Business
JUST IN: Transcorp Power Plc Releases Audited FY2023 Results; Grows Topline by 57.03% and Profit by 75%; Declares Dividend of N3.13.
One of Nigeria’s power subsidiaries and leading listed conglomerate, Transnational Corporation Plc, has released its audited financial statements for the year ended December 31, 2023.
The Company reported gross earnings of N142.1 billion for the 12 months, marking a strong increase of 57.30%, from N90.34 billion reported in FY 2022. Profit before tax showed a similar impressive year-on-year growth, surging by 84.61% to N52.8 billion, from N28.6 billion reported in the previous year.
Commenting on the results, Peter Ikenga, Managing Director/CEO of Transcorp Power attributed the substantial growth to the Company’s strong operational capabilities and effective business strategies.
“We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity,” Ikenga stated.
With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector. The Company, which was listed on the main board of the Nigerian Exchange on March 4, 2024, has continued to enjoy impressive market confidence.
In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders. This dividend payout reflects the Company’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the Company.
Transcorp Group continues to demonstrate its position as a major player in the African power sector, with a focus on delivering reliable power solutions to meet the needs of its customers and stakeholders, in line with its mission of improving lives and transforming Africa. Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while non-quoted Transcorp Group subsidiary TransAfam Power operates the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW. In 2023, executing its strategy of value chain optimisation, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.
Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity generating subsidiary of Transnational Corporation Plc (“Transcorp Group”), a leading African listed conglomerate, with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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