TheNewsGuru

Tag: Transcorp

  • Transcorp Power reports strong H1 2025 results

    Transcorp Power reports strong H1 2025 results

    Transcorp Power Plc (Transcorp Power or the Company), (NGX: TRANSPOWER), one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc (Transcorp Group), has announced its unaudited financial results for the half-year ended 30 June 2025.

    The Company’s revenue grew by 52% year-on-year to ₦205.8 billion in 2025, against ₦135.4 billion in H1 2024. The H1 2025 performance was driven by enhanced generation capacity and improved operational efficiency, a reflection of Transcorp Power’s continued investment in infrastructure and service delivery.

    Key Highlights

    Revenue Growth

    Revenue grew by 52% year-on-year to ₦205.8 billion, from ₦135.4 billion in H1 2024.

    Profit

    Gross profit increased to ₦77.6 billion, up from ₦62.9 billion in H1 2024, with a gross margin of 23%.

    Profit before tax rose by 15% PBT, to ₦58.7 billion in H1 2025, from ₦51.0 billion in H1 2024

    Dividend

    Consistent with its commitment to delivering shareholder value, the Company is rewarding shareholders with an interim dividend of ₦11,250,000,000, equivalent to ₦1.50 for every 50 kobo ordinary share, subject to appropriate withholding tax.

    The performance highlights Transcorp Powers’s ability to maintain profitability, despite inflationary pressures and foreign exchange volatility, supported by effective pricing strategies and cost management, as well as the Company’s commitment to delivering significant returns to shareholders, with the enhanced dividend.

    Chairman Transcorp Power Plc, Emmanuel Nnorom, commented: “Our strong performance in the first half of 2025 highlights our disciplined cost management, efficient operations, and resilience despite economic headwinds. This solid foundation continues to strengthen investor confidence in our long-term value and growth potential.”

    MD/CEO Transcorp Power Plc, Peter Ikenga, comments: “Our H1 2025 performance reflects the gains from the continued investment in our plant. We increased generation by 100MW, compared with the same period last year, and we remain committed to creating sustainable value for our shareholders and the country at large. Transcorp Power is confident in sustaining its growth momentum into the second half of 2025, as we fulfill our mission to power Nigeria and Africa.”

    Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity-generating subsidiary of Transnational Corporation Plc (“Transcorp Group”), Nigeria’s leading, listed conglomerate, with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value, driving economic growth, and ensuring social goods through access to the electricity supply.

    www.transcorppower.com

  • Transcorp Power reports strong Q3 2024 performance

    Transcorp Power reports strong Q3 2024 performance

    Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

    In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.

    Key Financial Highlights:

    • Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.
    • Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
    • Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.
    • Profit After Tax: Achieved a 186% increase, rising to N58.5 billion from N20.4 billion in Q3 2023.
    • Total Assets: Increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.
    • Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.
    • Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets

    Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:

    “We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.

    In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

    “Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. 

    “We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid. 

    “As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”

    Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.

    Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20% of the country’s installed power capacity. The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.

  • NGX suspends trading of Transcorp shares

    NGX suspends trading of Transcorp shares

    The Nigerian Exchange Ltd. (NGX) has suspended trading in the shares of Transnational Corporation Plc (Transcorp). The NGX, in its weekly report, said that the suspension, on Thursday, was necessary to determine the shareholders entitled to receive the firm’s reconstructed shares.

    The Exchange said that suspension was to prevent any trading activities while the company’s registrars and Central Securities Clearing System (CSCS) reconcile their records for the listing of the reconstructed shares.

    According to the regulator, the suspension  action follows a share capital reduction undertaken by Transcorp.

    In another development, the NGX also lifted the suspension placed on trading of the shares of Lasaco Assurance Plc on Wednesday.

    The exchange referred to its market bulletin dated July 8, which notified trading license holders and the investing public about the suspension.

    It added that the development was in line with Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing.

    According to the NGX, the rule mandates a second notification to the issuer if they fail to file the relevant accounts by the end of the Cure Period.

    The NGX also confirmed that Lasaco Assurance had submitted its Audited Financial Statements for the year ended Dec. 31, 2023, along with all outstanding financial documents.

