Connect with us


BIG STORY

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

Published

on

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

BREAKING: Court Finds Natasha Guilty Of Contempt, Fines Her N5 million

Published

on

The Federal High Court in Abuja on Friday convicted the senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, for contempt over a satirical apology she posted on her Facebook page on April 27.

Justice Binta Nyako, delivering judgment in the suit filed by Senator Akpoti-Uduaghan challenging her suspension, began with the contempt application submitted by the Senate President, Godswill Akpabio.

Akpabio, in his application, argued that the senator’s social media post breached an earlier court order that restrained all parties from speaking to the press or posting on social media about the matter.

Akpoti-Uduaghan’s counsel contended that the post was unrelated to the court’s order on her suspension but was about a separate matter involving sexual harassment claims against the third respondent (Akpabio).

However, Justice Nyako ruled that after reviewing the post and the application before her filed by the third respondent, she was convinced it was connected to the suspension case before the court and therefore declared the plaintiff guilty of contempt.

The judge directed Akpoti-Uduaghan to publish an apology in two national newspapers and on her Facebook page within seven days. She also imposed a fine of N5 million.

 

More to come…

Continue Reading

BIG STORY

BREAKING: Court Orders Senate To Recall Suspended Natasha Akpoti

Published

on

A Federal High Court sitting in Abuja on Friday ruled that the Nigerian Senate exceeded its powers by suspending Senator Natasha Akpoti-Uduaghan for six months, ordering her to be immediately recalled to the Red Chamber.

Justice Binta Nyako, delivering the judgment, described the suspension period as “excessive” and lacking a solid legal basis.

The court stated that both Chapter 8 of the Senate Standing Orders and Section 14 of the Legislative Houses (Powers and Privileges) Act, which the Senate relied on, do not specify a maximum suspension length. Therefore, their application in this situation was considered overreaching.

The judge noted that since the National Assembly is only mandated to sit for 181 days in a legislative year, suspending a lawmaker for about the same length of time effectively silences an entire constituency, calling it unconstitutional.

“While the Senate has the authority to discipline its members, such sanctions must not go so far as to deny constituents their right to representation,” Nyako ruled.

However, the court agreed with Senate President Godswill Akpabio on a different issue, ruling that his decision to prevent Akpoti-Uduaghan from speaking during a plenary—because she was not in her designated seat—did not violate her rights.

Nyako also dismissed Akpabio’s argument that the judiciary should not interfere in what he described as an “internal affair” of the legislature, saying fundamental rights and representation fall squarely within the court’s jurisdiction.

In a separate twist, the court imposed a monetary penalty on Akpoti-Uduaghan for violating an earlier court directive that barred both parties from making public comments about the ongoing legal proceedings.

The fine amounts to millions of naira.

Continue Reading

BIG STORY

COALITION: We’ll Register New Party As Backup To ADC — El-Rufai

Published

on

A leader of the Social Democratic Party, SDP, and an important figure in the opposition coalition, Nasir El-Rufai, stated that a new political party would be registered as a backup for the African Democratic Congress, ADC.

El-Rufai explained that the new party would serve as an alternative option to guard against potential infiltration by the All Progressives Congress, APC, into the ADC.

The opposition coalition had chosen the ADC as its platform on Wednesday.

However, El-Rufai noted that there is a possibility the APC could spark a crisis within the ADC by turning old members against the new leadership.

He revealed this during an interview with Radio France International (RFI) Hausa Service on Wednesday night.

“Those who refuse to join the APC face threats of investigations by agencies like the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC), or Code of Conduct Bureau (CCB).

“The opposition parties’ alliance in the ADC is temporary, and we may register a new party as a second option, which we will move to should the ADC be instigated into crisis by the government,” the former Kaduna governor stated.

Continue Reading



 

Join Us On Facebook

Most Popular