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Transcorp Delivers Strong Performance as H1 2023 Financials Show Sustained Growth

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Transnational Corporation Plc (Transcorp Group), Nigeria’s conglomerate with investments in Power, Hospitality and Energy sectors has announced reported its financial results for the first half of the year ended June 30, 2023, recording commendable growth across all its major indices.

The Group achieved an impressive revenue of N82.1 billion in H1 2023, compared to N62.9 billion in H1 2022, marking a substantial 31% growth year-on-year while operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022.

The Group’s total revenue for the half year ended June 30, 2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying a 31% increase.

Operating Income grew by 46% from N20.5 billion in June 2022 to N29.9 billion in June 2023. Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40% compared to N11.3 billion of the corresponding previous year.

In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported an 39% growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022. Interest Cost declined by 9% to N6.6 billion in June 2023 from N6.1 billion in the same period under review.

Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12% increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61%) and Trade and Other Receivables (+40%) which cushioned the effect of the decline in Inventories (+68%).

Transcorp shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders.

Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo OON, mentioned that the Group continues to sustain growth and improvement, showing resilience despite, a challenging operating environment, characterised by foreign exchange volatility, gas supply constraints, and rising inflation, amongst others.

She said, “The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm.

In spite, of the challenging environment, our power businesses (Transcorp Power Limited & Transafam Power Limited) have sustained revenue growth increase by 32% and 30% respectively while our hospitality continues to outperform across all indices.

“We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders,” asserted Dr Omogiafo

Transnational Corporation Plc (Transcorp Group) is a publicly quoted Conglomerate with a shareholder base of approximately 300,000. The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.


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Lawyer Drags FG Court over Controversial Health Data Sharing Agreement with US

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Okpi Bernard Adaafu, a legal practitioner, has dragged the federal government of Nigeria before the Federal High Court in Abuja, challenging the legality of a controversial health data sharing agreement between Nigeria and the United States of America.

Lawyer Drags FG Court over Controversial Health Data Sharing Agreement with US

The suit names the President of Nigeria, the Attorney-General of the Federation and Minister of Justice, the Federal Ministry of Health and Social Welfare, the Senate President of Nigeria, and the Speaker of the Nigerian House of Representatives as defendants.

In the originating summons filed before the court, Adaafu is asking the court to determine whether the bilateral health cooperation Memorandum of Understanding signed between Nigeria and the United States violates the constitutional rights of Nigerian citizens, particularly their rights to privacy and protection of personal data.

According to court documents, the agreement, signed on December 19, 2025, permits the collection and transfer of sensitive health information of Nigerians to the United States.

The data reportedly includes medical records, blood samples, pathogen testing information, and DNA or genetic sequencing data.

The plaintiff argued that while only a summarized version of the agreement has been made public, a related Specimen Sharing Agreement allegedly obliges Nigeria to provide biological samples and related data to the United States within five days of request and could remain in force for up to 25 years.

He contended that such an arrangement, if implemented, would violate the National Health Act 2014, which guarantees the confidentiality of patients’ medical records, as well as the Nigeria Data Protection Act 2023, regulating the processing and cross-border transfer of personal data.

The suit further argued that the agreement breaches Section 37 of the Constitution of the Federal Republic of Nigeria 1999, which guarantees the privacy of citizens.

Adaafu also raised concerns about statements suggesting that the programme would provide substantial support to Christian faith-based healthcare institutions.

According to him, the inclusion or perceived emphasis on religious affiliation within a national healthcare framework is unnecessary, constitutionally questionable, and capable of triggering avoidable social tension in a multi-faith society such as Nigeria.

He argued that healthcare interventions funded through international cooperation must remain neutral, inclusive, and accessible to all Nigerians regardless of religion, ethnicity, or social background.

Another issue raised in the suit is the alleged exclusion of the National Assembly of Nigeria from the process.

The plaintiff maintained that international agreements with significant national implications must undergo legislative scrutiny and approval before implementation.

Among the reliefs sought, Adaafu asked the court to issue an order prohibiting discriminatory agreements based on religion, ethnicity, or other protected characteristics.

He also requested a declaration that the agreement violates both the National Health Act 2014 and the Nigeria Data Protection Act 2023.

In addition, the plaintiff is seeking an order suspending the implementation of the agreement, which is scheduled to commence on April 1, 2026.

Explaining the reason for filing the suit, Adaafu said he decided to approach the court because of the potential implications of the agreement on the privacy, sovereignty, and constitutional rights of more than 200 million Nigerians.

He noted that the issues raised in the suit deserve public awareness and national discourse, stressing that transparency and accountability are necessary in matters involving citizens’ sensitive medical and genetic information.