    The NGX said that, in view of the company’s submission of its 2023 AFS, and pursuant to Rule 3.3 of the Default Filing Rules, it was satisfied that the insurer’s accounts comply with all its applicable rules.

    Also, the NGX announced that trading in the rights issue of Nigerian Breweries Plc had been extended for one week, to now close on Friday, Oct. 18.

    The regulator said that the brewer obtained the approval of the Securities and Exchange Commission (SEC) for the extension.

    The Exchange said: “We refer to our market bulletin of  Sept. 4, with reference number: NGXREG/IRD/MB58/24/09/04 wherein the market was notified that trading in Nigerian Breweries Plc’s Rights Issue of 22,607,491,232 ordinary shares of 50 Kobo each at N26.50 per share.

    “On the basis of 11 new ordinary shares for every existing five ordinary shares held as at the close of business on July 12, 2024, opened on Monday, Sept. 2 2024.

    “Consequently, trading in Nigerian Breweries’ Rights will now close on Oct. 18, 2024.”

    On listing, NGX announced that trading in the September 2024 Issue of the Federal Government of Nigeria (FGN) Bonds was listed on the NGX on Friday.

    The regulator also stated that Flour Mills of Nigeria Plc’s N46 billion five – year 22 per cent Series two Fixed Rate Senior Unsecured Bond due 2029 under the N200 billion Flour Mills of Nigeria Plc Bond Issuance Programme were listed on the NGX on Tuesday.

    On trading, the NGX All-Share Index and market capitalisation appreciated by 0.09 per cent each to close the week at 97,606.63 and N56.088 trillion, respectively.

    This is against 97,520.54 and N56.039 trillion, respectively, posted in the previous week.

    Consequently, equity investors gained a total of N49 billion.

    Similarly, all other indices finished higher with the exception of NGX Main Board, NGX AFR Bank Value, NGX Consumer Goods, NGX Lotus II and NGX Industrial Goods which depreciated 0.28, 1.12, 1.25 , 0.16 and 0.13 per cent respectively.

    However, the NGX ASeM and NGX Sovereign Bond indices closed flat.

    Meanwhile, a total turnover of 2.966 billion shares worth N31.508 billion in 42,482 deals was traded this week by investors, in contrast 2.872 billion shares valued at N132.811 billion that exchanged hands last week in 39,867 deals.

    The Financial Services Industry measured by volume led the activity chart with 1.485 billion shares valued at N17.965 billion traded in 19,613 deals; thus contributing 50.05 and 57.02 per cent  to the total equity turnover volume and value, respectively.

    The Services Industry followed with 1.108 billion shares worth N775.258 million in 2,675 deals.

    Third place was the Agriculture Industry, with a turnover of 93.904 million shares worth N1.250 billion in 2,517 deals.

    Trading in the top three equities namely, Tantalizer Plc, Coronation Insurance Plc and Fidelity Bank Plc measured by volume accounted for 1.625 billion shares worth N3.908 billion in 1,814 deals.

    These contributed 54.80 and 12.40 per cent to the total equity turnover volume and value respectively.

  • Equity market losses N93bn as MTN, Transcorp stocks decline

    Equity market losses N93bn as MTN, Transcorp stocks decline

    The Nigerian equity market started the week on a negative note, losing N93 billion due to sell-offs in MTN Nigeria, Transnational Corporation (Transcorp), and other declining stocks.

    Specifically, the market capitalisation, which opened at N55.497 trillion, shed N93 billion or 0.17 per cent to close at N55.404 trillion.

    Also, the All-Share Index dropped by 0.17 per cent or 163 points to settle at 97,582.41, compared to 97,745.73 posted on Friday.

    As a result, the Year-To-Date (YTD) return decreased to 30.50 per cent.

    Market breadth closed negative with 25 laggards compared to 23 gainers on the floor of the Exchange.

    On the losers’ table, Chams led by 22k to close at N1.98, UPL trailed by 24k to close at N2.18, while The Initiative Plc lost 18k to close at two Naira per share.

    Omatek also decreased by 5k to close at 56k and Champion went down by 25k to close at N3.01 per share.

    On the other side, International Breweries led the gainers’ table by 42k to close at N4.62, Presco Plc followed by N44.10 to close at N485.10 per share.

