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FG Fully Hands Over Transcorp Hotels to Elumelu

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Transcorp Hotels Discharge Certificate

By Dipo Olowookere

Chairman of Transnational Corporation of Nigeria Plc (Transcorp), the core investor in Transcorp Hotels Plc, Mr Tony Elumelu, has been handed over the Certificate of Discharge of the iconic hospitality facility.

The presentation was done in Abuja on Monday, October 14, 2019 by the Nigerian Vice President, Mr Yemi Osinbajo, at a ceremony that took place at the Presidential Villa.

Business Post reports that a certificate of discharge is a document issued to an investor by government indicating that he has met requirements for the acquisition of a public asset and was now in charge.

It was gathered that a its meeting yesterday, the National Council on Privatisation (NCP), which is chaired by Mr Osinbajo, handed over full ownership of Transcorp Hotels to the buyer after fulfilling all privatisation conditions attached to the sale of the property in 2005.

According to the Director-General of Bureau of Public Enterprises (BPE), the agency which supervised the sale of the hotel, Mr Alex Okoh, Transcorp excelled at achieving the KPIs established during the monitoring and evaluation of the asset.

He said the key areas of achievement included an increase in customer base by 113 percent, increase in service excellence captured by an 82 percent decrease in customer complaints, and an increase in operational efficiency with retained earnings rising to 70 percent of turnover.

“The success achieved by the hotel has evidently proven both the diligent process of implementing the privatisation programme on one hand and the commitment and professionalism of the management team of the hotel on the other,” he said, adding that “The approval is sequel to the review and analysis of the outcome of our routine performance evaluation earlier conducted on the hotel, which clearly indicates that the achievements recorded by Transcorp Hotels are in line with all the covenanted obligations embedded in the Share Sale Purchase Agreement (SSPA).”.

Recall that in 2005, Transcorp emerged the core investors in the privatisation of the hotel asset, which later became Transcorp Hotels Plc in 2014 following a decision to make this iconic asset available to the investing public as shareholders.

The company later extended its reach to Calabar, Cross River State, operating as Transcorp Hotels Calabar and further acquired strategic properties in Lagos and Port Harcourt where it intends to develop new hotels.

In 2018, Transcorp Hotels completed a $100 million upgrade of the iconic and multi-award winning Transcorp Hilton Abuja, which was a key factor that led to the final discharge of the company by the BPE from further post- privatisation obligations.

Commenting on this, Mr Elumelu said, “Our group is known for business turn around and value creation and I support public-private partnership as a viable option for catalysing our economic development.

“For public-private partnerships to work and become a viable approach for the transformation of our country, privatised entities and their owners must justify government’s confidence in them by visibly improving the acquired assets, create jobs, and increase government revenues.

“Such positive outcomes will encourage the government to privatise more national assets and free itself of revenue for critical social and infrastructure sectors such as education, healthcare, roads, transportation, etc.”

He also commended this government for its efforts in driving economic development in Nigeria.

Also speaking on the discharge, the MD/CEO of Transcorp Hotels Plc, Mr Owen Omogiafo, stated that, “This is a significant milestone in the history of our company and a further demonstration of our long-term commitment to improving lives and transforming our nation.

The hotel recently won the prestigious World Travel Awards 2019 in five categories including Africa’s Leading Business Hotel and received the Signum Virtutis (Seal of Excellence) in the Hotels Sector for Nigeria at the 2019 Seven Stars Luxury Hospitality and Lifestyle Awards.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Travel/Tourism

End of Greece’s Golden Visa Could Curb Increasing Migrant Population

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Greece Golden Visa

The latest analysis from Astons, reveals that Greece has seen a 14.6% increase in migrants settlers over the past 10 years, with almost 25,000 Americans settling in the Mediterranean paradise in 2024 alone. However, this trend could soon reverse, with rumours that Greece is set to call time on its Golden Visa offering.

Astons has analysed International Migrant data from the United Nations* and found that, in 2024, more than 1.4m migrants settled in Greece, marking a ten-year increase of 14.6% since 2015.

The largest proportion of migrants arrived from the European continent (913,652), followed by Asia (372,146), Africa (68,690), and North America (38,416).

On a national level, Greece welcomed the largest number of people from Albania (474,441), followed by Germany (123,912), Georgia (90,365), Bulgaria (90,365), and Russia (78,992).

Meanwhile, 24,748 migrants resettled in Greece from the USA, and 19,156 arrived from the UK, marking a ten-year increase of 8.6% in both instances.

Many migrants looking to settle in Greece opt for the nation’s Golden Visa as a pathway to gaining residency and figures from Astons show that an estimated 8,837 applications were made in 2024 – the highest number seen since 2019.

However, this could be about to change, as Astons has seen a sharp increase in activity so far this year, driven by investor urgency around rumours that Greece is set to withdraw its Golden Visa offering.

Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, said, “Greece has become one of Europe’s most in-demand destinations for migrants from all over the world, but residency in the country is certainly most desirable for the ultra-wealthy due to its investment potential and favourable expat tax rules, which explains why almost 25,000 Americans have chosen to settle there in the past year alone.

