News
Transcorp Delivers Across Portfolio
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, 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, 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”.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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