    Sovereign Trust Insurance rose by 5k to close at 55k, United Capital gained N1.20 to close at N13.35 and Oando advanced by N2.50 to close at N27.80 per share.

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 57.36 per cent.

    A total of 324.02 million shares valued at N6.22 billion were exchanged in 9,738 deals, against 210.91 million shares valued at N3.95 billion that exchanged hands in 6,603 deals recorded in the previous session.

    Meanwhile, Zenith Bank led the volume and value charts, with 36.99 million shares worth N1.33 billion.

    Ahead of the week, analysts at Cowry Asset Management Ltd., forecast a mixed trend with a possibility of profit-taking at the Nigerian stock market.

    The analysts said that investors were likely to engage in sectoral rotation, capitalising on stocks that experienced pullbacks to position themselves strategically.

    They said that this rotation strategy was expected to create buying opportunities, especially in anticipation of upcoming releases and dividend announcements from major banking institutions in the corporate reporting season.

    “As the market structure and fundamentals evolve, investors are advised to position themselves in stocks with sound fundamentals to navigate the prevailing conditions effectively,” the analysts advised.

  • Transcorp grows revenue to N88.6bn

    Transcorp grows revenue to N88.6bn

    Transnational Corporation Plc (Transcorp) says it recorded N88.6 billion revenue as at March 31, 2024.

    Mr Stanley Chikwendu, Group Company Secretary, Transcorp, said this in a statement capturing the unaudited financial result of the group for the period ended March 31, 2024, sent to the Nigerian Exchange Ltd.(NGX) on Wednesday in Lagos.

    The figure represented 173 per cent increase when compared to N32.4 billion posted in the corresponding period of 2023.

    Chikwendu explained that the  results was largely driven by a remarkable 209 per cent year-on-year revenue growth within the power business.

    He said that the results highlighted significant strategic progress as part of Transcorp group’s implementation of its integrated power strategy.

    According to him, the hospitality business recorded a 68 per cent year-on-year growth in revenue, driven by an increase in occupancy rate from 75 per cent to 82 per cent compared to the previous year.

    The company secretary said that the results showed substantial growth across all financial indicators, reinforcing the group’s market leadership and strategic positioning.

    Chikwendu stated that the group’s operating income also increased by 479 per cent from N8.5 billion in the first quarter of 2023 to N49.1 billion same period of the year.

    He said: “Operating expenses saw an increase of 40 per cent year-on -year to N8.2 billion in first quarter 2024, reflecting the impact of inflation and cost of operations.

    “Net finance cost increased by 14 per cent to N3.7 billion in 2024, from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.

    “Profit Before Tax from ordinary business of the group surged by 1,110 per cent, amounting to N34.7 billion in the quarter under review, compared to N2.9 billion posted in the same period of the previous year.

    According to him, profit before tax inclusive of extra ordinary income was N45.7 billion in first quarter 2024, compared to N2.9 billion in the corresponding period of year 2023.

    Chikwendu revealed that the group recorded extra ordinary income of N11 billion during the period under review, from the realised gain from the sale of shares.

    He said the firm’s profit after tax, including the extra ordinary income improved 1,832 per cent
    year-on-year to N35.9 billion in first quarter of 2024, compared to N1.9 billion recorded in same period of 2023.

    The company secretary noted that the group’s earnings per share stood at N61.12 as at March 31, 2024 compared to N2.58k posted at the end of first quarter of 2023.

    On the balance sheet, Chikwendu said the total assets of Transcorp grew by 8.3 per cent, from N530 billion recorded in December 2023 to N574 billion in the first quarter of 2024, due to the increase in operational activities.

    He stated that the shareholders’ funds increased by 20 per cent, from N187billion in December 2023 to N224 billion at at March 31, 2024, due to profit accredited to retained earnings.

    Commenting, Dr Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, said that the 2024 first quarter results demonstrates Transcorp group’s resilience and commitment to excellence.

    Omogiafo stated that despite the challenges, the firm achieved growth across all major indices, focusing on operational efficiency at both its power plants, and maximising opportunities within its hospitality business.

    He said this shows the group’s ability to adapt and succeed in changing markets.

    “We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.

    “This robust achievement is a further demonstration of the group’s strategic focus and effective execution.

