The Nigerian Exchange Limited (NGX) held a Digital Closing Gong Ceremony on Wednesday, March 2, 2022, to honor the accomplishments of female Chairpersons of NGX listed companies and their affiliates who were appointed in 2021.

The event was held as part of The Exchange’s ongoing collaboration with the International Finance Corporation (IFC) on the Nigeria2Equal program, which aims to close gender gaps in leadership, employment, and entrepreneurship.

“We remain resolute in our commitment to supporting global aspirations to achieve gender equality in line with the targets of Sustainable Development Goal (SDG) 5 by leveraging our platforms to support issuers and market participants in achieving their gender goals and aspirations,” said Mr Temi Popoola, CFA, Chief Executive Officer, NGX, in his opening remarks.

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The Nigeria2Equal program, which was developed in collaboration with the International Finance Corporation (IFC) to promote gender equality among listed companies, is one of these initiatives. The appointment of these powerful women as Board Chairs not only demonstrates their leadership abilities, but also their long-standing commitment to their respective industries and track records of delivering exceptional value. Their accomplishments exemplify the Nigeria2Equal program’s goals and should be celebrated.”

“IFC’s commitment to advancing gender equality is anchored in a strong business case that ensures equal opportunities for both men and women to reach their full potential and help economies achieve sustainable growth and prosperity,” said Kalim M. Shah, Senior Country Manager for Nigeria, International Finance Corporation (IFC). Companies can improve their business performance by addressing persistent gender gaps and increasing women’s participation as leaders. The Nigeria2Equal gender program, led by the IFC, aims to increase women’s participation in corporate leadership, employment, and entrepreneurship. Today is a watershed moment in the advancement of women as leaders and board chairs in the world of business.”

Erelu Angela Adebayo, Chairperson, NGX Real Estate Limited, praised the Nigerian Exchange Limited Board of Directors for the commendable initiative in her remarks. She praised the NGX Group of Companies for growing from a company with less than 30% female representation on the Nigerian Stock Exchange’s (NSE) National Council to a group of four companies with two female Chairs. She also praised NGX for its ongoing efforts to collaborate with prestigious organizations like the IFC and use its platform to bring gender issues to the forefront of the economic agenda.

Mrs Catherine Echeozo, Chairman of NGX Regulation Limited, recognized and congratulated the board chairperson appointees honored, emphasizing the value of diversity. “Diversity is about leveraging the full breadth and depth of talent available and equipping companies with diverse talents and perspectives so that they can better navigate and address challenges in an increasingly complex and competitive global environment,” she said.

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“It is quite ironic that we are celebrating the advancements we have made in corporate governance a day after the National Assembly voted very strongly against a bill that was seeking to address the imbalance in female representation in all facets of our national life,” Dr Omobola Johnson, Chair, Guinness Nigeria Plc, said of the current barriers facing women in leadership positions. All hands must be on deck in order to build a stronger nation. Women want to be partners and collaborators on this journey, and we won’t be able to do so if we’re barred from doing so by law, cultural practices, and norms.”

“As a pre-eminent Pan-African institution in over 33 African countries, our focus on gender balance supports our mission to contribute to the economic and financial development of our continent,” Mrs Bola Adesola, Chairman, Ecobank Nigeria, said of the opportunities that corporate organizations can leverage from promoting gender equality. This is because a woman manages one out of every four Micro, Small, and Medium Enterprises in Africa. Ecobank is delighted to continue working with NGX and IFC on Breaking the Bias. I’d like to implore us all to work tirelessly against actions that jeopardize the human rights of half of our beloved country’s population.”

“This Closing Gong Ceremony is a laudable occasion where NGX has shown that evidence, there is a need to celebrate women for other women to come up,” said Dr. (Mrs.) Ajoritsedere Awosika, MFR, Chairman, Access Bank Plc. She congratulated all the recent board appointees and highlighted the importance of celebrating female leaders as a critical step to inspiring younger professional women, she said. This celebration of women, which NGX is putting on in collaboration with IFC, will go a long way toward demonstrating to other institutions the importance of promoting what is already happening at all levels of human endeavor: women are actively seeking positions of service to make a positive difference.”

The event was held as part of the NGX Group of Companies’ 2022 International Women’s Day (IWD) celebrations, which take place every year to honor women’s social, economic, cultural, and political achievements. The 8th Ring the Bell for Gender Equality, hosted by the NGX Group of Companies in collaboration with the International Finance Corporation (IFC), Sustainable Stock Exchanges (SSE) Initiative, United Nations (UN) Women, UN Global Compact (UNGC), and World Federation of Exchanges, will take place on Tuesday, March 8, 2022. (WFE).

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The virtual event is expected to feature Dame Pauline Tallen (OFR), Honourable Minister of Women Affairs, Federal Republic of Nigeria; and Amb. Mariam Yalwaji Katagum, Federal Minister of State for Industry, Trade and Investment, Federal Republic of Nigeria, as well as leading financial industry experts such as Ms. Tokunboh Ishmael, MD/CEO, Alitheia Capital; Ms Tinuade Awe, Chief Executive Officer, NGX

TRANSCORP Hotels Plc has announced that it will pay a N717 million dividend to its shareholders in the fiscal year 2021.

According to the audited financial statements for the full year ended December 31, 2021, the company’s gross profit increased by 143 percent, while revenue increased by 114 percent to N21.74 billion.

“The results published on the Nigerian Group Exchange showed a 114 percent increase in revenue to N21.74 billion from N10.16 billion as of December 2020, while gross profit increased by 143 percent to N16.23 billion from N6.67 billion,” the company said in a statement.

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“The company’s results show impressive growth in performance, indicating a strong recovery from the COVID-19 pandemic’s impact in 2020.” The company’s resilience and nimbleness are also reflected in its performance, as it consistently leverages innovation to achieve outstanding results, breaking occupancy and revenue records in 2021.”

“We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021,” said Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“Throughout the year, our leisure demand remained strong as different leisure packages introduced continued to drive occupancy.”

“As we work towards our vision of becoming Africa’s leading hospitality brand, we believe Transcorp Hotels Plc is well-positioned to continue to benefit from the hospitality industry’s recovery.”

“We’re about to launch a number of projects that have been in the works for a while in order to expand our role as a full-service hospitality brand and diversify our portfolio.”

As we continue to focus on strengthening our business and investing for the future, we are excited about the opportunities to deliver continued growth in 2022.”

Mr. Emmanuel Nnorom, Chairman of Transcorp Hotels Plc, believes the hospitality industry will continue to recover in 2022.

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“We expect the hospitality industry to continue its recovery as the domestic leisure, business, and leisure segments — corporate travelers who also include leisure activities in their stay — continue to expand, even as international guests return,” he said.

According to him, Transcorp Hotels is in a good position to help the Nigerian hotel industry recover.