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Transcorp Group Posts N142 Billion Revenue, N58.8Bn PBT, Celebrates 10 year’s unbroken Dividend payment

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Transcorp Group
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Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023, at its 18th Annual General Meeting (AGM), held on Monday, May 27, 2024, at the Transcorp Hilton Hotel, Abuja.

Transcorp Group

The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders. At the AGM, Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion.  This performance was due to the strong results across its subsidiaries:  Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023.  Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, OON, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity.  She said: “The reward for success is more work, and across our Group, we are not relenting.  We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

Tony O. Elumelu, CFR, Group Chairman, explained: “Transcorp Group has not only recorded unprecedented growth, but the Group has also demonstrated its potential to deliver much more value to stakeholders and to our country. The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people.  Despite the current macro-economic challenges, the future remains an exciting one”.

“Government has a critical role to play.  We remain committed to creating more value and appreciate the policies already implemented.  However, we call on the Federal Government to prioritise the crippling issues in the power sector.  The challenges in the power sector should be uppermost in our nation’s transformation agenda.  The private sector cannot thrive without improved access to electricity.  Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year.  The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year.  The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.


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JAMB Accuses Student of Securing Admission through Identity Fraud

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Joint Admissions and Matriculation Board (JAMB) has accused a 2025 Unified Tertiary Matriculation Examination (UTME) candidate of manipulating his identity and engaging in online blackmail.

JAMB Accuses Student of Securing Admission through Identity Fraud

Fabian Benjamin, head of public affairs, JAMB, issued a statement on the matter on Thursday.

He said one Chinedu Okeke, currently a 400-level Medicine and Surgery student at the University of Nigeria, Nsukka (UNN), gained admission in 2021 while claiming to be from Amuwo-Odofin, Lagos state.

JAMB said Okeke’s national identification number (NIN) records from 2021 confirm his Lagos origin.

The board stated it does not alter candidate information provided through NIN.

The board, however, said the 400-level student, who is facing potential challenges for incorrect credentials, is now claiming that it retrieved the wrong details for him from the National Identity Management Commission (NIMC) in 2021.

“[This] is unequivocally false, aimed at fabricating a defence for his case,” Benjamin said.

“The evidence suggests that Chinedu altered his records as filled in 2021 before registering for the 2025 UTME, a fact confirmed by even his advocates.”

The board questioned why a 400-level medical student would seek to study mechanical engineering in 2025, especially with “inconsistencies in his claims.”

JAMB alleged that Okeke “took advantage” of Lagos state’s quota in 2021, thereby obstructing the admission opportunities for other deserving candidates from the state.

It added that he then “attempted to manipulate his details with the NIMC” to unjustly claim representation from Anambra state in 2025.

The board criticised “online advocates” for “actively reaching out to Chinedu’s parents to extract emotional narratives rather than factual clarifications, neglecting to seek information directly from the university.”

JAMB affirmed its commitment to maintaining accurate records and preventing candidates from exploiting loopholes.

It warned that if UNN confirms any inconsistencies, it would notify the Medical and Dental Council to consider delisting Okeke.

“When a nation trivialises illegalities, it breeds a future fraught with potential criminality,” Benjamin’s statement concluded.


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Check Point Report Finds Africa as Top Target for Cyber-attacks

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Africa has become the most targeted region globally for cyber-attacks in the first quarter of 2025, according to new research from Check Point Software Technologies. The company’s Q1 2025 Global Cyber Attack Report reveals a steep rise in malicious activity as the continent continues to accelerate its Digital transformation.

Ethiopia emerged as the most targeted country in Africa during the reporting period. FakeUpdates ranked as the most common malware, while 80% of malicious files across the continent were delivered via e-mail. In contrast, 62% of threats in SA were distributed via the web.

On average, organisations in Africa faced 3 325 cyber-attacks per week – a staggering 72% above the global average of 1 938 attacks per organisation.

Check Point Software unpacked the findings at a media roundtable in Johannesburg. Eli Smadja, global research group manager at Check Point, provided a detailed overview of Africa’s evolving cyber threat landscape, which he said is increasingly defined by AI-powered threats, ransomware, infostealers, edge device vulnerabilities and cloud-based risks.

Among the most concerning developments was the discovery of a previously undocumented multi-stage backdoor, dubbed Stealth Soldier, currently being deployed in cyber operations targeting North African government entities. The malware forms part of a broader command-and-control infrastructure used in spear-phishing campaigns.

Smadja noted a growing trend in malware designed to bypass AI detection systems.

“These aren’t aimed at advanced large language models (LLMs), but rather at lower-level ones,” he said. “It’s about LLM evasion – fooling the AI and manipulating prompts.”

Despite the increasing use of AI in cyber security, Smadja cautioned against over-reliance on AI-driven defence systems. “AI still requires human prompting.”

Check Point is advocating for a zero trust model and a holistic, automated and consolidated approach to cyber security. This includes centralised threat visibility and simplified controls to protect against ransomware, phishing, data theft and vulnerabilities at the edge.

“Just having something at the perimeter isn’t enough,” Smadja said. “Cyber-attacks are not just targeting PCs or servers anymore. For instance, we’ve seen state-sponsored attacks aimed at fuel pumps to disrupt national supply chains.”

He highlighted the importance of understanding external risk – threats originating outside the organisation – especially as AI-driven ransomware and attacks on third-party service providers continue to rise.

“Printers, for example, are a major attack vector,” he added. “They’re often network-connected, and threat actors can exploit them to gain broader access.”

Credentials, Smadja noted, are also a lucrative commodity on the dark web, often selling for around $500.

 


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FG Appeals to U.S. Over Single-Entry Visa Rule for Nigerian Travelers

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Federal Government has urged the United States to reconsider its revised visa reciprocity policy, which now limits Nigerian non-immigrant visas to single-entry, three-month validity.

In a statement released today by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the Federal government expressed concern over the U.S. decision amidst partnership, cooperation and shared global responsibilities by both countries.

“The attention of the government has been drawn to the recent decision by the U.S. to revise its visa reciprocity schedule for Nigerian citizens, limiting the validity of non-immigrant visas, including B1/B2, F and J categories, to three months with a single entry.

Government views this development with concern and keen interest, particularly given the longstanding cordial relations and strong people-to-people ties between our two countries.

The decision appears misaligned with the principles of reciprocity, equity and mutual respect that should guide bilateral engagements between friendly nations.

Nigeria notes this restriction places a disproportionate burden on Nigerian travellers, students seeking academic opportunities, professionals engaging in legitimate business, families visiting loved ones, and individuals contributing to cultural and educational exchanges.

Nigeria respectfully urges the U.S. to reconsider this decision in the spirit of partnership, cooperation and shared global responsibilities, while acknowledging the sovereign right of every country to determine its immigration policies,” the government said.

The government said diplomatic engagements are ongoing and that the ministry would remain committed to pursuing a resolution that reflects fairness and upholds the values of mutual interest.

The U.S. Embassy in Nigeria had on Tuesday, July 8, announced the new policy. The embassy however mentioned that all U.S. non-immigrant visas issued before July 8, 2025, will retain their original status and validity.


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