Business
NSE Approves Transcorp’s Merger Proposal
The Nigeria Stock Ex
change (NSE) has approved the proposal made by Transnational Corporation of Nigeria Plc (Transcorp) to merge her power business subsidiaries.
The NSE approval in principle was contained in a letter made available to newsmen last week.
The approval was the fall out of a subsequent letter written by Transcorp to notify NSE of its plan to merge its power business subsidiaries, addressed to the Exchange’s Chief Executive Officer, Mr. Oscar Onyema.
Transcorp’s letter which was signed by the company secretary Transcorp Ughelli Power Limited, Mr. Chinedu Eze, notified that the company wants to merge “Transcorp Ughelli Power Limited and Ughelli Power Plc (owners and operators of Ughelli Power Plant).
The company said the proposed merger was expected to bring overall management and operational efficiency to the power business of Transcorp.
Transcorp is a leading diversified conglomerate that focuses on acquiring and managing strategic businesses that create long term shareholder returns and socio-economic impact.
Transcorp Investment focuses on four sectors: power, oil and gas, hospitality, and Agriculture.
Meanwhile, more companies have commended the process of merging to enable them meet up the high capital base stipulated by the market regulators, Securities and Exchange Commission (SEC) before the end of the year.
Some companies have also complained about the effect of the foreign exchange rate on the recapitalization move.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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