    “Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders,” he said.

    Transcorp Group is a leading, listed African conglomerate, with strategic investments in the power, hospitality, and energy sectors.

  • 2024 Q1: Transcorp Power grows revenue by 223%

    2024 Q1: Transcorp Power grows revenue by 223%

    Transcorp Power Plc (Transcorp Power) on Friday announced revenue of N67.86 billion for the period ended March 31, 2024.

    The figure, when compared to N21.04 billion reported in the first quarter of 2023, reflects a significant increase of 223 per cent.

    The electricity generating company revealed this in its unaudited financial report for the period ended March 31 and made available in Lagos.

    Transcorp power said its Profit Before Tax(PBT) rose by 775 per cent, amounting to N28.77 billion in the first quarter of 2024, compared to N3.29 billion recorded in the corresponding period of 2023.

    The firm’s Profit After Tax(PAT)grew by 665 per cent year-on-year to N20.1 billion in the first quarter 2024, as against N2.6 billion in the same period last year.

    The electricity generating subsidiary total assets also advanced to N276.2 billion in the first quarter 2024, up from N223.3 billion in the corresponding period of 2023.

    Commenting on the financial highlights, Mr Evans Okpogoro, the Chief Financial Officer, Transcorp Power, said the first quarter results of the current year, saw a gross margin of 51 per cent and a cost to income ratio of 70 per cent.

    Okpogoro said the company also posted net profit margin of 30 per cent, compared to first quarter 2023, gross margin of 37 per cent, cost to income ratio of 87 per cent and net profit margin of 13 per cent.

    He stated that this highlighted the remarkable operational efficiency gains of the company.

    According to him, Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.

    “We expect that by the end of the year 2024, we will see a similar growth trajectory recorded between 2022 and 2023 financial year.

    Also, Mr Peter Ikenga, Managing Director/Chief Executive Officer(CEO), Transcorp Power, expressed the company’s delight to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.

    Ikenga said the ability of the electricity subsidiary to sustain growth amidst the environment shows the resilience of its business model and the efficient execution of its 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,” Ikenga said.

    The managing director added that the strong performance is a demonstration of the company’s strategic focus and effective execution as part of Transcorp Group’s implementation of its integrated power strategy.

    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 records N109.1bn gross profit in 2023

    Transcorp records N109.1bn gross profit in 2023

    Transnational Corporation Plc (Transcorp) on Wednesday said its gross profit for the year ended Dec. 31, 2023 stood at N109.1 billion.

    The figure represented a growth of 66.0 per cent,as against N65.77 billion recorded in the same period of the year 2022.

    This was contained in the company’s audited financial statement for the year ended Dec. 31, 2023 sent to the Nigerian Exchange Ltd (NGX) in Lagos.

    The statement was signed by Mr Tony Elumelu, Chairman Board of Directors, Transcorp, Mr Olumuyiwa Awe, Acting Chief Finance Officer, Transcorp and Dr Owen Omogiafo, President Transcorp.

    Elumelu said the company’s profit for the year went up by 93 per cent to N32.5 billion in the year ended 2023, from N16.84 billion recorded in the year 2022.

    The chairman stated that the operating profit for the group, which opened at N46.57 billion, also rose by 75 per cent to N81.4 billion in year 2023.

    He said the group generated N197.0 billion as revenue for the year under review, indicating an increase of 47.3 per cent, compared to N133.7 billion posted in the same period of year 2022.

    According to him, Transcorp’s Profit Before Tax for the year under review stood at N58.8 billion, compared to N30.4 billion posted in the previous year.

    He, however, disclosed that the group recorded N8.7 billion net foreign exchange loss on foreign currency borrowings, indicating 110 per cent increase, from N4.1 billion posted in year 2022.

    The major drivers of the group’s revenue in the course of the year are  its power subsidiary known as Transcorp Power, which recorded a revenue of N156 billion.

    Also, Transcorp Hotels, the group’s hospitality subsidiary, generated N42 billion revenue.

  • Transcorp announces impressive Q3 financial results with 33% year on Year revenue growth

    Transcorp announces impressive Q3 financial results with 33% year on Year revenue growth

    Transcorp corporation PLC, Nigeria’s leading conglomerate with investments in the power, hospitality and energy sectors has disclosed its financial performance for the third quarter of 2023, revealing a robust year-on-year growth across all key indices.

