Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares, on Monday.

L-R: Dr. Owen D. Omogiafo, OON, Non-Executive Director; Peter Ikenga, Managing Director/CEO; Emmanuel N. Nnorom, Chairman; Stanley Chikwendu, Company Secretary at the Annual General Meeting of Transcorp Power Plc held at Transcorp Hilton Abuja on Monday

The Company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year.

Profitability remained strong, demonstrating its resilience amidst evolving market dynamics.

Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.

At the AGM, Mr. Emmanuel Nnorom, chairman of the Board, highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.

He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance.  We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”

Speaking on the Company’s performance, Peter Ikenga, managing director/chief executive officer, Transcorp Power, stated that the Company’s success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.

“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritizing and investing in human capital, aiming to enhance in-house capabilities.  Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”

Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders.

Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations.

She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”

Transcorp Power’s social responsibility activities were also commended at the AGM.  The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.

Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector.

Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

By Austin Okere

Congratulations to Air Peace on its inaugural flight to London and for achieving full bookings for the upcoming months, thanks to attractive ticket prices. Over the past fortnight, Air Peace has been making waves on social media for various reasons.

On a positive note, the airline shared a LinkedIn post featuring a picture of former Nigerian President, Chief Olusegun Obasanjo, aboard a return flight to London.

The caption highlighted his positive experience, stating, “I went, it was pleasant. I came back, it was even more pleasant.”

However, on a different note, Nigeria Stories recently reported that the United Kingdom Civil Aviation Authority has contacted Nigeria’s Civil Aviation Authority regarding alleged violations of aviation safety regulations by Air Peace.

The significance of Air Peace’s impact on airfares along the Lagos-London route cannot be overstated. Since commencing operations on March 30, Air Peace has maintained its round-trip economy ticket price at $1,000 (₦1.2 million), a substantial reduction compared to the previous rates charged by international airlines, which could soar up to $2,500 (₦3 million).

This bold pricing approach has disrupted the established norms, prompting foreign carriers to reassess their pricing frameworks.

To uphold customer loyalty and ensure long-term viability, it is imperative for Air Peace to explore additional strategies for differentiation. I have outlined these strategies using Austin’s Four Models of Competitive Strategies below:

1. Technological Leadership

This approach is commonly embraced by firms that have secured a substantial leadership edge on the innovation spectrum. Their dominant position within their specific market niche is profound, making it exceedingly challenging for competitors to replicate or close the gap. Companies like Apple, Alphabet, Airbus, SpaceX, Netflix, and Tesla, among others, adeptly employ this strategy to significant effect.

Typically, they command premium prices for their offerings, allowing for greater investment in ongoing research and expertise, thus fortifying their technological supremacy and perpetuating their cycle of success.

2. Service Excellence

This strategy is often embraced by companies that may not necessarily lead in technology but excel in delivery and customer experience to secure patronage and foster loyalty. Airlines like Emirates, Singapore Airlines, Qatar Airways, and Japan Airlines consistently rank among the world’s top 10 airlines as voted by travelers worldwide, thereby drawing more patronage.

3. Customer Intimacy (Personalized Customer Engagement)

This approach is predominantly employed by companies that strive to create a familial bond with their customers. They foster a sense of intimacy with their clientele, exemplified by Ghana’s Africa World Airways (AWA), which has established a reputation for punctuality in West African travel.

Air Peace appears to be following suit with this strategy, offering popular Nigerian cuisine and beverages on the Lagos-London route, and outfitting their crew in vibrant Nigerian attire. Companies employing this strategy often boast prolonged customer retention rates. They possess a deep understanding of their customers, accommodating their unique preferences, while customers reciprocate with steadfast loyalty.

4. Cost Leadership

This strategy is predominantly adopted by companies that have enjoyed an early lead in product development and launch, leveraging the returns on their investments over time. They employ low pricing to dissuade competitors from entering the market. A classic example is Coca-Cola and Pepsi-Cola.

