The Nnamdi Azikiwe International Airport’s electronic gates (e-gates) were tested on Friday by Interior Minister Dr. Olubunmi Tunji-Ojo, who claimed that 99 percent of the work was completed.

He stated that by the next week, the e-gates would be operational.

Among the other high-ranking government officials that joined Tunji-Ojo were Dr. Aishetu Ndayako, Permanent Secretary in the Ministry, and Kemi Nanna Nandap, Comptroller-General of Immigration.

He said the e-gates were being deployed to eliminate human interfaces, reduce bureaucracy and make movements of passengers in and out the country seamless.

The Minister said 29 of the e-gates would be deployed in Lagos, four in Enugu and Kano while Port-Harcourt would have five.

He disclosed that the Airport infrastructure and Command and Control Centres have been subjected to different tests with fake and expired passports rejected while genuine ones were cleared.

Tunji-Ojo said:” With this massive infrastructure, we believe that no unwanted persons or persons of interests can find their ways into Nigeria. Our security through the Airports and in the Airport domains are guaranteed.

“It is a testimony to what Mr President told us from day one on his Renewed Hope Agenda. He asked us to change the narratives and make passengers movements in and out of the country seamless.

“You can see that we have all our team here working in synergy with the authorities of the Federal Airport Authority of Nigeria, (FAAN) the Nigeria Customs Service and other stakeholders.

“I must at this point commend the Minister of Aviation, Hon Festus Keyamo (SAN) and other critical stakeholders who have made this transformation possible.”

More to come…

Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, 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.

Oil prices have increased by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

The country’s nuclear plant is located in the central Iranian province of Isfahan, where explosions have been reported.

Later, the International Atomic Energy Agency (IAEA) declared that the plant was unharmed.

In reaction to Iran’s last-week missile and drone attacks, Israel had pledged retaliation.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.