“There are some rumors, but no official confirmation. However, we understand that the situation in any country with a Golden Visa program can always change. The European Commission is putting significant pressure on countries offering Golden Visas, and internally, there is growing tension related to the need to address housing issues.

“History shows a clear trend – Ireland’s Golden Visa was discontinued, Spain’s program will officially end on April 3 this year. Last year, Portugal removed the real estate investment option from its program. In 2022, the UK also shut down its Tier 1 investor program.

“For now, Greece is maintaining its program and we can reasonably expect that it will remain in place for at least another year. However, it’s best not to delay making a decision for too long in case they decision is made to call time on Greece’s Golden visa.”

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Mutfwang Renews Support for Strom Infrastructure’s Revamp of Hill Station Resort

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Hill Station Resort

The Governor of Plateau State, Mr Caleb Mutfwang, has assured full government support for the N8.5 billion Hill Station Resort revitalization project, embarked on by Hillside Hospitality Limited, an investee company of Strom Infrastructure Investments and Management Limited. The renewed commitment came during a high-level stakeholder engagement meeting aimed at accelerating the historic resort’s transformation.

Speaking through the Secretary to the State Government, in Jos, Plateau State, on Monday, Mr Samuel Jatau, Governor Mutfwang emphasized the project’s significance to Plateau’s development agenda.

“The people of Plateau are diligent, hardworking, and committed. We will support and patronise this development to ensure its success,” he said.

The ambitious project, set to commence construction in March 2025, represents a strategic partnership between the Plateau State Government and Hillside Hospitality Limited. Following the signing of the Heads of Terms Agreement in July 2024, the initiative aims to restore the 1938 structure while introducing modern amenities and luxury facilities.

Speaking on the project’s vision, the Director of Hillside Hospitality Limited, Mr Kolapo Joseph, described the Hill Station project as a groundbreaking initiative that seeks to transform hospitality and tourism in Plateau State.

“This project is about more than just revitalisation, it is a dedicated effort to honour Hill Station’s rich heritage while introducing world-class hospitality standards.

“Our vision is to create a destination that seamlessly integrates luxury, culture, and nature, ensuring an exceptional experience for visitors in the heart of Jos.

“We recognise that Plateau State holds immense potential as a hospitality hub, and we are committed to working closely with all stakeholders to ensure this transformation drives economic growth, generates employment, and instils a renewed sense of pride in the community.

“Through collaboration and strategic investment, we aim to develop Hill Station Resort into a landmark destination that reflects the very best of Nigerian tourism,” he stated.

Mr Joseph expressed gratitude for the continued support from the Plateau State Government and private sector partners, adding: “This is not just an investment in infrastructure; it is an investment in Plateau’s future. We are creating a resort that will attract business and leisure travelers alike, unlocking new opportunities for the local economy while preserving the unique identity of this historic site.

“With the right partnerships, we will position Plateau State as a premier global tourism destination, one that showcases its rich cultural heritage and natural beauty to the world.”

In his remarks, another Director of Hillside Hospitality, Mr Hakeem Condotti, highlighted Strom Infrastructure’s deep connection to Plateau State through its involvement with NESCO Nigeria.

“This investment demonstrates our commitment to preserving and enhancing historical landmarks while driving economic growth in the region,” he said.

The revitalized resort, scheduled for commissioning in the fourth quarter of 2025, will feature state-of-the-art conference facilities, premium accommodations, and leisure amenities, positioning Jos as a premier destination for business and leisure travel.

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Emirates, Air Peace Seal Interline Deal for Frictionless Single-Ticket Travel

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Emirates Air Peace Seal Interline Deal

By Aduragbemi Omiyale

Two major airlines operating in the Nigerian airspace, Emirates and Air Peace, have signed an interline agreement to allow passengers enjoy frictionless single-ticket travel and simplified baggage throughput.

This deal will enable passengers flying from the United Arab Emirates (UAE) to Nigeria enjoy onward connections to Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna and Owerri, Abuja, Kano, Uyo, Port Harcourt and Warri.

Emirates operates the Dubai-Lagos route with a Boeing 777-300ER and some of its passengers continue their journeys to the above cities through other airlines, but with this interline agreement, when they land in Lagos, Air Peace will move them to the other cities with ease,

“Emirates is a steadfast partner of Nigeria’s tourism, trade and aviation sectors. This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria.

“We look forward to deepening our strategic partnership with Air Peace in the future to enhance the benefits for our mutual customers,” the Deputy President and Chief Commercial Officer for Emirates, Adnan Kazim, said.

Also commenting, the Chief Operating Officer of Air Peace, Ms Oluwatoyin Olajide, said, “We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travellers.

“It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach.

“This collaboration not only expands Air Peace’s international reach but also offers Nigerians arriving from Dubai seamless access to key domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri.

“By improving ease of travel, we are boosting business, tourism, and trade opportunities, further strengthening economic ties between Nigeria and the UAE.

“This partnership also reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning our country as a critical hub for regional and global travel. At Air Peace, we remain committed to providing greater connectivity, convenience, and world-class service for our passengers.”

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