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BIG STORY

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

Naomi Campbell Gets 5-Yr Ban From Being Charity Trustee In UK For “Using Funds On Spa Treatment”

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Naomi Campbell, the British supermodel, has been banned from serving as a charity trustee in England and Wales for five years.

The UK Charity Commission found that her charity, Fashion for Relief, was “poorly governed and managed financially” by its trustees.

The investigation, conducted from April 2016 to July 2022, revealed that only 8.5% of the funds raised were spent on charitable grants.

Additionally, charity funds were reportedly used for Campbell’s stays in luxurious hotels, spa treatments, and cigarettes.

Campbell responded to the findings in an interview, expressing her concern and claiming she was not aware of these expenses, as she had entrusted the charity’s management to a legal employer. She said, “I was not in control of my charity.”

Veronica Chou and Bianca Hellmich, other trustees, were also sanctioned.

Hellmich was banned for nine years for receiving unauthorized funds, while Chou was banned for four years.

Tim Hopkins, part of the investigation team, stated that Campbell and the other trustees had failed in their legal duties.

Approximately £344,000 has been recovered, and an additional £98,000 of charitable funds has been protected.

The recovered funds were used to make donations to other charities and settle liabilities.

Campbell founded Fashion for Relief in 2005 with the aim of relieving poverty.

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BIG STORY

Why Tinubu Shouldn’t Trust His “Kitchen Cabinet” — Former Communications Adebayo Shittu

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A former Minister of Communications, Adebayo Shittu, has advised President Bola Tinubu against trusting some of his closest advisors when it comes to recommending individuals for ministerial positions, particularly as he prepares for a cabinet reshuffle.

Shittu shared his insights during an appearance on Channels Television’s Politics Today programme on Thursday.

He highlighted that some members of the President’s kitchen cabinet, who should ideally seek out technocrats for ministerial roles, have their own vested interests and may only suggest candidates who align with their personal agendas.

“You cannot trust anybody, even if you are talking of kitchen cabinet,” Shittu remarked, noting that some current cabinet members have not met expectations.

He elaborated, “This will be the first time he (Tinubu) would be recruiting people from all parts of the country most of whom he may never have met in life.

But he may just be riding on the recommendation, perhaps, of interested power blocs within the party who would give information and sell their candidate for one reason or the other.”

Shittu emphasized, “Mr President has an opportunity to decide what he wants. If you are not there and if he does not tell you exactly what he wants, it would be very difficult but I think one failing in our system in this country is that when people are appointed, or about to be appointed, we don’t have a kind of orientation exercise which perhaps will take a week or two weeks to school those to be given jobs to understand the priorities of their employer.”

Since taking office, Tinubu has appointed 48 ministers as of August 2023, shortly after his inauguration.

The Senate quickly screened and confirmed these ministers. However, one minister, Betta Edu, faced suspension in January, while another, Simon Lalong, transitioned to the Senate.

Calls for a cabinet reshuffle have intensified, with many Nigerians expressing dissatisfaction over the performance of several ministers amid rising inflation, a challenging economic landscape, and increasing insecurity.

This week, presidential spokesman Bayo Onanuga indicated that the President would indeed be reshuffling his cabinet but did not specify a timeline for this reorganization.

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BIG STORY

FG To Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others — Works Minister David Umahi

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Minister of Works, Dave Umahi, announced that the Federal Government will begin tolling all major roads in the country upon the completion of construction and renovation projects.

During an Inter-Ministerial Press Briefing in Abuja, part of activities marking Nigeria’s 64th independence anniversary, Umahi mentioned that roads such as the Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile would be tolled.

Umahi emphasized that tolling would generate significant revenue for the government, adding that private sector involvement is being sought to fund the construction and tolling of these roads.

He said that the Keffi-Makurdi Road would be the first to be tolled, and the Ministry of Works is working with the Ministry of Finance to implement a paperless payment system for tolls.

He assured that enhanced security, solar lighting, and reduced travel times on these roads would increase public confidence and encourage payment of tolls.

Umahi further stated that the current administration, under President Bola Tinubu, has taken a more professional approach to road development, treating it as an investment.

The administration inherited 300 damaged roads and bridges, and new construction projects will begin across the six geopolitical zones starting October 1, 2024.

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