Additionally, other companies that may employ this strategy are those that have accessed the experiences and intellectual property of more advanced competitors without incurring the costs and challenges of research and development. They are content to price their products relatively lower to attract patronage.

Many established companies with mature infrastructure also aim to increase their market share through periodic sales promotions, satisfied with extracting contribution margin from fixed costs.

Airlines often utilize this strategy during low seasons to improve their load factor rather than flying with empty seats or cargo space. They prefer to capture customers at any price rather than allow competitors to benefit from lost sales.

Bringing it All Together

In the fiercely competitive landscape of the airline industry, pricing strategies serve as a cornerstone in attracting passengers and maintaining a competitive edge. Employing competitor pricing, a dynamic and data-informed approach, enables airlines to swiftly adapt to market fluctuations and consumer preferences while optimizing revenue streams.

Airlines continuously fine-tune their fares in response to market dynamics, competitive maneuvers, and various other factors, employing a seamless and automated process to uphold competitiveness, optimize load factors, and maximize revenue streams.

While competitive pricing may serve as an initial strategy to penetrate the market and garner market share, I am cautious about relying solely on it for sustained success. It’s essential to recognize that no matter how aggressively priced one may be, there’s always someone offering a lower fare.

This approach risks triggering a downward spiral in pricing, potentially leading to a race to the bottom. In such a scenario, financially robust incumbents may outlast vulnerable newcomers, only to subsequently increase prices to recoup lost revenue once the newcomers are forced out of the market. This fate should not befall Air Peace.

Austin Okere is a thought leader, and business mentor. An Entrepreneur-in-Residence at Columbia Business School, New York.

Young girls have been charged to prepare themselves for future careers that will be premised on ICT knowledge and expertise.

L-R: Head of Contact Center, Globacom Limited, Kemi Fadipe; Manager, South-West Zonal office, National Information Technology Development Agency (NITDA), Mrs. Jumoke Alaka, who represented the Director General of the Agency, Dr. Inuwa Abdulahi; Convener, Girls-In-ICT/CEO, e-Business Life Communication Limited, Mrs. Ufuoma Emuophedaro; and Deputy Director, Head Corporate Communication, NCC, Nnenna Ukoha, who represented the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida at the just-concluded eBusiness Life Int’l Girls in ICT Day Celebration held in Lagos

Speaking at the International Girls in ICT event organised by eBusiness Life Communications Limited last Thursday, corporate organisations that gathered for the 12th edition of the year long campaign spoke on diverse expectations from the young girls, and how to position them to bridge the gender gap in the ICT career field.

In his keynote address at the event, the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, who was represented by the Deputy Director, Head Corporate Communication, NCC, Nnenna Ukoha, noted that there is a need to provide girls with quality STEM education as a means of bridging the gender divide, while also challenging the gender stereotype; and provide positive role models for young girls to look up to.

Quoting the Global Gender Gap Report (2023), which states that women comprise only 29.2% of STEM workforce in 146 nations evaluated, compared to nearly 50% on non-STEM occupations, Dr. Maida lamented the “underrepresentation of women in STEM (Science, Technology, Engineering and Mathematics).

“As we look around us, we witness the impactful influence of technology in all facets of our existence. Technology, from communications to healthcare, education to entertainment, has emerged as the primary catalyst for advancement and growth. Nonetheless, despite the significant progress we have achieved, there is a noticeable gender gap in the ICT sector.”

Referencing the 2024 theme, Leadership’’, Convener, Girls-In-ICT/CEO, e-Business Life Communication Limited, Mrs. Ufuoma Emuophedaro, noted: “While there is a leadership gender gap in every industry, the largest gaps are found in the STEM fields. Women in ICT often find themselves in junior or support roles rather than in managerial roles, with little opportunity for advancement. They are also less likely to hold an executive position, become ICT entrepreneurs, or be represented among science and technology policymakers.

