News
Transcorp Power Reports N67.86Bn Revenue

Transcorp Power Plc, also known as Transcorp Power, reported N67.86 billion in revenue for the quarter that concluded on March 31, 2024, on Friday.

Peter Ikenga
The amount represents a notable 223 percent increase from the N21.04 billion reported in the first quarter of 2023.
This was disclosed in the electricity generating company’s unaudited financial report, which was made available in Lagos, for the period ending March 31.
Transcorp Power reported that its Profit Before Tax (PBT) increased to N28.77 billion in the first quarter of 2024 from N3.29 billion in the same period the previous year, a 775 percent increase.
In the first quarter of 2024, the company’s Profit After Tax (PAT) increased by 665% year over year to N20.1 billion, from N2.6 billion in the same period the previous year.
The total assets of the electricity-generating subsidiary increased as well, rising from N223.3 billion in the same period of 2023 to N276.2 billion in the first quarter of 2024.
Mr. Evans Okpogoro, chief fnancial officer, Transcorp Power, commented on the financial highlights, stating that the company’s first quarter results for this year showed a cost to income ratio of 70% and a gross margin of 51%.
According to Okpogoro, the company also reported a gross margin of 37%, an expense-to-income ratio of 87%, a net profit margin of 13%, and a net profit margin of 30% as of the first quarter of 2023.
He stated that this highlighted the remarkable operational efficiency gains of the company.
According to him, Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.
“We expect that by the end of the year 2024, we will see a similar growth trajectory recorded between 2022 and 2023 financial year.
Also, Mr Peter Ikenga, managing director/chief executive officer (CEO), Transcorp Power, expressed the company’s delight to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.
Ikenga said the ability of the electricity subsidiary to sustain growth amidst the environment shows the resilience of its business model and the efficient execution of its strategic initiatives.
As part of the Transcorp Group’s implementation of its integrated power strategy, the managing director went on to say that the company’s strong performance is evidence of its strategic focus and effective execution.
Strategically investing in the power, hospitality, and energy sectors, Transcorp Power Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s top listed companies.

George Akume, secretary to the Government of the Federation, has raised alarm over the activities of a criminal syndicate allegedly cloning his voice and using it to defraud unsuspecting Nigerians with promises of Federal Government appointments.

George Akume, SGF
In a statement issued by Yomi Odunuga, his special adviser on Media and Publicity, on Thursday, Akume said the fraudsters have impersonated him in audio calls and text messages, targeting high-profile individuals and soliciting payments ranging from ₦5 million to ₦15 million in exchange for phantom political positions.
“From information available to the office, the fraudsters cloned the voice of the SGF, using it to solicit money in return for federal appointments,” the statement read.
The SGF further revealed that the scammers not only cloned his voice but also spoofed the phone numbers of other high-profile individuals to give credibility to their fraudulent scheme.
“These scammers attach bank account details to messages sent to victims and request them to send their CVs to cloned emails,” Odunuga added.
The statement noted that the fraudsters have been operating through both traditional bank accounts and fintech mobile wallets, complicating efforts to trace the financial trails.
Distancing himself from the illicit scheme, Akume stressed that appointments to Federal Government boards and parastatals are transparent and not for sale under any guise.
The statement noted, “Senator Akume emphasized that the appointment processes for Nigerians into boards and parastatals are transparent and verifiable, urging individuals not to pay any money in expectation of securing a position.”
The Office of the SGF confirmed that it has notified relevant security agencies, urging members of the public to report suspicious calls or messages to law enforcement.
“The Office of the SGF strongly advises Nigerians to report the activities of these fraudulent people to the authorities while taking all precautionary steps necessary to avoid being victims of th
News
Olukoyede, EFCC Chair Denies Forcing Ojulari to Resign as NNPC Boss

Ola Olukoyede, executive chairman, Economic and Financial Crimes Commission (EFCC), has denied claims that he compelled Bayo Ojulari, group chief executive officer, Nigerian National Petroleum Company Limited (NNPCL), to step down from his role.

Bayo Ojulari,
The allegations stemmed from an August 2, 2025, online publication which alleged that Olukoyede and Adeola Ajayi, director general, Department of State Services (DSS), pressured Ojulari into signing a resignation letter during a closed-door meeting in Abuja.
The report also suggested that Ojulari was interrogated over his purported links to Olatimbo Ayinde, British-Nigerian oil mogul, who is reportedly close to key figures in the present administration.
In a follow-up story, the news outlet further claimed Ojulari was later invited to the Presidential Villa, where First Lady Senator Remi Tinubu reportedly opposed his resignation.
Responding to the allegations, Dele Oyewale, spokesman, EFCC< issued a statement on Wednesday on behalf of the Commission, noting that Olukoyede, through his legal counsel Adeyinka Olumide-Fusika (SAN), described the publications as defamatory and injurious to his integrity.
“The publications and the imputations conveyed by them are so damning and cannot be ignored or treated with levity,” the statement quoted.
Olukoyede denied any suggestion that he was acting at the behest of Ayinde or that his actions were influenced by external political figures.
A letter addressed to the editor of the publication, signed by Olumide-Fusika, reiterated the gravity of the claims and insisted on corrective measures.
“He, therefore, demanded that the medium acknowledge your wrongdoing, expressly admit that what you published and imputed against my client are false, apologise for it unreservedly and retract and pull down the stories from your newspaper website and social media handles,” the statement added.
Olukoyede said the story portrayed him as “someone that has betrayed and subverted public trust by submitting the authority of his public office and trust as Chairman of the EFCC to the dictates and directives of one Olatimbo Ayinde.”
Labelling the report as entirely fabricated, Olukoyede demanded an official apology and complete removal of the story from the outlet’s digital platforms within 48 hours.
News
PalmPay Partners FG to Drive Data Protection Awareness

PalmPay reinforced its commitment to data protection and youth empowerment with a ground-breaking partnership with the Federal Ministry of Youth Development to launch the Youth Data Protection Awareness and Training (YDPAT) Program, which is targeted at equipping over 1,000,000 Nigerian youths digitally over 3 years.
The training program, commissioned last week at the Shehu Musa Yar’ Adua Centre in Abuja, will focus on providing youths with the right knowledge and skills required to navigate the digital landscape safely. With over 70% of the Nigerian population consisting of youths, this is an important move to foster trust, security and youth-focused innovation.
Speaking at the launch, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, commended PalmPay’s partnership in the actualisation of the program and described YDPAT as a bold step toward building a digitally literate and security-conscious generation.
In his words, “This is about building a privacy-first generation, one that is inclusive, future-facing, and globally competitive.” He also emphasised the low awareness of the Nigerian Data Protection Act (NDPA), 2023 and the critical shortage of certified Data Protection Officers (DPOs), despite over 500,000 data controllers operating in the country.
This position was equally supported by PalmPay’s Managing Director, Mr Chika Nwosu, who stated how data protection is as important as innovation in tech. He noted that PalmPay integrates privacy into every stage of its product development, ensuring that user information is safe.
Beyond ensuring data protection, PalmPay is committed to empowering young Nigerians with real opportunities for growth, with mentorship and internship placements for top-performing participants. It has led several youth-oriented initiatives, including the Purple Woman campaign, and Passing the Baton CSR for thousands of youths and women in urban and rural communities.
With a drive to achieve nationwide digital literacy, PalmPay is championing campaigns in Northern Nigeria, with more activations planned across various states.
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