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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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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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