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
Reps pass bill to give foreign investors Nigerian citizenship
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.
In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
Business
FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy
Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.
The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.
This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.
Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.
She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.
A pause is an administrative process simply to review, in line with what we discussed .
”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.
“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.
Business
Police Investigates over N270m Thefts in UBA
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.
CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.
The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.
Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.
Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.
The suspects are in custody and will face prosecution as the investigation continues.
The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.
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Reps pass bill to give foreign investors Nigerian citizenship
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