She noted that ICT holds limitless possibilities, especially for women. “It is a realm where creativity knows no bounds, innovation thrives, and dreams are transformed into reality through lines of code and digital solutions. Yet, despite its vast potential, the representation of women in this field remains disproportionately low.

Today, we challenge that narrative. We stand united to break down barriers, defy stereotypes, and pave the way for a future where every girl, regardless of background or circumstance, feels empowered to pursue her passion for technology.”

Young women and girls need to see themselves as change-makers in the field, and they need to be able to see clear routes to become leaders in the field.”

In a virtual message from the International Telecommunications Union (ITU), the Secretary General, Doreen Bogdan-Martin explained that the 2024 theme, “Leadership”, speaks to more than holding a job title or position of power, but about harnessing the power of ideas and innovation, and the ability to navigate change with confidence even as a student.

She said that as the world continues to experience tremendous unprecedented digital transformation with the rise of Artificial Intelligence and other emerging technologies, it cannot afford to leave girls and women, which represent 50%, behind.

“It is high time to turn all this around. To all the young girls out there, the tech sector needs you. Your ideas, creativity, and perspectives are essential if gender equality will become a reality. We need you to step into leading roles to challenge the stereotypes, and to contribute to building a better future that benefits everyone.”

Head of Contact Center, Globacom Limited, Kemi Fadipe noted that the event not only pursues individual development, but also crucial for fostering gender equality and societal progress. She charged the students to get more serious with excellence in STEM subjects to excel in male dominated fields. She encouraged them on critical thinking and problem solving, which is essential in addressing complex challenges and driving innovation, among other things that make up good leadership, including truthfulness, resilience, objectivity, inspiring, sense of purpose, strategic thinking, integrity, honesty and ethical behavior.

Deputy Managing Director/COO, VDT Communications, Bimbo Ikumariegbe, while charging the girls to be focused in their choice, as making the wrong choice of online may ruin them and foil their chances of becoming great leaders. “Look to the future and ask yourself ‘can I get there?’”

In her submission, the Business Development Manager at inq Digital, Sandra Nwaigwe, encouraged the young girls to start building up themselves for the future. According to her: “As young people, you need to find your best feet in ICT so that when the time comes you will be able to raise your head so high like the women that have done great things.”

Awards were also given to deserving corporate and individuals that have distinguished themselves in grooming young girls and helping them to upskill.

The reciepients were the National Information Technology Development Agency (NITDA); Digital Strategist & Founder, MissTechy – Nigeria’s Female Tech Blog, Ayeni Oluwatobi Dorcas, also known professionally as Miss Techy; and Head of Network and Solutions at Information Connectivity Solutions Limited (ICSL), Tinuade Oguntuyi.

Receiving the corporate Award on behalf of the NITDA DG, Manager, South-West Zonal office, Mrs. Jumoke Alaka, appreciated the organisers and pledged the Agency’s commitment towards encouraging girls in the area of STEM and ICT career.

Activities at the event included STEM Quiz and Vlogging competitions; Students roundtable, which was anchored by foremost journalist, Louisa Olaniyi, random quiz and entertainments.

In the Vlogging competition, moderated by tech enthusiast, Digital Strategist and Founder, ‘MissTechy’ – Nigeria’s top Female Tech Blog, Oluwatobi Ayeni, Reagan Memorial Baptist Girls Secondary School, Yaba to the First Prize, while the Second and Third Prizes went to Chrisland College, Ikeja and The Lagoon School, Lekki.

In the STEM Quiz Competition, the top prize went to The Lagoon School, Lekki, while Baptist Girls Academy, Obanikoro and Government Senior College, Agege settled for the 2nd and 3rd positions.

Partners with eBusiness Life Communication Limited for this year’s event included the NCC, NITDA, Globacom, Digital Encode, VDT Communications, Digital Realty, Huawei Technologies, Inq Digital, and CocaCola.