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Transcorp Delivers Across Portfolio, Significantly Increases Electricity Generating Capacity to 2000mw

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4 years ago

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Launches Transformative Hospitality Products, Advances Integrated Energy Strategy

  • Shareholders salute strong Q1 2021 performance boost of profit by 2,427%
  • Transcorp stock held by over 300,000 shareholders demonstrates leadership, resilience and commitment to Nigerian economy

Shareholders of Nigeria’s leading diversified conglomerate, Transnational Corporation of Nigeria Plc (“Transcorp”), showed their strong confidence in the Board and management, at the Group’s 15th Annual General Meeting (AGM), which took place this week at the Transcorp Hilton Abuja.

The shareholders commended the company for declaring dividends, noting that despite the negative impact of the Covid-19 pandemic on the Group’s hospitality subsidiary, Transcorp remained committed to rewarding shareholders.  They were impressed by the significant advances in the Group’s integrated energy strategy, with the acquisition of Afam Power Plant Plc and Afam III Fast Power Ltd, delivering on the Group’s promise to power Nigeria and change lives.  They commended the resilience and dedication of the Board and management, despite the challenging global environment.

Speaking at the meeting, Mr Tony O. Elumelu, CON, Chairman of Transcorp, thanked shareholders for their continued support and promised that the Group will continue to execute its expansion, in line with its mission of “Improving Lives and Transforming Nigeria”.

Mr Elumelu stated “It was a difficult year, but we adapted, proved resilience and continued to invest – delivering the $300m Afam acquisitions in the middle of the pandemic, illustrated our unwavering commitment to the Group’s success”.

“Our team added value across our portfolio.  In the power sector, the Group completed the acquisition of Afam Power Plc and Afam III Fast Power, taking installed capacity to nearly 2,000MW.  This acquisition demonstrated the Group’s long-term strategy to create value and deliver robust power supply across Africa.  In oil & gas, the Group is driving forward investment in OPL 281 and participated in the acquisition of OML17.  In hospitality, a new digital platform, Aura By Transcorp Hotels, which is set to redefine hospitality standards, was launched.”

Speaking on the success of the Group’s sustainable expansion strategy, Mr Elumelu said “Transcorp has an extremely bright future.  We have experienced an extraordinary transformation, from a narrow focus on hospitality, to our disciplined expansion across key sectors.  Today, Transcorp has diversified its interest into the power and oil & gas sectors, emerging as a key player in the energy sector – we are the leading listed investor across these critical sectors.”

Mrs Owen Omogiafo, the President/Group CEO of Transcorp said “At Transcorp, we continue to re-invent ourselves and position for opportunities that we can leverage to attain our vision of improving lives and transforming Nigeria.  Moving into the future, we shall continue to expand, invest, and build the brand of the company sustainably as we believe that there is a lot of value trapped within Transcorp that needs to be unleashed and recognized by the market”.

About Transcorp

Transnational Corporation of Nigeria Plc (Transcorp) is a publicly quoted conglomerate, with a diversified shareholder base of over 300,000.  Our portfolio comprises strategic investments in the power, hospitality, agribusiness and oil and gas sectors.

Our portfolio includes Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and the recently launched digital hospitality platform, Aura by Transcorp Hotels.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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17 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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1 day ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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1 day ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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