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Indomie Backs 15-Year-Old’s Guinness Record-Bound Ride to Raise Autism Awareness

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Nigeria’s leading instant noodle brand, Indomie, is backing a cross-country cycling journey by 15-year-old autism advocate Kanyeyachukwu Tagbo, who is embarking on a Guinness World Record-bound ride from Enugu to Lagos to raise awarenessabout autism and promote inclusion.

Tagged “Journey of Possibility, #RideWithKanye,” the expedition will see the young cyclist travel across several Nigerian cities as he advocates for greater understanding and support for individuals living with Autism Spectrum Disorder and their families.

The initiative represents an official attempt to set a milestone with Guinness World Records as the youngest autistic individual to complete a cross-country cycling journey.

The ride is scheduled to conclude in Lagos on World Autism Awareness Day, reinforcing the global call for empathy, acceptance, and opportunity for people on the autism spectrum.

Speaking on the brand’s involvement, Temitope Ashiwaju, Group Corporate Communications and Events Manager, said the initiative reflects Indomie’s enduring commitment to celebrating courageous Nigerian children and amplifying stories that inspire hope.

“At Indomie, we believe every child deserves the opportunity to dream boldly and achieve extraordinary things,” he said. “Kanyeyachukwu’s journey is a powerful reminder that determination and talent can transcend limitations. We are proud to support his mission to inspire understanding, acceptance, and hope for individuals living with autism.”

Kanyeyachukwu first captured national attention when he was recognised at the Indomie Heroes Awards, an initiative by Indomie that celebrates courageous Nigerian children who have demonstrated exceptional bravery, resilience, and impact in their communities.

Since receiving the recognition, he has continued to use advocacy, creativity, and public engagement to reshape perceptions about autism and inspire conversations around inclusion.

Through the “Journey of Possibility,” Kanyeyachukwu hopes to demonstrate that individuals on the autism spectrum possess extraordinary potential when given the opportunity and support to thrive.

As a key supporter of the initiative, Indomie will provide branded cycling kits and support materials for cyclists accompanying him throughout the route, alongside financial support and brand activations at designated stops along the journey.

These engagements will include community interactions aimed at educating the public, encouraging dialogue, and fostering broader participation in autism advocacy.

To ensure the young cyclist’s safety and well-being throughout the expedition, a dedicated safety, medical, and logistics team will accompany the ride.

Host communities along the route are also expected to organise welcome receptions and awareness activities as the team passes through their cities.

The journey will culminate in a celebratory reception in Lagos, bringing together supporters, advocates, community leaders, and partners to mark the completion of the ride and reinforce the call for greater awareness and inclusion for people on the autism spectrum.

Through initiatives like the Indomie Heroes Awards and its support for the “Journey of Possibility, #RideWithKanye,” Indomie continues to champion young Nigerians whose courage, determination, and achievements demonstrate the limitless possibilities that emerge when children are empowered to pursue their dreams.

 

 


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Tinubu Backs Nigerian Media in Battle Against Big Tech, High Tariffs

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President Bola Ahmed Tinubu has vowed government backing for the Nigerian media’s evidence-led push against Big Tech’s anti-competitive practices, content scraping for AI, and economic pressures like high tariffs threatening press survival.

Tinubu Backs Nigerian Media in Battle Against Big Tech, High Tariffs

Tinubu

Speaking at an interfaith dinner with the Nigerian Press Organisation (NPO) delegation at the State House on Friday, Tinubu called the press an “indispensable partner” in fostering economic stability, press freedom, and social cohesion.

He promised to tackle “digital cannibalisation” and review the tariff exemption list to zero-rate media essentials like newsprint, plates, chemicals, and broadcast equipment—currently hit with 5-10% duties—mirroring exemptions for educational materials.

“You have the government’s full support, because we know how important your work is to the sustenance of democracy,” Tinubu assured leaders including NPO President Lady Maiden Alex-Ibru, Aremo Olusegun Osoba (Vanguard), Sam Amuka (THISDAY/ARISE), Prince Nduka Obaigbena, Dr John Momoh (Channels TV), and heads of NPAN, NGE, GOCOP, NUJ, and NTA.

NPAN Deputy President Frank Aigbogun, speaking for NPO, accused Big Tech firms like Meta and Google of breaching paywalls to train AI models, costing local media 70% of revenue—hundreds of millions of dollars—plus jobs. He urged directing the FCCPC to probe these issues.

Information Minister Mohammed Idris noted ongoing government engagement with Big Tech: “We will not allow anybody to come here, reap from our economy, and go away without giving back.” Vice President Kashim Shettima and senior aides attended.

The pledge follows NPO’s January letter highlighting existential threats from Big Tech to Nigerian media.


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