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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

Airlines Face Fresh Turbulence Over Jet Fuel Scarcity

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Jet Fuel Scarcity

By Adedapo Adesanya

The National Association of Aircraft Pilots and Engineers (NAAPE) has revealed that Nigerian airlines are battling a severe jet fuel crisis, triggered by soaring jet fuel prices and supply shortages.

This is the latest blow to the aviation industry, which escaped an industrial action by airline operators over the price of jet fuel.

The latest development is increasing costs, disrupting flights and creating concerns about operational safety and sustainability.

According to Reuters, the persistent scarcity of jet fuel has triggered ⁠widespread operational challenges, including flight delays, route adjustments and extended crew duty periods, as airlines struggle to manage schedules amid rising costs.

According to the President of the association, Captain Bunmi Gindeh, the fuel shortages were pushing crews beyond planned limits, increasing fatigue and potentially eroding safety margins in an industry governed by strict rest regulations.

According to local carrier Rano Air, it revealed that jet fuel prices had more than quadrupled, as well as made some routes commercially unsustainable, forcing operational adjustments.

Other carriers have also begun rescheduling or cancelling flights and cutting unprofitable routes, industry ‌sources ⁠cited by Reuters said.

This comes at a difficult time for Nigeria’s aviation sector, already strained by foreign-exchange volatility, high aircraft maintenance costs, airport infrastructure strains and fuel price swings.

Airlines group, Airline Operators of Nigeria (AON), last month threatened to suspend operations over what they described as crippling and artificially inflated jet fuel prices.

Nigeria’s airline industry carries millions ⁠of passengers annually across an extensive domestic network and plays a critical role in connecting cities where road travel is often slow or insecure, making reliable air services economically and socially important.

The publication reported that the Nigerian Midstream ⁠and Downstream Petroleum Regulatory Authority (NMDPRA) has said fuel prices would not be capped, adding that any decisions on deregulated products would be formally communicated.

The crisis is worsening existing problems in Nigeria’s aviation sector, including forex instability, expensive aircraft maintenance and weak infrastructure.

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FG Unveils Leasing Initiative to Cut Airlines’ Fleet Acquisition Costs

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aviation workers

By Adedapo Adesanya

The federal government has approved the establishment of a national aircraft leasing company aimed at easing access to modern fleets for domestic airlines and transforming aviation financing in Nigeria.

The minister of aviation and aerospace development, Mr Festus Keyamo, announced the decision after a meeting of the Federal Executive Council (FEC), describing the move as a significant shift in how Nigerian carriers will acquire and finance aircraft.

Mr Keyamo said the proposed company would operate as a private-sector-driven Special Purpose Vehicle (SPV) with government backing.

“This initiative is a game-changer for our aviation industry. It eliminates the long-standing challenges Nigerian airlines face in accessing aircraft on competitive terms and positions the country as a hub for aviation financing in Africa,” he said.

According to the minister, the new platform will allow airlines to source aircraft through a centralised system, replacing the current model where operators negotiate individually with international lessors, often at higher costs and stricter terms.

Mr Keyamo noted that the government’s role would be largely supportive, providing sovereign guarantees to boost investor confidence, while private sector players drive the project.

“Through the Ministry of Finance Incorporated, the government will hold equity and earn revenue without direct financial investment. Our primary obligation is to provide the confidence investors need, especially in ensuring asset security,” he added.

The initiative, he said, has already begun attracting interest from both local and international investors, signalling early confidence in its viability.

Beyond supporting Nigerian carriers, the leasing company is also expected to extend services across West Africa and the broader continent, positioning Nigeria as a regional hub for aircraft leasing.

Airlines in Nigeria have come into focus in recent weeks due to renewed concerns over the financial sustainability of operators, which almost forced them to suspend operations last month. However, the Bola Tinubu-led government approved a 30 per cent relief on debts owed by local ‌airlines to aviation agencies and ordered talks involving fuel marketers, airlines, and ​regulators to reach a ​fair jet fuel price.

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Passengers to Enjoy Starlink Wi-Fi on Emirates’ Flagship A380

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Emirates A380 Starlink

By Aduragbemi Omiyale

Air travellers flying through Emirates will enjoy Starlink Wi-Fi onboard after the completion of the installation of the internet service on the company’s flagship A380.

The introduction of Starlink on the A380 builds on Emirates’ ongoing investment into redefining the customer journey, including one of the most ambitious retrofit programmes in aviation history.

The airline operator recently test-run this on a flight to Dubai, and it allowed passengers to enjoy seamless broadband while flying at 40,000 feet.

The Emirates A380 was one of the first commercial aircraft in the world to offer internet to its customers, with first-generation systems offering a total aircraft bandwidth of less than 1 Mbps. The installation and certification were accomplished in Newquay, UK.

With more A380s scheduled for accelerated installation throughout 2026, Emirates customers will soon enjoy a transformative leap in onboard connectivity with the ability to stream, game, browse, and work throughout their journey on personal devices.

The service will be complimentary for all customers, across all cabins, with easy sign-up and access. Future enhancements will include Live TV streaming over Starlink, initially on personal devices and later integrated into seatback screens.

So far, more than 650,000 Emirates customers have already flown on Starlink‑equipped flights, experiencing the benefits of next‑generation onboard connectivity firsthand.

As the world’s largest passenger aircraft, the A380 presents unique engineering challenges and opportunities. This industry-first Starlink configuration is designed to meet the demands of the A380’s ‘double-decker’ layout and high passenger capacity and is capable of delivering more than 2 Gbps of total aircraft bandwidth across the cabin.

Compared with the Emirates Boeing 777, the Emirates A380 features additional wireless access points and a third antenna to deliver an enhanced connectivity experience for its higher passenger capacity. Optimised inter‑deck integration supports a seamless Wi‑Fi experience, with customers able to enjoy high speeds depending on usage and device capability.

Starlink installations will soon begin at Emirates Engineering facilities in Dubai to accelerate deployment across the fleet.

Emirates is committed to bringing the best possible connectivity to its entire fleet at the earliest opportunity, with 25 Boeing 777-300ER aircraft already equipped with Starlink and the first A380 now joining service.

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