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Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

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Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

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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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UN Urged To Establish Global Water Security Fund

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The United Nations and global stakeholders have been urged to establish a global water security fund to accelerate climate-resilient water infrastructure.

 

Dr. Prince Ero Ibhafidon, President, Waterlight Save Initiative stated this at the organisational session of the UN 2026 Water Conference.

 

He also called on UN to mandate accountability for SDG 6, enforce clear progress benchmarks to hold nations responsible and expand access to water innovation, ensuring technological advancements reach vulnerable

communities.

 

“The solutions exist. The resources exist. What we need now is the courage to act.

 

“Years from now, will we be remembered as the generation that ended water scarcity-or the one that let millions suffer in silence? The time for pledges has passed. Now, we must deliver results.

 

“Waterlight Save Initiative stands ready. Let’s turn words into action. Let’s get to work,” he said

 

According to him, water insecurity is a silent catastrophe, saying that one in three people lack access to safe drinking water, and every two minutes, a child dies from a waterbome disease.

 

“Climate change is worsening this crisis, drying up rivers and contaminating vital water sources.

 

“We are halfway through the UN Water Action Decade, yet progress toward Sustainable Development Goal 6-Clean Water and Sanitation for All-remains too slow. This is not just a crisis, it is a failure of leadership.”

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House Of Reps probe AITEO, Seplat, Oando, 45 other oil firms over N9.4trn debt..

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The House of Representatives has launched an investigation into AITEO Eastern E&P Company, Seplat Energy Plc, Oando Plc, Heirs Holdings and 45 other oil companies over failure to remit N9.4 trillion payments to the Federal Government.

 

The Green Chamber has summoned the chief executive officers of the affected oil firms to appear before it from March 3 to 7, 2025.

 

Other companies listed in the probe include Addax Petroleum Exploration Nigeria Limited, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belemaoil Producing Limited, Bilton Energy Limited, Britannia-U, Waltersmith Petroman Limited, Chevron Nigeria Limited (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Limited, Dubri Oil Company Limited, Enageed Resources Limited, Shell Nigeria Exploration and Production Company, Energia Limited, and Eroton Exploration & Production Company Limited.

 

 

Also included are Esso E & P Limited (Usan, Erha), First E & P Limited, Frontier Oil Limited, General Hydrocarbons Limited, Green Energy International Limited, Nigeria Agip Exploration Limited (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Newcross Exploration and Production Limited, and Newcross Petroleum (OML 152).

 

Other firms named are Network Exploration & Production Limited, Total E&P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63), Lekoil Oil and Gas Investments Limited, Midwestern Oil and Gas Limited, Millennium Oil and Gas Company Limited, Seplat Energy (OML 4, 38 & 41), and Oriental Energy Resources Limited.

 

Oando Oil Limited (OML 60, 61 & 62), Pillar Oil Limited, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited, and Mobil Producing Nigeria Limited (OML 67 & 70) are also under investigation.

 

 

Akin Rotimi, the House spokesperson, said in a statement on Sunday that the debt includes unpaid royalties, concession rentals, gas flare penalties, and liabilities arising from Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.

 

“A review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021, coupled with further investigations, showed that as of late 2024, multiple oil companies collectively owed approximately N9.4 trillion,” the statement noted.

 

The investigation also found that despite the mandates outlined in the Petroleum Industry Act (PIA), which require settlement within 30 days, the debts remained unpaid as of the last quarter of 2024.

 

 

In response to these findings, the House Committee on Public Accounts, chaired by Bamidele Salam, has scheduled investigative hearings at the National Assembly Complex in Abuja.

 

“Ensuring that oil companies fulfill their statutory obligations is crucial to maintaining the integrity and accountability of our national resources.

 

“We seek a collaborative approach to resolving these discrepancies efficiently,” Salam noted.

 

Earlier this year, on January 28, the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that it was working in collaboration with the Economic and Financial Crimes Commission (EFCC) to recover $6 billion and N66 billion owed to the federal government by various oil and gas companies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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