RETREAT ON IDENTITY MANAGEMENT AND LEGISLATIVE OVERSIGHT HOLDS BETWEEN NIMC AND THE HOUSE OF REPRESENTATIVES COMMITTEE ON POPULATION.
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The National Identity Management Commission (NIMC) and the members of the House of Representatives Committee on National Population held a retreat themed Identity Management and Legislative Oversight to seek areas of collaboration towards the achievement of the Commission’s mandate and foster a harmonious working relationship.
Speaking at the retreat, the NIMC Director General, Engr. Abisoye Coker-Odusote says that the retreat, amongst many, aims at re-acquainting the committee members with the activities of the Commission as well as its mandate and mission. She emphasised that the retreat will provide the needed environment for the lawmakers and the management of the commission to identify possible areas of collaboration and build a harmonious working relationship towards the success of digital identity in Nigeria.
Commenting on the retreat focus, the House of Representatives Committee on Population Chairman, Honourable Okunjimi Odimayo, commended the NIMC DG and her team for their effort at raising the Commission’s profile within a short period since her resumption of office. He pledged that the Committee will give maximum support to NIMC to ensure it achieves its mandate.
The retreat had in attendance members of the House of Representatives Committee on Population and management staff of the National Identity Management Commission
Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholders’ value.
The facade of Transcorp Hilton Abuja from the pool
The share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group 40.6 billion shares to 10.2 billion shares.
Whilst the number of shares reduced pro rata, the total value of shareholders’ investments remains unchanged with no dilutive impact to shareholders.
Commenting on the share reconstruction, Owen D. Omogiafo OON, President/GCEO of Transcorp Plc, said, “This share reconstruction is in line with the Company’s corporate strategy and growth plan and is aimed at maximising shareholder value.
The reconstruction will bring the company’s capital structure to a manageable position.
Transcorp Plc remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.
About Transnational Corporation Plc Transnational Corporation Plc (“Transcorp”) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp’s power businesses – Transcorp Power Plc and Transafam Power Limited – provide over 20% of Nigeria’s installed power capacity.
Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL28 and its renewable energy drive through Transcorp Energy Limited.
The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has the digital platform, Aura by Transcorp Hotels. www.transcorpgroup.com
Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, has reported its financial results for the third quarter ending September 30, 2024, showcasing remarkable year-on-year growth.
The Group’s Q3 2024 unaudited results demonstrate strength across key financial performance measures, highlighting the success of its growth-driven strategy.
In Q3 2024, Transcorp Group achieved revenue of N298 billion, a 133% increase from N128 billion recorded in the same period of 2023. Profit before tax (PBT) increased by a remarkable 303%, to N105.5 billion, compared to N26.2 billion recorded in Q3 2023, further solidifying the Group’s position in Nigeria’s business landscape.
Key Financial Highlights:
Revenue Growth: 133% increase, rising to N298 billion from N128 billion in Q3 2023.
Profit Before Tax: Surged by 303% to N105.5 billion in Q3 2024, from N26.2 billion in the same period last year.
Total Assets: Grew by 29%, increasing from N530 billion in December 2023 to N684 billion in Q3 2024.
Shareholders’ Funds: Increased by 34%, from N187 billion in December 2023 to N251 billion in Q3 2024, driven by profit accreting to retained earnings.
Operating Expenses: Increased by 38% to N32 billion in Q3 2024, compared to N23 billion in the previous year, reflecting the impact of inflation on the cost of operations.
Net Finance Cost: Increased by 12% to N12 billion in Q3 2024, from N10 billion in Q3 2023, due to rising interest rates. Owen Omogiafo, OON, President/Group Chief Executive Officer, Transcorp Group, attributed the Group’s exceptional performance to its focus on innovation, operational excellence, and ability to navigate a complex market environment.
She said: “We are proud of our consistent year-on-year growth. This remarkable financial performance is a reflection, once again, of our vision and spirit of execution. As we approach year end, we will focus on enhancing operational efficiency, investing in high-growth sectors, and delivering long-term value to our shareholders. We are investing for the future, particularly in the energy and hospitality sectors, delivering for our shareholders and our nation.”
About Transnational Corporation Plc
Transnational Corporation Plc (“Transcorp”) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp’s power businesses – Transcorp Power Plc and Transafam Power Limited – provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL28 and its renewable energy drive through Transcorp Energy Limited. The Group’s hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination.
IBEDC and Bresson sign 180Bn naira Magboro Power plant Purchase Agreement .
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The first phase of Magboro Power Plant Kicked of Monday 28th October 2024 with official signing and unveiling of the 30 MW Power purchase agreement between Bresson A S, Magboro Power Company and Ibadan Electricity Distribution Company.
Customers around Magboro, Mowe are expected within 11 months to benefit from 24hours uninterrupted electricity supply as a result of the collaboration between Bresson and IBEDC at competitive rates.
The Magboro plant designed as a 90 MW plant is expected to receive its first shipment of Titan 170 Solar Turbine by the end of April 2025.
In his remarks, Engr. Francis Agoha, the Acting Managing Director of IBEDC, emphasized that this partnership aligns with the federal government’s target of 6000 Mega Watts power projection for 2024 and the company’s strategic goal of improving customer energy availability.
“This agreement marks a significant milestone in our continuous efforts to ensure consistent and affordable power for the Magboro community and beyond,” he stated.
“We are committed to forging partnerships that foster progress and deliver lasting solutions to the power challenges faced by communities within our network.”
Magboro Power Company Limited, a respected independent power developer, will play a crucial role in this initiative.