News
Transcorp Power Reports Strong Q3 2024 Performance, with 153% Revenue Growth and 198% Increase in Profits

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.
News
ABoICT Lecture 2025 to Focus on Governance, Standardization in Artificial Intelligence Era

This year’s Africa’s Beacon of ICT Merit and Leadership lecture will focus on Governance, Standardization and cybersecurity in artificial intelligence era.
The lecture which will herald Africa’s Beacon of ICT Merit and Leadership Awards (ABoICT Lecture 2025) hold on May 24, 2025 at Four Points by Sheraton and will be delivered by Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode – Cybersecurity and GRC Expert.
The sixteenth edition of the award ceremony according Ken Nwogbo, editor-in-chief of Nigeria CommunicationsWeek the organizers of the event, “is a special edition to recognise and celebrate organizations and individuals in the ICT industry that have contributed to the growth of the sector.
“Most of these organizations and individuals have consistently being voted by our readers as leaders in their areas of operations and we have decided to reward them in this special edition, tag: ‘ICT Growth Edition 2025’ he said,”.
He added that, an AI governance framework outlines policies, principles, and practices to guide the ethical and responsible development and deployment of AI technologies, ensuring transparency, accountability, and fairness.
“In the AI era, cybersecurity faces both new threats and opportunities, as AI’s capabilities are used by both defenders and attackers to launch sophisticated attacks and defenses.
“This requires a proactive approach, including AI-powered security tools, robust data security, and ethical AI development, emphasizing real-time monitoring, threat intelligence, and collaboration among cybersecurity professionals and AI researchers.
“Artificial intelligence transforms cybersecurity by automating responses to risks, detecting unusual activity, and even foreseeing possible dangers before they occur.
“While AI has various perks, such as better efficiency and faster risk identification, it also has challenges. Without proper oversight, these systems can be misused or make errors. Strong governance and ethical frameworks ensure AI technologies are used responsibly and effectively.,” he said.
The Africa’s Beacon of ICT Merit and Leadership Distinguished (ABoICT Lecture 2024) is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
The lecture series however is reserved for distinguished achievers in the ICT sector.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Oluseyi Akindeinde, founder, Hyperspace & NeuraL AI and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; among others.
News
Cabals Still Fighting our Refinery – Dangote

Aliko Dangote, Africa’s richest man and president of Dangote Refinery, has insisted that the ‘cabal’ in Nigeria’s oil and gas sector is still fighting against the success of his 650,000 barrels per day plant.

Aliko Dangote
Dangote disclosed this, according to Semafor, a global news platform, at an investor forum in Lagos at the weekend.
He said, “For a very, very long time, those that have made a lot of money from government-subsidised oil imports into Nigeria were the ones trying to sabotage the $20 billion worth of refinery situated in Lekki, Lagos.”
He further stressed that “those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”
However, Dangote was confident that the battle between him and the groups would be won, priding himself on being a long-time fighter.
“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 percent sure I will win at the end of the day,” he was quoted.
Recall that Dangote Refinery kicked off the sale of petrol in September 2024, which had led to a significant drop in fuel imports into Nigeria.
In May 2023, President Bola Ahmed Tinubu announced the removal of the fuel subsidy during his inauguration speech.
News
NPAN Hails Tribunal’s Ruling on FCCPC’s $220M Fine Against Meta

Newspaper Proprietors’ Association of Nigeria (NPAN) has welcomed the decision of the Competition and Consumer Protection Tribunal (CCT) upholding the $220 million fine imposed on Meta Platforms Inc. by the Federal Competition and Consumer Protection Commission (FCCPC).
In a statement signed by its President, Mal. Kabiru A. Yusuf, and General Secretary, Mrs. Angela Emuwa, NPAN described the ruling as a significant milestone in Nigeria’s efforts to enforce digital accountability and protect the rights of its citizens.
“The decision affirms the importance of compelling global digital platforms to adhere to Nigeria’s laws and respect the rights of users,” the association said.
NPAN noted that the fine, resulting from a 30-month investigation spanning 2021 to 2023, was imposed due to Meta’s alleged unauthorized data sharing and discriminatory practices affecting Nigerian users.
The association also emphasized that Nigeria’s regulatory action aligns with global trends, citing similar penalties imposed on Meta in Europe, as well as actions against other tech giants such as Amazon, TikTok, Google, and Apple.
As an advocate for media freedom and fair digital practices, NPAN reaffirmed its commitment to safeguarding intellectual property and ensuring fair remuneration for publishers in the evolving digital landscape.
It further urged sustained collaboration among government agencies, civil society, and industry players to strengthen Nigeria’s digital regulatory environment.
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