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Transcorp Group Delivers Impressive Q1 2024 Performance with Revenue Growth of 173 Percent

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Owen Omogiafo, President of Transcorp Plc
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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.

Transcorp Group Delivers Impressive Q1 2024 Performance with Revenue Growth of 173 Percent

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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Joshua Ichor, Nigerian Innovator Bags Europe’s €60m Fellowship

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Joshua Ichor, a Nigerian geoscientist and innovator, has secured a rare invitation into the prestigious EWOR Fellowship, one of Europe’s most selective founder programmes built for outlier entrepreneurs with the potential to create billion-euro companies.

Joshua Ichor, Nigerian Innovator Bags Europe’s €60m Fellowship

Joshua Ichor

The invitation places Ichor inside EWOR’s elite founder ecosystem, a powerful European platform associated with a reported €60 million commitment to backing exceptional founders building the next generation of globally significant companies.

EWOR describes itself as a fellowship for founders who “think in decades and build in days.” The platform says it backs the top 0.1% of founders building potential €10 billion+ companies, with mentorship from unicorn-builders and a founder-first model designed for exceptional entrepreneurs.

For Ichor, the selection is more than another milestone. It is a signal that one of Europe’s most ambitious founder networks sees major global potential in the Nigerian innovator.

While the technology Ichor is currently building has not been disclosed to the public, sources close to the development describe it as a powerful and ambitious piece of technology with the potential to scale internationally.

The project remains under wraps as Ichor continues to refine the product, strategy, and long-term market direction.

According to the fellowship invitation, EWOR believes Ichor is among the few founders with what it takes to build a company that could be valued at €1 billion or more.

That belief places him in a rare class of founders being watched not only for what they have done, but for what they are quietly building next.

EWOR has earned attention for its radical selectivity and founder-first approach.

Its own platform highlights a 0.1% acceptance rate, describing the fellowship as a community of outlier founders who push and sharpen one another.

EWOR’s public materials also reference the fellowship as “Harder than Y Combinator,” built by unicorn founders for founders seeking a higher level of ambition.

The fellowship connects selected founders with a powerful network of unicorn builders, investors, and operators.

Ichor is expected to build alongside a high-calibre founder community that includes names such as Ricky Knox, known for two nine-figure exits; Andrew Nutter, associated with a €180 million revenue company and Sequoia Scout experience; Nick D’Aloisio, widely known for achieving a major technology exit as a teenager; and Jörgen Tveit, who raised one of Europe’s biggest-ever pre-seed rounds by a first-time founder.

The EWOR ecosystem also gives founders access to sessions with globally recognized operators and investors, including Fabrice Grinda, founder of OLX; Kevin Hartz, founder of Eventbrite and Xoom; Mark Ghermezian, founder of Braze; and Michael Baum, founder of Splunk.

For a Nigerian geoscientist to enter this circle is a major statement. It shows that African technical talent is increasingly stepping into the same rooms as some of the world’s most ambitious venture-backed founders.

Ichor’s current technology remains confidential, but the conviction from EWOR suggests that the opportunity is significant.

The details are not yet be public, but the direction is clear: Joshua Ichor is building something with global ambition.

EWOR’s wider network includes some of the world’s leading startup investors and venture names, including A16Z, Accel, Atomico, Balderton, Earlybird, EQT, FJ Labs, Lakestar, Sequoia, Speedinvest, World Fund, and others.

Its platform says fellows raise at 50–300% higher valuations than average, further underlining the strength of the ecosystem around selected founders.

 


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More than 50 Percent of Leaked Passwords End with a Number – Research Reveals

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To mark the occasion of World Password Day, Kaspersky experts analysed 231 million unique passwords in major password leaks from 2023 to 2026, and uncovered several key patterns.

First, 68% of modern passwords can be cracked within a day. Second, it turned out that the vast majority of compromised passwords either begin or end with a digit – a common pattern that makes them potentially vulnerable to brute force attacks.

And third, users also favour positive and trending words; for example, over the past couple of years, use of the word “Skibidi” in analysed passwords surged 36 times, mirroring the rise of that Internet trend.

In recent years, secure passwords’ rules have become a widely discussed topic. More and more services now demand passwords that are at least 10 characters long, include an uppercase letter, and contain a number or a symbol.

