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Transcorp Hotels to Intensify Investment in Innovative Products

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Transcorp Hotels AGM

By Dipo Olowookere

One of Africa’s leading hospitality companies, Transcorp Hotels Plc, has promised to continue to invest in innovative products that will continue to mesmerise its guests and make them come back again.

The Managing Director/CEO of Transcorp Hotels, Mrs Dupe Olusola, gave this assurance while addressing shareholders at the Annual General Meeting (AGM) held at Transcorp Hilton Abuja on Monday.

“Our key focus will be a continued investment in innovation that allows us to be dynamic and agile whilst delivering superior offerings and service to all our guests.

“We will continue to innovate and optimise all the facets of our business, from operational efficiency to guest engagement, and bolstering direct revenue.

“The good cost-saving habits and financial strengths that we cultivated during nearly two years of volatile market conditions will be enhanced,” she stated.

Mrs Olusola disclosed that in the 2021 fiscal year, the occupancy, and proportion of hotel accommodation occupied, which started at 55 per cent in January, grew steadily to an all-time high of 80 per cent in December 2021.

She further said the Average Daily Rate (ADR) also grew from N69,000 in January 2021 to N83,000 in December 2021, noting, “We remained the superior choice for all, including numerous world leaders and dignitaries from around the world who we hosted in 2021.”

“We continued to reinforce our position as the all-around industry leader with an increased focus on delivering excellent service quality, customer satisfaction and security,” she added.

In her presentation, the Chief Financial Officer of the firm, Mrs Oluwatobiloba Ojediran, stated that the company continued its impressive performance despite the economic headwinds.

According to her, “Gross profit grew 143 per cent to N16.23 billion for the year ended December 31, 2021, as against N6.67 billion reported in 2020. We also recorded a 114 per cent growth in revenue to N21.74 billion from N10.16 billion in 2020.”

To reward the shareholders for their loyalty, the board recommended the payment of N717 million, which was approved at the gathering.

The chairman of the board, Mr Emmanuel Nnorom, while speaking at the event, said “Our disciplined approach to financial management has continued to yield results as reflected in reduced finance cost during the year.

“During the year, Transcorp Hotels maintained its credit rating for the Company and the Bonds, as two prominent rating agencies affirmed the company’s stable” outlook.”

A shareholder of Transcorp Hotels, Mr Olatunde Okelana, applauded the company for its inclusiveness, especially its board, which he said has equal representation of males and females.

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 [email protected]

Travel/Tourism

Moving to France After Retirement: What You Need to Know First

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The idea of spending retirement in France comes up often — sometimes because of the climate, sometimes because of the healthcare system, and sometimes simply because of the way everyday life is organised there. But once the initial appeal fades, a practical question usually follows: under what conditions can a retiree actually live in France legally?

The short answer is: it’s possible.
The longer answer requires a closer look.

No “retirement visa,” but a workable solution

Unlike some countries, France does not offer a dedicated retirement visa. This often comes as a surprise. In practice, however, most retired foreigners settle in France under the long-stay visitor visa — a residence status that is not tied to age or professional background.

The logic behind it is straightforward: France allows people to live in the country if they do not intend to work and can support themselves financially. For this reason, the visitor visa is used not only by retirees, but by other financially independent residents as well.

Income matters more than age

When an application is reviewed, age itself is rarely decisive. Financial stability is.

French authorities do not publish a fixed minimum income requirement. What they assess instead is whether the applicant has sufficient and reliable resources to live in France without relying on public assistance. This usually includes:

  • a state or private pension;
  • additional regular income;
  • personal savings.

In practice, the clearer and more predictable the income, the stronger the application.

Paris

Housing is not a formality

Relocation is not possible without a confirmed place to live. A hotel booking or short-term accommodation is usually not enough.

Applicants are expected to show that they:

  • have secured long-term rental housing;
  • own property in France;
  • or will legally reside with a host who can provide accommodation.

This is one of the most closely examined aspects of the application — and one of the most common reasons for refusal.

Healthcare: private coverage first

At the time of application, retirees must hold private health insurance valid in France and covering essential medical risks. This requirement is non-negotiable.

Access to France’s public healthcare system may become possible after a period of legal residence, but this depends on individual circumstances, length of stay, and administrative status. It is not automatic.

What the process usually looks like

Moving to France is rarely a single step. More often, it unfolds as a sequence:

  • applying for a long-stay visa in the country of residence;
  • entering France;
  • completing administrative registration;
  • residing legally for the duration of the visa;
  • applying for renewal.

