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Transcorp Power Plc Reports Strong Results Post Listing: N142 Billion Revenue, N52.8 Billion PBT, And Declares N23.46 Billion Dividend

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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

 

 

 

 

 

 

 

 

 

 

 

 

BIG STORY

56-Yr-Old Dallas Pastor sentenced To 35 Years Imprisonment For Stealing Over $300,000 Properties From 3 Churches

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A Dallas, US, pastor has been sentenced to 35 years in prison after he was convicted of stealing property from three churches by filing fraudulent deeds.

Whitney Foster, 56, was found guilty by a jury of stealing goods worth at least $300,000, according to a news release from Dallas County Criminal District Attorney John Creuzot.

According to investigators, the total worth of the pilfered properties approached $800,000. According to Creuzot, “stealing real estate is an extremely serious and damaging crime.”

“It’s worse than the theft of someone’s vehicle or other possessions. When someone steals property, we must hold them accountable because they are hurting people.” Foster was the pastor of a small congregation that did not have a physical place to gather.

He stole church buildings and land by filing fraudulent deeds that listed fake leadership for the victim churches as the grantors and naming his church as the grantee, according to the district attorney’s office. The churches from which Foster stole were First Christian Church of Lancaster and two in Dallas — Canada Drive Christian Church and Church at Nineveh, authorities said.

Two of properties are still listed under the defendant’s name or his church’s name, and his congregation has been gathering at one of them, Creuzot said.

The third church property “remains embroiled in legal complications caused by Foster’s actions,” according to the news release.

Prosecutors also presented the jury with evidence of seven additional fraudulent deeds.

Homeowners in many Texas counties can register their property for a deed fraud alert service, which will send an alert via email whenever a document is filed on your property.

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Ecobank’s “Adire Lagos” Opens With Over 100 Exhibitors

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The annual Ecobank “Adire Lagos” exhibition took off yesterday  with over 100 exhibitors showcasing their wares.

Originating from Abeokuta in Southwestern Nigeria, Adire textile is an indigenous indigo-dyed cloth made by using different wax-resistant methods to create dazzling designs. The four-day Adire exhibition, returning for the third year in a row, is to promote culture, tourism, micro, small and medium enterprises (MSMEs) and enable them benefit from the African Continental Free Trade Area (AfCFTA). Some of the international exhibitors at the fair include Adire Oodua, Tampoori, Jide Batik, Janae, Asologe and host of others.

The 4-day fair which ends on Monday  is  at the Ecobank Pan African Centre (EPAC),  complex located in Victoria Island, Lagos,  is set to witness  influx of topflight exhibitors, government functionaries, culture enthusiasts, social media influencers, artistes, local and foreign tourists, traditional rulers, and members of the diplomatic community. It provides an exceptional opportunity to network with entrepreneurs, shoppers, and everyone in the business of Adire.

Addressing journalists at the opening ceremony, the Executive Director, Commercial Banking, Ecobank Nigeria, Kola Adeleke said the exhibition is part of the efforts of the bank to support the creative industry in the country, adding that it was also to promote micro, small and medium enterprises (MSMEs) and help them benefit from the African Continental Free Trade Area (AfCFTA).

According to him, “As you all know, we are part of a Pan African bank which operates in 33 countries of Africa. We always look out to support various initiatives on the continent and this adire exhibition fits into the scheme. As you can see, today, we have over 100 merchants who are being given the opportunity to showcase their adire products. This is the biggest that we’ve ever seen. It is an international exhibition. We want to support them all the way, train them and make them international brands with indigenous backgrounds. We want to ensure they are able to export their locally-created products across the continent. This is also one way to support the Nigerian economy.”

Exhibitors and attendees alike were enthusiastic and full of commendation for Ecobank. Ecobank Nigeria, a key driver of tourism, culture and the creative industries in Nigeria, recently hosted the +234Art, a 10-day art fair dedicated to nurturing and uplifting the burgeoning art industry in Nigeria. The fair provided a platform to support emerging artists and encourage increased interest in art acquisition; the bank organised the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022; the bank also partnered “Songs & Stories” With Cobhams Asuquo;  Redbull Dance Your Style; BellaNaija Style Summit and Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ikpe-Etim)

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Guinness Nigeria Debunks Exit News, Reaffirms Commitment To Operations And Growth

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Guinness Nigeria Plc wishes to correct the recent speculations and false/malicious misinformation alleging a plan to exit from the Nigerian market. Contrary to rumors being peddled on various media platforms, Guinness Nigeria remains firmly committed to its operations in Nigeria and is poised for a new phase of growth and innovation.

Since commencing operations in April 1950, Guinness Nigeria boasts of a proud and eventful 74-year legacy intricately woven into Nigeria’s cultural and economic fabric. Our unwavering commitment to Nigeria is evident in the substantial investments in infrastructure, employment, backward integration and our community development and social responsibility initiatives. The recent announcement of the partnership between Diageo and Tolaram Group further reinforces unequivocally that Guinness Nigeria remains committed to Nigeria and has no intention of exiting the dynamic Nigerian market. Our business will continue strongly, and no jobs or factories will be adversely affected as a result of this new partnership.

Under the partnership announced, Tolaram Group will acquire a 58.02% majority stake in Guinness Nigeria, enabling us to harness and leverage Tolaram Group’s extensive expertise in manufacturing and distribution. Importantly, Guinness Nigeria will retain its status as a listed company on the Nigerian Stock Exchange, maintaining its prime status in the Nigerian beverage industry. Diageo’s establishment of a wholly-owned international premium spirits company in Nigeria is also a noteworthy demonstration of its continuing dedication to sustaining its operations across West and Central Africa, with Nigeria as a pivotal operational hub.

Under a long-term license and royalty arrangement, Guinness Nigeria will continue to produce and sell all our iconic brands including Guinness FES and Smooth, Smirnoff Ice, Orijin Bitters, and Malta Guinness as well as Diageo MSS brands like Smirnoff X1, Gordon’s Moringa and Captain Morgan Gold Rum, ensuring our esteemed consumers nationwide continue to enjoy their favorite beverages.

We are excited to embark on this new chapter of growth and development in Nigeria.

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