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.
Travel/Tourism
Customs Tackles Airport Delays With Smart Declaration Platform
By Modupe Gbadeyanka
In a move aimed at improving passenger clearance, compliance and customs operations, the Nigeria Customs Service (NCS) has introduced the Simplified Customs Advanced Declaration System (SCADS).
This platform was launched at the International Wing of the Nnamdi Azikiwe International Airport, Abuja, on Monday, May 18, 2026.
This initiative will simplify baggage declaration for inbound international passengers and reduce manual bottlenecks, improve transparency in revenue assessment and enhance operational efficiency at Nigeria’s international airports.
It allows passengers to declare items before arrival, thereby reducing clearance time while improving compliance and operational integrity.
The introduction of this scheme became necessary following operational challenges encountered on the Service’s previous passenger declaration platform earlier this year, and rather than allow the setbacks to slow operations, customs chose to develop a stronger and more efficient alternative.
“When the earlier platform experienced operational challenges, we chose not to see it as a setback. We saw it as an opportunity to build something better, stronger and more efficient.
“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” the Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Ms Oluyomi Adebakin, said yesterday.
She noted that the system will eliminate subjective revenue assessment by ensuring that duties are automatically generated based on declared items, their quantities, and their actual values.
“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she stated.
Earlier, the Customs Area Controller for FCT Area Command, Comptroller Victoria Alibo, described the selection of the command for the pilot phase as a vote of confidence in its operational capacity.
According to her, the new platform integrates passenger baggage and e-commerce declarations into a single digital framework designed to support global Customs best practices.
“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Ms Alibo said, adding that the pilot phase will run for five days, from Monday, May 18, to Friday, May 22, 2026, during which officers will evaluate the system in a live environment ahead of nationwide deployment.
Travel/Tourism
Dangote Refinery Slashes Jet Fuel Price to N1,650 Per Litre
By Aduragbemi Omiyale
The price of aviation fuel, also known as Jet A1, has been reduced by Dangote Petroleum Refinery and Petrochemicals to N1,650 per litre from N1,750 per litre.
The company, in a statement, said this price slash was done to ease cost pressures on airlines and ensure an uninterrupted fuel supply across the country.
This is in addition to a 30-day interest-free credit facility backed by bank guarantees (BG) for marketers and airline operators and a shift from a dollar-denominated pricing structure to a naira-based model.
The private refiner also stated that these interventions come amid growing concerns over the rising operational costs faced by domestic carriers, with aviation fuel accounting for a significant portion of airline expenses.
Industry stakeholders have repeatedly warned that escalating Jet A1 prices were placing severe financial strain on operators and threatening the sustainability of flight operations.
The refinery’s decision is expected to provide relief to airline operators by lowering fuel procurement costs, improving operational stability, and supporting efforts to moderate airfares.
Travel/Tourism
Valiente Jet Limited Loses Aircraft to FG
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has secured a final forfeiture order for a Hawker private Jet 125 before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over its links to fraud, corruption, and money laundering in relation to the Maiduguri Emergency Power Project (MEPP).
The aircraft, with model number 800XP, serial number 258553 and registration number 5N-AMK, was forfeited following an application by the EFCC.
Justice Nwite, ruling on the application, held that no sufficient cause was shown by Valiente Jet Limited, a company owned by Mr Abdulsalam Kachallah, an interested party, why the aircraft should not be finally forfeited to the Federal Government.
“The interested party has not demonstrated with evidence the lawful origin of the funds used to purchase the aircraft,” the judge held, stressing that the disguised manner through which the aircraft was acquired using the name of a Bureau De Change (BDC) operator who denied knowledge of the nature of the transaction further lent credence to the unlawfulness of the entire transaction.
In a statement by the anti-graft agency, it disclosed that the investigation revealed Mr Kachallah entered into unlawful agreements with China Machinery Engineering Company (CMEC) through shell companies.
The EFCC also alleged that he sold privileged bidding information relating to the project in exchange for financial inducements.
“The investigation further showed that CMEC was subsequently awarded three contracts under the project valued at $52,120,172 (Fifty Two Million One Hundred and Twenty Thousand, One Hundred and Seventy Two Dollars) and ₦20,213,956,953 (Twenty Billion, Two Hundred and Thirteen Million, Nine Hundred and Fifty Six Thousand, Nine Hundred and Fifty Three Naira),” it said.
The EFCC revealed that part of the contract funds was routed through Afuwa Integrated Services Limited, a Bureau De Change operator, under the false claim that the company was subcontracted by CMEC.
“CMEC transferred the sum of $2,070,000 (Two Million, Seventy Thousand Dollars) into the Stanbic IBTC Bank account of Afuwa Integrated Services Limited on Kachallah’s instruction,” it further revealed.
It disclosed that forged invoices were prepared in the name of Afuwa Integrated Services Limited to falsely portray that legitimate services had been rendered to CMEC.
“The funds were thereafter transferred to a Brazilian account for the purchase of the aircraft from a Brazilian company,” the EFCC revealed.
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