The initial status is typically granted for up to one year. Continued residence depends on meeting the same conditions.

Restrictions people often overlook

Living in France under a visitor visa comes with clear limitations:

  • working in France is prohibited;
  • income from French sources is not allowed;
  • social benefits are not part of this status.

These are not temporary inconveniences, but core conditions of residence.

Looking further ahead

Long-term legal residence can, over time, open the door to a more permanent status, such as long-term residency. In theory, citizenship may also be possible, though it requires meeting additional criteria, including language proficiency and integration.

For many retirees, however, the goal is simpler: to live quietly and legally, without having to change status every few months.

Moving to France after retirement is not about a special programme or age-based privilege. It is a question of preparation, financial resources, and understanding the rules. For those with stable income and no intention to work, France offers a lawful and relatively predictable way to settle long-term.

No promises of shortcuts — but no closed doors either.

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Trump Slams Partial Travel Ban on Nigeria, Others Over Security Concerns

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By Adedapo Adesanya

The United States President Donald Trump has imposed a partial travel restriction on Nigeria, as part of a series of new actions, citing security concerns.

The latest travel restriction will affect new Nigerians hoping to travel to the US, as it cites security concerns and difficulties in vetting nationals.

The travel restrictions also affect citizens of other African as well as Black-majority Caribbean nations.

This development comes months after the American President threatened to invade the country over perceived persecution against Christians.

President Trump had already fully banned the entry of Somalis as well as citizens of Afghanistan, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Myanmar, Sudan, and Yemen.

The countries newly subject to partial restrictions, besides Nigeria, are Angola, Antigua and Barbuda, Benin, Dominica, Gabon, The Gambia, Ivory Coast, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia and Zimbabwe.

Angola, Senegal and Zambia have all been prominent US partners in Africa, with former president Joe Biden hailing the three for their commitment to democracy.

In the proclamation, the White House alleged high crime rates from some countries on the blacklist and problems with routine record-keeping for passports.

The White House acknowledged “significant progress” by one initially targeted country, Turkmenistan.

The Central Asian country’s nations will once again be able to secure US visas, but only as non-immigrants.

The US president, who has long campaigned to restrict immigration and has spoken in increasingly strident terms, moved to ban foreigners who “intend to threaten” Americans, the White House said.

He also wants to prevent foreigners in the United States who would “undermine or destabilize its culture, government, institutions or founding principles,” a White House proclamation said.

Other countries newly subjected to the full travel ban came from some of Africa’s poorest countries — Burkina Faso, Mali, Niger, Sierra Leone and South Sudan — as well as Laos in southeast Asia.

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Detty December: FCCPC Investigates Possible Exploitative Air Fares

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fccpc air fares

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into pricing templates behind high ticket rates charge by some airlines on some domestic routes.

A statement issued by the Director of Corporate Affairs of the commission, Mr Ondaje Ijagwu, in Abuja said the investigation was to establish possible violations of the provisions of the law.

Mr Ijagwu said that concerns had been expressed widely in the past few days over what appeared to be coordinated manipulation or exploitation in the pricing of airline tickets by some airlines on certain routes, adding that the routes where concerns had been raised included the South-East and South-South, as the festive season began.

According to him, the ongoing investigation targets operators on the identified routes.

He said the commission would apply appropriate enforcement measures where evidence showed any violation of the Federal Competition and Consumer Protection Act (FCCPA).

Mr Ijagwu explained that Air Peace, had instituted a court action seeking to restrain the agency from examining its pricing mechanisms, following the commencement of an investigation into its pricing model after widespread complaints from members of the public.

He said the ongoing inquiry was without prejudice to the case instituted against the Commission by Air Peace.

The director quoted the vice chairman of FCCPC, Mr Tunji Bello, as saying “the commission would not hesitate to act where evidence showed that consumers welfare or market competitiveness were being undermined.

”For the avoidance of doubt, we are not a price control board but the FCCP Act 2018 empowers us to check the exploitation of consumers.

”When we receive petitions or where we find cogent evidence, we will not stand by and watch Nigerian consumers being exploited under any guise.

”Given the arbitrary spike in airfares, the Commission is extending its review of pricing patterns, the basis for the increases reported by consumers, and any practices that could undermine fair competition.

”Where evidence confirms a breach of the Act, FCCPC will apply appropriate enforcement measures,” Mr Bello said, promising that the organisation will continue to provide updates on the ongoing investigations in the aviation industry.

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