the Akure Gunners can get better.

    “Its always hard playing teams like Pillars, but it was a good game for us because we showed some signs of improvement when compared to our first game against Enyimba in Akure.”

    Tamen, also stated that he hopes for a better game against Dolphins FC of Port-Harcourt on Match Day 4 where he hopes to get his first season goal.

    “It would be an interesting one against Dolphins in Port-Harcourt, they are not new to us, so we’ll play them like we did against Pillars and Enyimba.

    “I would also be a happy man if I find my scoring boots in the game, as scoring goals gives me joy, boost my confidence and at the end can spur my other mates to score too.”

  • Stock Exchange targets 120 million phone users to boost penetration

    The Nigerian Stock Exchange (NSE) will leverage on its new advanced trading technology-X-Gen, to roll out and support innovative products and services that will enable phone users to directly access the stock market.

    Chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, disclosed this yesterday in Lagos at the investors’ clinic held for registered shareholders’ associations.

    According to him, X-Gen opens an unprecedented level of innovative trading capabilities for the Nigerian capital market, providing direct market access for both the buy and sell sides, and mobile access through smartphones to the retail investors.

    “Therein lies an opportunity for engagement with the 120 million mobile phone owners across the country. The new trading platform has also improved the overall quality of market experience for all stakeholders,” Onyema said.

    He outlined that while the focus of the NSE from 2011 to 2013 has been on revamping corporate governance, improving human capacity, cleansing and restructuring the market, improving technology, product development, and advocacy for changes to policy, the Exchange will this year shift gears to drive innovations centred on increasing global visibility for the Nigerian capital market.

    “We intend to develop a larger footprint on the African continent and ultimately, targeting emerging market status. That is why we are very much in support of the West African Capital Market Integration (WACMI) efforts and similar programs. This will open opportunities for you, the Nigerian investors, to extend your reach,” Onyema said.

    As the market tottered with new streak of bearishness, Onyema noted that though the Nigerian capital market has shown signs of improved investor confidence, the job is not done yet.

    He however pointed out that the improved regulatory environment and performance of quoted companies from 2012 till date have positively impacted on stock market prices and overall market indices.

    He noted that all vital performance indices at the capital market have bounced back from the critical low to which they backslid in 2008 and have generally remained upbeat with the market capitalization of listed equities increasing by more than 47.3 per cent in 2013 alone.

    He outlined various initiatives already taken by the Exchange to further strengthen investors’ confidence to include institution of a strong investor protection framework, which led to reconstitution of the board of trustees of the Investor Protection Fund (IPF).

    He stressed the zero-tolerance stance of the Exchange on dealing member firms and listed companies’ violations noting that the Exchange has proposed several rules to codify the accepted mode of engagement in the market.

    “We have also started building out a robust financial literacy programme. Back in February 2012, we kicked off our financial literacy programme as a first step in protecting investors. This programme aims to enhance investors’ understanding of the basics of investing around portfolio construction, asset allocation and risk diversification,” Onyema noted.

    According to him, the investors’ clinics have primarily been focused on particular segments of the investing community to discuss the finer details of investing and to shed more light on the capital market eco system.