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

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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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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Nick Imudia, Ex-Nokia Chief’s Death Not Suicide – Family

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Nick Imudia, better known for his nearly two decades at Nokia, did not commit suicide, according to a statement from his family on Sunday.

Nick Imudia, Ex-Nokia Chief Didn't Die of Suicide - Family

Nick Imudia

The family did not however disclose the cause of his death, but said investigation was still ongoing by the police to ascertain the cause of his death.

The family however said it was unhappy with the unprofessional manner the media had wrongly characterised the reporting of Nick Imudia’s death as suicide.

The family said this was also supported by the Lagos State Commissioner of Police’s office that had vowed to investigate the sudden death of Nick, saying neither did Nick called his brother in America with instructions on how to distribute his wealth, nor placed a call to his daughter with any instructions.

The family queried: “How come the news was reported so hastily (less than 3 hours from his death) before his family members even knew about it – and the medical team was still trying to resuscitate him at the hospital? The Imudia family wonders!”

The statement said Nick never showed any sign of stress and was not diagnosed as depressed at any point, saying the thought of suicide in the manner portrayed and hastily reported by the news media was suspect.

According to the statement, Nick was full of life and that people who worked closely with him or met him in the last hours prior to the incident surrounding his death were shocked with the media attributing his death to ‘suicide’.

The family added that at his prime age and the level of his achievements, people who knew Nick well were all shocked and did not accept the characterisation of his death as suicide.

The statement said members of Nick’s family did request the media and the general public to allow them to grief their loved one without any unfounded rumour of the circumstances surrounding his death.

Nick reportedly killed himself on the night of Tuesday, June 25, by jumping from the balcony of his Lagos apartment.

He was 45 years at the time of his death and was the CEO of D.light, leading innovator in the distribution and financing of residential solar energy solutions and transformational household products

Nick was former regional director for TCL/Alcatel, responsible for Nigeria and Central Africa Operations.

Before joining TCL/Alcatel, Nick was the GM/MD of Nokia (now Microsoft Device and Services) for West and Central Africa, a world leader in Mobility, driving the transformation and growth of the converging Internet and communications industry.

For almost 17 years, he worked in Nokia with different responsibilities in the areas of Sales, marketing, Capability Development, management systems, operational excellence, IT and process management.

He had a stint Konga, Nigeria’s eCommerce powerhouse.

 

 

 

 

 


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NITDA, ACEPHAP, to Leverage Digital Technology in Improving Healthcare Sector

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In its continued effort to implement the presidential priority areas, particularly Focusing on Education, Health and Social Investment by strengthening their capacities through digital innovation and inclusive access to technology, the National Information Technology Development Agency (NITDA) is set to collaborate with the Africa Centre of Excellence for Population Health and Policy (ACEPHAP) in transforming the healthcare delivery in Nigeria through technological innovations.

This was made known when a delegation from the ACEPHAP led by its director, Professor Hadiza Shehu Galadanci visited the DG NITDA, Kashifu Inuwa CCIE at the Corporate Headquarters of the Agency to discuss possible areas of collaboration.

Inuwa outlined a comprehensive plan to leverage technology as an enabler across all critical sectors in Nigeria, with a particular focus on healthcare while emphasising that technology is not a standalone sector but an essential tool that enhances productivity and innovation across all sectors.

While enumerating the Agency’s pillars of its Strategic Roadmap and Action Plan (SRAP 2.0) in creating a thriving digital ecosystem that benefits all sectors, he stated that the administration of President Bola Ahmed Tinubu GCFR has prioritised healthcare by utilising technology to achieve significant development in the sector.

“Healthcare is key to us, and the President is also big and loud on it, so we have crafted our strategic roadmap and action plan which has 8 pillars to achieve significant milestones in the sector,” he noted.

Speaking on the first pillar which is to Foster Digital Literacy and Cultivate Talents, he said that the agency has set an ambitious target of achieving 95% digital literacy by 2030 with a mid-term target of 70% by 2027 and has consequently rolled out the Digital Literacy for All programme which aims to infuse digital skills into the national academic curriculum in collaboration with the Ministry of Education.

He also noted additionally that there are plans to train 3 million Nigerians in high-demand IT skills through various initiatives including partnerships with platforms like Coursera.

“We aim to increase the digital fluency of our citizens. Everyone should be able to use digital devices safely and responsibly as well as to build our proficiency so that we can build our digital offerings in the country,” he added.

