Travel/Tourism
Transcorp Hotels to Sell Off Transcorp Hotels Calabar After N269m Loss
By Dipo Olowookere
The board of Transcorp Hotels has been given the go-ahead to offload all the company’s stake in loss-making Transcorp Hotels Calabar Limited.
The company’s subsidiary in Cross River State has not been profitable, and shareholders are growing impatient with the development.
At the Annual General Meeting (AGM) of Transcorp Hotels last Monday in Abuja, shareholders authorised the board to sell off the company’s 100 per cent stake in the entity because it was not making a positive contribution as expected.
In a notice filed to the Nigerian Exchange (NGX) Limited, Transcorp Hotels confirmed that this was one of the resolutions passed at the yearly gathering.
The hospitality firm stated that participants at the meeting agreed, “That the company be and is hereby authorized to dispose of its 100 per cent equity interests in Transcorp Hotels Calabar Limited in accordance with relevant laws, statutes, and regulations.”
Business Post reports that in the 2022 accounting year, Transcorp Hotels Calabar recorded a N269.3 million loss compared with the N3.5 million loss in the preceding year, though revenue improved by 16.73 per cent to N1.0 billion from N858.4 million reported in 2021.
The cost of sales grew by 16.66 per cent to N350.5 million from N300.5 million in 2021, while operating expenses rose to 37.48 per cent to N766.7 million from N557.7 million.
As of last December, the worth of Transcorp Hotels in the business was around N3.50 billion, but it is not certain if a buyer would be willing to pay this amount for a venture making such losses.
But the shareholders of Transcorp Hotels are resolute and have mandated the board to let go to enable them to enjoy a better return on investment.
In the 2022 fiscal year, Transcorp Hotels only paid out 13 Kobo as dividends, and the cash reward was paid to investors whose names appear on the company’s register of members as of the close of business on March 17, 2023.
If the sale of Transcorp Hotels Calabar Limited, which has 132 rooms, two meeting rooms and one restaurant, scales through, Transcorp Hotels Plc would be with Transcorp Hilton Abuja, Transcorp Hotels Port Harcourt Limited, Transcorp Hotels Ikoyi Limited, and Aura by Transcorp Hotels Limited.
By Adedapo Adesanya
The Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce V-Pass, a biometric facial recognition system designed to make passenger processing faster, safer and more seamless across its domestic airports.
According to FAAN, the new technology will allow passengers to verify their identities through facial recognition after a one-time enrolment, reducing reliance on physical identification documents and shortening queues through automated electronic gates.
The authority said the system is expected to enhance airport security while improving the overall travel experience for domestic passengers.
FAAN added that V-Pass has been developed with data privacy at its core and is compliant with the Nigeria Data Protection Regulation (NDPR).
The agency described the initiative as part of its commitment to delivering smarter, technology-driven airport services and said nationwide sensitisation and rollout updates would be announced in due course.
Airports in countries including the United States, the United Kingdom, Singapore and the United Arab Emirates already deploy facial recognition technology for processes such as check-in, security screening, immigration and boarding, so the move also aligns Nigeria’s aviation sector with a growing global trend towards contactless travel.
These systems have been adopted to improve operational efficiency, strengthen security and enhance the overall passenger experience.
For FAAN, the deployment of V-Pass forms part of its broader digital transformation agenda aimed at modernising airport operations and accommodating rising passenger traffic.
Experts say that beyond improving convenience, the authority expects the biometric platform to strengthen identity verification, reduce the risk of impersonation and support more efficient airport security, while maintaining compliance with data protection.
By Aduragbemi Omiyale
About 14.12 per cent stake in Ikeja Hotel Plc has been acquired by Honeywell Group Limited, a notice on the Nigerian Exchange (NGX) Limited has revealed.
Honeywell Group took up the part of the hospitality firm through one of its affiliates known as HGL Real Estate Limited.
Ikeja Hotel, in the disclosure filed with the NGX on July 2, 2026, said the stake comprised 305,323,525 units of its equities.
“Ikeja Hotel hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12 per cent shareholding in the company,” the notice stated.
Ikeja Hotel is one of Nigeria’s leading hospitality investment and hotel management companies with premium hospitality assets.
It operates two leading hospitality organisations in Lagos, the Sheraton Lagos Hotel and Balmoral Convention Centre.
By Aduragbemi Omiyale
About 10 hospitality establishments, including hotels and restaurants, were sealed on Wednesday by officials of the Lagos State Environmental Protection Agency (LASEPA).
The affected businesses are located in different locations in the Alimosho Local Government Area of the metropolis, Business Post learned from a statement from the agency.
It was stated that they were sealed by LASEPA for persistent violations of environmental regulations despite repeated warnings, abatement notices, and several opportunities to comply with the agency’s directives.
According to the notice, the enforcement exercise was carried out in line with the directives of the Lagos State government to ensure strict compliance with environmental laws and to safeguard public health.
The affected facilities were said to have breached various environmental regulations, including noise pollution, air pollution, unlawful discharge of untreated effluent, obstruction of official duties, among others.
LASEPA closed the premises of Granduer Meridian at Obasa Akiniyi Street, Oluwaga, Ipaja for non-compliance with the agency’s directives; Lasola (Spazio Bar), located on Ipaja Road, Fatolu Bus Stop, Ipaja, was sealed for noise pollution and non-compliance with directives; Millennium Restaurant, located at Gate Bus Stop, Ipaja, Ayobo, was shut down for non-compliance with directives; O2 Exquisite Suites & Tower on Jimoh Akinremi Street, Jimoh Bus Stop, Akowonjo, was sealed for non-compliance with directives; and Chirozz Hotel & Suites, located on Samuel Street, Akowonjo, by Vulcanizer Bus Stop, Egbeda, was closed for noise pollution and non-compliance with directives.
In addition, House 7 Hotel, located at Remi Akande Street, Egbeda, was sealed for non-compliance with LASEPA’s directives; House 48 on Isiba Oluwo Street, Egbeda, was sealed for non-compliance with directives; Exclusive Hotel, located at Ishan Kimishe, Akesan Bus Stop, was shut down by non-compliance with directives; Sabola Ventures Limited, Iocated at Km 11, LASU–Isheri Road, Igando, was shut down for operating without evidence of an Effluent Treatment Plant (ETP), and discharging untreated effluent into public drains; and City Int’l Motel, located at Chief Olu-Adegbite Street, off Oladun Street, Council Bus Stop, Idimu, was sealed for non-compliance with directives.
