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
Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

Tony Elumelu, Nigerian businessman and philanthropist, has warned about the growing dangers of artificial intelligence misuse after an AI-generated video falsely showed him promoting a forex and cryptocurrency trading platform.

Tony Elumelu,
The founder of Tony Elumelu Foundation revealed this in a post on his X account on Monday, explaining that the video appeared highly convincing but was entirely fabricated.
In the post, he also tagged Elon Musk, X owner, and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy while calling for stronger safeguards against the misuse of artificial intelligence.
“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform.
“It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust,” he wrote.
He stressed that he has no affiliation with any cryptocurrency or foreign exchange trading platforms.
“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms.
“My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs,” he said.
While acknowledging the transformative potential of artificial intelligence, Elumelu urged African youths to embrace the technology responsibly and use it to develop scalable solutions.
“I strongly believe in the potential of AI. It is a defining technology of our time, and African youth must be at the forefront of adopting it to build scalable solutions. We cannot afford to be left behind in the global tech race,” he added.
The business leader, however, warned that rapid technological advancement also presents risks if not properly regulated.
“But the flip side of rapid innovation is the risk of abuse. The ease with which identities can now be cloned to deceive the public is alarming.
“Policymakers and regulators must act now to establish safeguards and hold those using it to scam innocent people accountable,” he said.
Elumelu also urged the public to remain vigilant and protect themselves from digital fraud.
“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud. Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve,” he said.
News
NITDA DG Appraised the Role of Teachers as Key to Nigeria’s Digital Transformation

By Solomon Yaji
Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), has emphasised the critical role teachers play in driving Nigeria’s digital transformation, noting that classrooms will be central to shaping the country’s technology-driven future.

Inuwa made the remark during a stakeholders’ dialogue organised by the Development of Educational Action Network Initiative (DEAN) in Abuja.
Speaking on the theme “Nigeria’s Current Digital Landscape: Our Reality and Its Practical Connection to Education,” the NITDA DG, who was represented by the agency’s Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said the rapid expansion of the digital economy is reshaping the education sector and redefining the role of teachers in modern learning environments.
He explained that while digital technologies have created unprecedented access to information and opportunities for students, they also present challenges that require guidance and responsible use.
According to him, teachers must go beyond the traditional role of knowledge transmission to become mentors who help students navigate the digital world safely and responsibly.
“Teachers are no longer just instructors; they are now guides who help students identify credible information, avoid harmful online content, and develop responsible digital behaviour,” he said.
Inuwa added that educators must cultivate critical thinking among students while equipping them with the skills needed to thrive in an increasingly technology-driven society.
He reaffirmed NITDA’s commitment to advancing digital literacy nationwide through initiatives such as the Digital Literacy for All programme and partnerships with educational institutions aimed at strengthening teachers’ digital capacity.
The NITDA boss stressed that empowering teachers with digital skills is vital to preparing Nigerian students for the future workforce and ensuring the country remains competitive in the global digital economy.
Nigeria is currently pursuing an ambitious digital literacy agenda, targeting 70 per cent digital literacy by 2027 as part of broader efforts to build a knowledge-driven economy powered by innovation and technology.
Earlier in his remarks, the Executive Director of DEAN Initiative, Semiye Michael, said the workshop was designed to re-engineer teachers’ capacity in line with the realities of the digital economy.
“We need to strengthen teachers’ competence and provide them with access to the necessary digital infrastructure,” Michael said, adding that the engagement would help shape policies that support technology-driven learning in Nigerian schools.
He described the workshop as an “awesome experience,” noting that ideas generated during the session would be consolidated into a policy guide for the ministry and other relevant agencies.
Michael further noted that strengthening teachers’ digital capacity would be vital to enhancing Nigeria’s competitiveness in the global knowledge economy.
The event attracted key stakeholders from the Federal Ministry of Education, Nigerian Communications Satellite Limited (NIGCOMSAT), as well as private sector experts.
News
Amnesty Poll: 97% of Nigerians Doubt Judicial Independence

A new Amnesty International poll exposes stark public distrust in Nigeria’s judiciary, with nearly 97% of respondents believing judges face external influence and lack independence in their duties.

Amnesty International
Shared on social media by Amnesty International Nigeria, the poll asked if Nigerian judges operate freely. An overwhelming majority answered “No,” with only a tiny fraction expressing confidence amid fears of pressure from political actors or powerful interests.
Judicial independence underpins democratic governance, enabling impartial rulings based on law alone. In Nigeria, doubts have intensified after controversial decisions in high-stakes political cases.
While not a scientific survey, the findings echo civil society demands for reforms to boost transparency, accountability, and trust. Advocates stress that bolstering court autonomy is vital for upholding the rule of law and citizens’ rights nationwide.
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