Transcorp Power Plc, also known as Transcorp Power, reported N67.86 billion in revenue for the quarter that concluded on March 31, 2024, on Friday.

Peter Ikenga

The amount represents a notable 223 percent increase from the N21.04 billion reported in the first quarter of 2023.

This was disclosed in the electricity generating company’s unaudited financial report, which was made available in Lagos, for the period ending March 31.

Transcorp Power reported that its Profit Before Tax (PBT) increased to N28.77 billion in the first quarter of 2024 from N3.29 billion in the same period the previous year, a 775 percent increase.

In the first quarter of 2024, the company’s Profit After Tax (PAT) increased by 665% year over year to N20.1 billion, from N2.6 billion in the same period the previous year.

The total assets of the electricity-generating subsidiary increased as well, rising from N223.3 billion in the same period of 2023 to N276.2 billion in the first quarter of 2024.

Mr. Evans Okpogoro, chief fnancial officer, Transcorp Power, commented on the financial highlights, stating that the company’s first quarter results for this year showed a cost to income ratio of 70% and a gross margin of 51%.

According to Okpogoro, the company also reported a gross margin of 37%, an expense-to-income ratio of 87%, a net profit margin of 13%, and a net profit margin of 30% as of the first quarter of 2023.

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.

As part of the Transcorp Group’s implementation of its integrated power strategy, the managing director went on to say that the company’s strong performance is evidence of its strategic focus and effective execution.

Strategically investing in the power, hospitality, and energy sectors, Transcorp Power Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s top listed companies.

Paradigm Initiative (PIN) and the School of Media and Communication, Pan-Atlantic University (SMC, PAU) have sealed a partnership aimed at increasing knowledge and skills in reporting and responding to digital rights and inclusion issues in Africa.

This collaborative effort is aimed at equipping journalists with the expertise needed to effectively document and report on digital rights violations and advocate for inclusive digital spaces across Africa.

The partnership is part of PIN’s Digital Rights and Inclusion Media Programme (DRIMP) which encompasses media fellowships run collaboratively with academic institutions and sector experts. Through the programme, PIN partners with academic institutions and key digital rights experts to deliver capacity-building training sessions to early-career media practitioners and media students. DRIMP exposes relevant programme fellows to digital rights and inclusion, enhancing their ability to report and respond to any violations that may arise.

“Building a strong network of informed advocates and reporters is crucial for promoting and protecting digital rights in Africa and this collaboration marks a defining moment for the documentation of digital rights developments within Africa,” said Bridgette Ndlovu, PIN’s Partnerships and Engagements Officer. “Through this partnership with the School of Media and Communication, Pan-Atlantic University, we will empower media students to hold governments and the private sector accountable for upholding digital rights standards,” she said.

Commenting on behalf of SMC, PAU, Senior Lecturer at the School of Media and Communication, Dr. Nwachukwu Egbunike highlighted that the partnership is in line with SMC’s commitment to providing industry relevant skill sets to her students. The partnership will foster experiential learning, which is one of the cardinal teaching objectives of Pan-Atlantic University, Lagos. .

“We are excited to partner with Paradigm Initiative. Equipping media students with the knowledge and skills to report on digital rights issues is essential for building a more just and equitable digital space in Africa,” Dr. Egbunike added.

The collaboration comes at a time when rapid digitalisation and adoption of digital policies is gaining traction in Africa. Through the partnership, PIN will provide technical facilitation on digital rights topics which include: Surveillance, data privacy and digital legislation in Nigeria and Africa. Media students at Pan-Atlantic University will publish research papers on digital rights and inclusion. PIN will also offer internship opportunities to a maximum of two interns to recommended outstanding students who are part of the School of Media and Communication, Pan-Atlantic University programme per cohort. The Internship slots will allow student beneficiaries to learn from and contribute to PIN’s or any of its partners’ work.

Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.

Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.

The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.

“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.

He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.

According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.

The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.

He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.

Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.

On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”