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

Dangote Cement has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited.

The leading cement manufacturer received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting. According to the organisers, the scoring criteria involved a combination of average scoring and assessments from individual judges.

In addition to the Platinum award, Dangote Cement also clinched the Best in Class Award for Excellence in Corporate Governance, surpassing other nominees such as Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.

Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s dedication to corporate reporting standards. He said that the awards will serve as motivation to continually elevate performance in this area.

“We are grateful to the organisers for this honour which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.

Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the significance of the award in promoting transparency and accountability among listed companies, anticipating a positive ripple effect on both listed and private companies in Nigeria.

ICAN’s 59th President, Innocent Okwuosa, underscored the importance of corporate reporting excellence in attracting capital flows to the market. He emphasized the role of transparency in fostering investor confidence and reiterated ICAN’s commitment to promoting accountability and transparency in the private sector.

“It is generally agreed that capitals will flow to markets that foster greater transparency and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he said.

The maiden Corporate Reporting Award recognized the top 30 most capitalized companies listed on the Nigerian Exchange Limited for the 2022 financial reporting year.

The Nigerian Education Loan Fund (NELFUND) says the pilot phase of the student loan scheme will only be open to federal tertiary institutions.

In June 2023, President Bola Ahmed Tinubu signed into law the first iteration of the student loan programme, which allowed students to borrow money without paying interest.

The plan was supposed to go into effect in October 2023, however execution was continuously postponed until it was reenacted in April 2024.

May 24 is the day that NELFUND has set aside for the launch of the loan application and issuing portal.

To apply for the loan, a student must have their admission letter, national identification number, and bank verification number.

How to apply:

• Log into the portal: The loan application portal is available on the NELFUND website (www.nelf.gov.ng). Log on to the students loan portal on the website.
• Create an Account: On the loan portal, create an account or log in using your existing credentials if you have created an account before.
• Documents required: Applicants will require the Joint Admissions and Matriculation Board (JAMB) admission letter, the National Identification Number (NIN), and their Bank Verification Number (BVN).
• Complete the application: Fill out the required information, including personal details, academic information, and financial need.
• Submit your application: Review your application thoroughly before submission. Once submitted, you will receive a confirmation email with further instructions.

Akintunde Sawyerr, the managing director of NELFUND, hosted a pre-application sensitisation conference on Monday in Abuja.

He said the loan scheme is designed to provide financial assistance for obligatory fees and stipends to needy students.

The MD said the scheme’s pilot phase is for students in federal institutions including universities, polytechnics, colleges of education, and technical schools whose institutions have completed and uploaded their student data.

He said the loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions.

Sawyerr said prospective applicants can begin their application process effective from May 24.

Highlighting the key features of the application portal, Sawyerr said it is designed such that no physical contact between the loan applicant and NELFUND is required.

He said the portal is user-friendly and simplifies applying for a student loan with an intuitive design that allows quick navigation.

He said the portal embodies an online support mechanism to assist students with questions or concerns during the application process.

Sawyerr said the student loan scheme remains interest-free and offers flexible repayment options to commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.