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Transcorp Group Announces N142 Billion Revenue, N58.8 billion PBT, and Celebrates 10 year’s unbroken Dividend payment, at 18th Annual General Meeting

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Transnational Corporation Plc (Transcorp Group or the 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.

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, the Group has 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.

About Transnational Corporation

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL287. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.

www.transcorpgroup.com

 

 

 

 

 

 

 

 

 

 

 

 

 

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FG sues MultiChoice, CEO over DStv, GOtv price hike

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The Federal Competition and Consumer Protection Commission (FCCPC) has filed charges against MultiChoice Nigeria and its CEO, John Ugbe, for allegedly breaching regulatory directives and hindering an ongoing investigation.

 

A statement issued on Wednesday by Ondaja Ijagwu, FCCPC’s Director of Corporate Affairs, revealed that the charges stem from MultiChoice’s decision to increase subscription rates for its DStv and GOtv packages despite an explicit directive from the commission to suspend the hike.

 

On February 24, MultiChoice officially announced a subscription price increase set to take effect on March 1. This move, coming almost a year after the previous price hike, triggered public backlash, prompting the FCCPC to intervene. In response, the commission instructed Ugbe to appear for an investigative hearing on February 27 to discuss the price increase.

 

 

Despite this directive, MultiChoice proceeded with the hike as scheduled, prompting the FCCPC to take legal action.

 

The commission has filed charges against the company and its CEO at the Federal High Court in Lagos, citing three counts of violations under the Federal Competition and Consumer Protection Act (FCCPA) of 2018. These charges include: Obstructing the Commission’s Inquiry by implementing the price increase against regulatory orders (Section 33(4)). Impeding the Investigation by disregarding the suspension order (Section 110). Misleading the Commission by going ahead with the increase without proper clearance (Section 159(2).

 

The FCCPC emphasized that MultiChoice’s actions amounted to a deliberate attempt to undermine regulatory authority and disrupt fair competition. By implementing the price hike ahead of the March 6 hearing, the commission argued, MultiChoice not only defied regulatory processes but also violated consumer rights and fair market practices.

 

 

In addition to the legal charges, the FCCPC is exploring further enforcement actions, including sanctions and penalties, to ensure that MultiChoice complies with regulations and maintains accountability.

 

The commission reiterated its commitment to protecting Nigerian consumers from exploitative business practices, asserting that it would continue to enforce fair market principles and ensure legal compliance among dominant market players.

 

 

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Court orders seizure of N1.37bn Kaduna fund ‘hidden’ in Sterling Bank

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A Federal High Court in Kaduna has ordered the interim forfeiture of N1.37 billion Kaduna State fund allegedly hidden in a Sterling Bank account with no proper documentation,.

 

The judge, H. Buhari, issued the forfeiture order on February 28, following an ex parte application by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which had previously filed the motion on February 14.

 

The fund was said to have been misappropriated from the Kaduna State Government’s coffers during the tenure of former Governor Nasir El-Rufai.

 

 

According to the ICPC, the fund, originally allocated for light rail project was diverted during El-Rufai’s administration. The controversial transfer was uncovered after the ICPC traced the funds to a private account.

 

According to the anti-graft agency, the diverted money was funneled through Indo Kaduna MRTS JV Nig. Ltd, a joint venture formed in 2016 between the Kaduna State Government and Indian investors.

 

ICPC’s lawyer, E.O. Akponimisingha, represented the agency during the hearing, which was conducted without the presence of any opposing parties.

 

 

In granting the forfeiture, the court ordered the ICPC to publish a public notice in two national newspapers, inviting anyone with a legitimate claim to the funds to present their case in court. Further proceedings have been scheduled for April 8, 2025.

 

The scandal dates back to December 2016 when, despite the Indo Kaduna MRTS JV Nig. Ltd not being formally incorporated until May 2017, Governor El-Rufai approved payments to the company. Between December 2016 and January 2017, a total of N11.1 billion was transferred to the company’s Sterling Bank account. The ICPC’s investigation revealed that N1.37 billion of this sum was illegally diverted into a private account.

 

In justifying the forfeiture, the ICPC emphasized that the redirection of the funds into public projects aligns with the broader public interest, particularly in enhancing governance and accountability. The commission further asserted that this action would not violate any constitutional rights and would instead serve the greater good by recovering the misappropriated funds.

 

 

The investigation was launched after a petition was filed by lawyer M. Yahaya from NUS’ AB Chambers in Abuja, detailing concerns of severe financial mismanagement during El-Rufai’s administration. Other officials from the former governor’s administration are also facing allegations of fraud and corruption, with some already facing charges before various tribunals and anti-corruption bodies.

 

While the former governor and his associates maintain their innocence, calling the ICPC’s actions “oppression” and an “abuse of power,” they argue that the seizure of funds tied to the light rail project could harm foreign investments in the state.

 

The case is ongoing, and further developments are expected following the adjournment to April 8.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Court Stops Senate Committee From Probing Natasha Akpoti.

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The federal high court in Abuja has issued an order preventing the senate committee on ethics, privileges, and public petitions from proceeding with disciplinary actions against Natasha Akpoti-Uduaghan.

 

Obiora Egwuatu, the presiding judge, granted the order on Tuesday following an ex parte application submitted by Akpoti-Uduaghan’s legal representatives, the senator representing Kogi central.

 

 

Akpoti-Uduaghan was summoned to appear before the senate’s disciplinary committee after a confrontation with Senate President Godswill Akpabio on February 20.

 

 

The senator disrupted plenary proceedings by rejecting her designated seat, disregarding Akpabio’s directive, and persistently raising a point of order despite being overruled.

 

The senate later referred Akpoti-Uduaghan to the committee on ethics, privileges, and public petitions for a disciplinary review.

 

On February 28, during an interview on Arise TV, the senator claimed that her ordeal in the senate started after she rejected “sexual advances from the senate president”.

 

NULL AND VOID’

 

The legal team representing Akpoti-Uduaghan includes Sanusi Musa, M. J. Numa, Y. M. Zakari, B. J. Tabai, Tijanni Jimol, and M. C. Bekee.

 

The defendants in the suit are clerk of the national assembly, the senate, senate president, and chairman of the senate committee on ethics.

 

According to court documents obtained by TheCable, Akpoti-Uduaghan requested the court to issue an order stopping the senate and the ethics committee from “proceeding with the purported investigation” against her.

 

She further asked the court to declare that any action taken during the pendency of the suit is “null, void and of no effect whatsoever”.

 

 

Additionally, Akpoti-Uduaghan sought permission for the defendants to be served with the originating summons and related documents through substituted means.

 

 

“AN ORDER OF THIS HONOURABLE COURT granting an Interim Injunction restraining the 2nd Defendant/Defendant’s Committee on Ethics, Privileges and Code of Conduct headed by the 4th Defendant from proceeding with the purported investigation against the Plaintiff/Applicant for alleged misconduct sequel to the events that occurred at the plenary of the 2nd Defendant on the 20th day of February, 2025, pursuant to the referral by the 2nd Defendant on 25th February, 2025 pending the hearing and determination of the Motion on Notice for interlocutory injunction,” part of the application reads.

 

In his ruling, the judge directed the defendants to show cause within 72 hours after being served with the order, explaining why an interlocutory injunction should not be granted against them.

 

Egwuatu also approved the request for substituted service on the defendants.

 

The case was adjourned to March 10 for the defendants to present their case on why the applicant’s reliefs should

not be granted.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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