Yet a comparative analysis of leaked passwords from the past few years shows that even following some of those rules does not guarantee resistance to brute‑force or AI‑driven attacks.

Kaspersky experts share practical advice on how to make passwords more complex and secure, and how not to repeat common mistakes.

Be creative with using symbols and numbers

Among the leaked passwords that contain just one symbol, the “@” sign tops the list, appearing in 10% of cases. The next most common symbol is a dot (.), found in 3% of passwords. Among all analysed passwords “@” takes second place in terms of prevalence, and in third place is “!”.

Numbers also follow similarly predictable patterns:

53% of examined passwords end with digits;

17% begin with digits;

Nearly 12% include a numeric sequence that resembles a date (from 1950 to 2030);

3% of leaked passwords include keyboard sequencies like “qwerty” or “ytrewq”, but most of them are digital sequencies like “1234”.

Alexey Antonov, Data Science Team Lead at Kaspersky, notes that commonly used symbols, numbers, or dates – especially when placed in obvious positions (such as at the beginning or end of a password) – significantly simplify brute force attacks for cybercriminals. That’s why it’s highly recommended to give preference to less popular characters, and avoid numeric or keyboard sequences.

“Bruteforce works by systematically trying every possible character combination until the correct password is found. When attackers already know which characters users tend to favour, the time required to crack a password drops dramatically. To avoid the temptation of choosing predictable symbols, entrust password creation to dedicated generators that produce random letters, numbers, and symbols with equal probability”, says Alexey Antonov.

Between… Eden and hell: Try to avoid using words in a password

The research shows that emotional and trending words frequently become the basis for a password. For example, from 2023 to 2026 the use of the word “Skibidi” in passwords increased 36 times – mirroring the rapid rise of that Internet trend.

Kaspersky experts have also conducted analysis of the occurrence of positive and negative words in passwords, and it turned out that there are more positive ones. Among those regularly appearing are positive words like “love”, “magic”, “friend”, “team”, “angel” and “star”, “eden”. Interestingly, positive words are much more common than negative ones. However, words like “hell”, “devil”, “nightmare” and “scar” also occur.

“Using a single‑word password, even with a trailing number or a special character, is a weak choice. The pattern is too predictable, making it easy for attackers to guess. Instead, craft a passphrase that strings together several unrelated words, each supplemented with internal numbers and symbols, and sprinkle in a few intentional misspellings.

The longer and more random and unpredictable the password is, the harder it is to crack. As an additional way to protect yourself, enable two-factor authentication (2FA) wherever possible,” recommends Alexey Antonov.

Is password length important?

It’s well known that longer passwords are harder to crack, and the analysis of leaked passwords confirms this principle. However, with the rise of AI driven tools, length alone no longer guarantees security: even lengthy passwords can be compromised if they follow predictable patterns.

The research shows that short passwords of up to eight characters that appeared in the leak are typically cracked by brute force attacks in under a day. However, thanks to AI-powered smart algorithms, more than 20% of 15-character passwords can be broken in less than a minute.

What’s more 60.2% of all analysed passwords – regardless of length – can be cracked in about an hour; 68.2% – in a day.

In the examples provided, the calculations assume a single RTX 5090 GPU and the MD5 algorithm. In real‑world scenarios, attackers can rent multiple GPUs – ten, a hundred, or even more. Under such conditions, the cracking rate would increase potentially by several orders of magnitude.

In modern terms, truly secure passwords not only meet the gold standard of 16+ characters, but also consist of random, non-repeating letters, numbers, and symbols, and are unique for each account. To help users create such passwords, Kaspersky has added a password generation feature to the Kaspersky Password Generator website. Now users can not only check their passwords for leaks, but also generate secure passwords for free.

For easy and secure password management, auto-fill, and cross-device synchronisation consider using a password manager in which all credentials are stored in a secure vault and protected by a single master password. This eliminates the need to remember hundreds of passwords while keeping them safe from breaches.

What’s more, not only passwords, but also passkeys can be created and stored directly in Kaspersky Password Manager, which allows not only to sign in to supported services with a single tap, but also to access passkeys on all devices owing to secure synchronisation.


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Cybervergent Expands to Three New Markets

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Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.

It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.

An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.

It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.

According to  Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.

Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.

The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.

“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”

Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.

The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.


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