    The brand  made significant progress with revenue soaring higher in the third quarter of 2023.

    With an unadited results filled with the Nigeria Exchange NGX, Transcorp reported an impressive revenue of 128 billion in quarter 3 2022, marking a substantial 33% growth when compared to the N31.5billion in September 2022.

    The profit so far made by the brand signifies the company’s unwavering support and commitment to delivering exceptional value to stakeholders and sustaining a trajectory of continuous growth.

    Below is the Highlights of the result

    • The Group’s total revenue for the period ended September 30, 2023, was N128 billion, compared to N96.2 billion in September 30, 2022, signifying a 33% increase.

    • Operating Income grew 36% from N31.5 billion in September 2022 to N42.7 billion in September 2023.
    • Total Assets increased by 8% from N442.7 billion in December 2022 to N479.8 billion in Q3 2023
    • Hospitality businesses sustained strong growth, recording 31.76% growth in revenue from N22.7bn to N29.9bn, significantly higher than pre-covid performance. Profit also grew by 62% from N3.4bn to N5.5bn
    • Power subsidiaries’ revenue grew by 33.4 % from N73.6bn to N98.2bn despite the challenges of Gas and infrastructure in the sector, showcasing the group’s innovative and resilient business strategy.
    Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, expressed enthusiasm and confidence in the Group’s performance trajectory, stating:
    “Our Group, with our diverse investment in power, hospitality, and energy sectors has reported remarkable results, demonstrating resilience and agility in the third quarter of 2023 amidst the prevailing economic headwinds, including forex challenges, Naira devaluation, gas challenges, and rising inflation.”
    “We remain agile, constantly exploring dynamic ways to maintain value for all our stakeholders, and focused on driving sustainable growth, improving lives, and transforming Africa.” asserted Dr. Omogiafo.
    Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.
  • Greener Tomorrow: Transcorp champions environmental project promoting waste management

    Greener Tomorrow: Transcorp champions environmental project promoting waste management

    Transnational Corporation Plc (“Transcorp”), Nigeria’s largest listed diversified conglomerate renowned for its investments in the Power, Hospitality and Energy sectors, has embarked on a groundbreaking environmental Corporate Social Responsibility (CSR) project. On Wednesday, September 20th, the group launched an initiative aimed at sensitising schools across the country on proper waste management and recycling, fostering a greener and more sustainable future for Nigeria.

    Employees from various Transcorp Companies in Nigeria; Transcorp Plc, Transcorp Hotels Plc, Transcorp Power Limited, Transafam Power Limited, and Transcorp Energy Limited passionately participated in the project. The dedicated staff members visited two schools each across the different states they operate in, engaging with students and educators to raise awareness about the importance of responsible waste disposal and the advantages of recycling.

    The project is aligned with Transcorp’s Africapitalism philosophy, which is embedded in its vision to power positive change within the environment the group operates. In executing this environmental initiative, the Group has chosen to work through the leaders of tomorrow, by partnering with secondary schools, to instill a sense of environmental responsibility among the young generation, inspiring them to become champions of sustainable practices.

    During the engaging sessions representatives effectively communicated the significance of proper waste management techniques and the positive impact recycling can have on the environment. Students were educated on various waste segregation methods and the significance of reducing, reusing, and recycling materials to minimise their ecological footprint.

    To reinforce the importance of recycling, Transcorp Group partnered with Recycle Points, one of Nigeria’s foremost waste recycling and social benefit company and an alumnus of the Tony Elumelu Foundation. Transcorp also donated segmented dustbins to each school, designed to facilitate and streamline the recycling process. These specialised dustbins will empower the students and staff to segregate different types of waste effectively, encouraging a culture of recycling within the school premises. They have also collaborated with a strategic partner who will ensure that the recyclables are collected, and proceeds used to train out-of-school children.

    Speaking at the occasion, President/GCEO of Transcorp Group, Dr. Owen Omogiafo OON expressed immense pride in the Group’s commitment to environmental stewardship. She stated, “At Transcorp, being the Africapalists that we are, we firmly believe that sustainable development is a shared responsibility. Actively engaging with local schools and investing in educational initiatives, allows us to create a lasting positive impact on our environment and inspire the younger generation to adopt eco-friendly practices.”