Inuwa gave valuable insights on various strategic initiatives the agency has been implementing which the visitors can leverage to create a vibrant healthcare sector in alignment with the other SRAP pillars which are to Build a Robust Technology Research Ecosystem, Strengthen Policy Implementation and Legal Frameworks, Promote Inclusive Access to Digital Infrastructure and Services, Strengthen Cybersecurity and Enhance Digital Trust, Nurture Innovative and Entrepreneurial Ecosystem, Forge Strategic Partnerships and Collaborations and lastly, Cultivate a Vibrant Organisational Culture and an Agile Workforce in NITDA.

While noting that the agency is investing in the research of 6 emerging technologies; AI, IoT, Robotics, UAVs, Blockchain and Additive Manufacturing, he mentioned that the goal is to establish centres of excellence in geopolitical zones to foster innovation and collaboration.

“Based on that, we would do the site readiness assessment for the equipment you need, and you can do it for any or all of the identified emerging technologies with your focus on healthcare,” he stated.

While emphasising the importance of ensuring the privacy of patients’ data, Inuwa averred that “Cyber security is critical to whatever you do because even the patients need to be sure of the integrity, availability and confidentiality of their information because as you digitise, you need to make sure their data are secured.”

He also disclosed that through the Nigeria Startup Act, NITDA has been supporting startups with incentives and resources to foster innovation. He added that the Agency encourages startups to register and benefit from those initiatives to boost their growth and scalability.

Speaking on forging strategic partnerships and collaboration, he hinted that the Agency engages with academia, corporate organisations, entrepreneurs, venture capitalists and government entities to build a cohesive innovation ecosystem.

The NITDA boss added that the multi-stakeholder approach ensures diverse perspectives and resources to contribute to Nigeria’s digital transformation.

While noting that the collaboration betwee is a transformative step in the right direction, Inuwa asserted that adoption of AI tools in enhancing medical research and diagnostics is an innovative approach towards transforming healthcare delivery in Nigeria.

Inuwa mentioned recent collaborations, such as with E-Health Africa, which utilises AI tools like ChatGPT to enhance medical research and diagnostics. This innovative approach is part of a broader strategy to develop local AI-driven solutions that can transform healthcare delivery in Nigeria.

In her earlier remark, Prof. Galadanci expressed optimism about the future while envisioning a long-lasting relationship with NITDA that will drive transformative change in the healthcare sector.

Highlighting the centre’s focus on healthcare entrepreneurship and innovation, she shared success stories from their healthcare entrepreneurship boot camp and pitching event in 2023 where young innovators were identified in Kano and supported with seed grants to further develop their ideas.

The centre’s Director noted that the collaboration would translate research into impactful policies and foster a culture of innovation and entrepreneurship among students, faculty and healthcare professionals.

“We sincerely hope this will be the beginning of a long-lasting relationship and partnership that will translate to the true meaning of the quadruple helix in the quest to address the rights of healthcare challenges through technology, innovation and entrepreneurship in Nigeria and Africa,” she remarked.


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Minister Commends NIPR’ Pact with Global Alliance for the Establishment of a Degree-awarding Academy in Nigeria

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Mohammed Idris, Minister of Information and National Orientation, has applauded the MoU signed between Nigerian Institute of Public Relations and the Global Alliance for Public Relations and Communication Management geared towards establishing a degree-awarding academy for public relations practice in Nigeria.

The minister gave the commendation in a statement released over the weekend and made available to our reporter in Abuja.

According to the statement, “I welcome the Memorandum of Understanding (MOU) signed between the Nigerian Institute of Public Relations and the Global Alliance for Public Relations and Communication Management, to establish a degree-awarding academy for public relations practice in Nigeria.

“I equally welcome the recent election of a Nigerian, Dr. Omoniyi Ibietan, as the Secretary-General of the African Public Relations Association (APRA).

“Also worthy of note is the fact that Public Relations (PR) has now been designated as a cadre in the Federal Civil Service, with effect from December 2023.

“The Information Officer Cadre has been re-designated to ‘Information and Public Relations Officer Cadre’, and the Executive Cadre to ‘Executive Officer (Information and Public Relations)’. The NIPR played a critical role in championing this and deserve commendation”.

The minister further assured that “Nigeria will continue to play a leading role in strengthening and elevating public relations practice at home and across Africa.

“Recently, when I received the President of the African Public Relations Association, Mr. Arik Karani, he commended Nigeria in this regard”.

He said, “[Nigeria] was, for the longest time, the only country in Africa that had a law that professionalized public relations. It was Nigeria that started it on the continent and only last year did Zambia come out with its own law.

“So now we have two countries on the continent, and only now in Kenya, the bill for professionalizing public relations is at the second reading in Parliament.”

The honourable Minister in an encouraging remark, assured that the administration of President Bola Ahmed Tinubu will continue to provide the enabling environment for everybody within Nigeria’s communications industry to thrive.


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