Business
Transcorp Power Plc Reports Strong Results Post Listing: N142 Billion Revenue, N52.8 Billion PBT, and Declares N23.46 Billion Dividend
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares, on March 04, 2024.
The Company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics. Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.
At the AGM, the Chairman of the Board, Mr. Emmanuel Nnorom highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.
He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”
Speaking on the Company’s performance, the Managing Director/Chief Executive Officer, Transcorp Power, Peter Ikenga, stated that the Company’s success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.
“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritizing and investing in human capital, aiming to enhance in-house capabilities. Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”
Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders. Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations. She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”
Transcorp Power’s social responsibility activities were also commended at the AGM. The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.
Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector. Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.
Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.
www.transcorppower.com
Business
CBN: 60 newly recruits staff laments three years of waiting without engagement
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
• CBN Governor, Olayemi Cardoso
A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.
The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.
“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.
According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.
“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.
After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.
He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
Business
KPMG, NRS settle rifts over new tax laws
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives
However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.
The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.
” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.
“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”
The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.
Business
IMF to release January 2026 World Economic Outlook update on Monday
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.
The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.
The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.
The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
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