    In his closing remarks, the representative of the School Principals, on behalf of Lagos State Government, Permanent Secretary, teachers and other staff, expressed his appreciation for this initiative. He encouraged students to imbibe the culture of environmental consciousness and the habit of recycling.

    Transcorp’s dedication to sustainability extends beyond this project, as it continues to explore innovative solutions for reducing its own environmental footprint. Earlier in the year, the Group Chairman Mr. Tony O. Elumelu CFR planted trees at Transcorp Hilton Abuja to commemorate World Environment Day. Combining the resources and expertise of its subsidiaries in the Power, Hospitality, and Energy sectors, Transcorp seeks to lead by example and inspire other organisations to embrace environmentally responsible practices.

    Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate, with a diversified shareholder base of approximately 300,000. Its portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Its businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Aura by Transcorp Hotels, Transcorp Power, Transafam Power, and Transcorp Energy.

  • Transcorp Power MD/CEO, Christopher Ezeafulukwe, appointed MD/CEO of AEDC

    Transcorp Power MD/CEO, Christopher Ezeafulukwe, appointed MD/CEO of AEDC

    In its move to further strengthen the Nigerian power sector, the Managing Director/CEO of Transcorp Power Limited, Christopher Ezeafulukwe, has been appointed by the Board of the Abuja Electricity Distribution Company (AEDC) Board, as the new Managing Director/CEO of AEDC.

    This follows the acquisition of 60% stake in  Abuja Electricity Distribution Company (AEDC) AEDC, by a Transcorp-led consortium.

    Transcorp Power Limited has proven its mettle as a company in Nigeria’s power sector.

    Recall that  In May 2023, the National Council on Privatization  (NCP) approved the Transcorp-led Consortium, as the new strategic investor in Abuja Electricity Distribution Company. The news was received with great excitement by investors and the market, noting Transcorp Group’s track record in value creation, business transformation, and sound corporate governance practices.

    Serial entrepreneur and proponent of Africapitalism, Mr. Tony Elumelu is the Group Chairman of Transcorp. Elumelu is also the Group Chairman of UBA Plc and Founder of Tony Elumelu Foundation.

    With the acquisition which is in line with Transcorp Group’s commitment to improving lives and transforming societies, the Board of AEDC has appointed the Managing Director/CEO of Transcorp Power Limited, Christopher Ezeafulukwe, as the new Managing Director/CEO of AEDC.

    Prior to his appointment as the MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant. Under his leadership, Transcorp Power Ltd has consistently led the Nigerian power sector, being the first successor power company from the 2013 power privatization program, to be discharged from post-privatization monitoring by the National Council on Privatization, having surpassed the expectations of the Council. The Ughelli Power plant, which TranscoGroup acquired during the privatization of the power sector in 2013, demonstrates the Group's transformative prowess.

    The plant's available capacity, which stood at 160MW on acquisition, increased by 227% to 680.83MW in 4 years, surpassing the Bureau of Public Enterprise's (BPEfive-year target of 670MW. With Ezeafulukwe's proven capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the
    supplier of power to the nation’s capital.

    Transcorp Group's commitment to improving lives and transforming societies remains resolute. The Group’s subsidiaries, include Transafam Power Limited and Transcorp Hotels Plc, owners of Transcorp Hilton Abuja,have demonstrated continued value creation and a dedication to creating both economic and social wealth. With a combined market capitalization exceeding N540 billion, the Group continues to demonstrate the Africapitalism philosophy of its Group Chair – Tony Elumelu.

    In a notice published on the Nigerian Exchange(NGx) today, Transcorp noted that, “With Ezeafulukwe’s proven capabilities and extensive experience, he will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital.

    “Transcorp Group’s commitment to improving lives and transforming societies remains resolute,” The company noted.

    The Group’s subsidiaries, including Transafam Power Limited and Transcorp Hotels Plc, owners of Transcorp Hilton Abuja have demonstrated continued value creation and a dedication to creating both economic and social wealth.

    Transcorp Group has a combined market capitalization exceeding N540 billion.