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.
A collection of eminently qualified personalities will on Friday November 29 engage in the discourse on how to bring back the confidence of Nigerians in the nation’s judiciary August24news.com has learnt.
The event, the Gavel International Annual Lecture with the theme: “The Judiciary as the last hope of the common man, media and legal perspectives” will be hosting Prof Hope Eghagha, Mr. Richard Akinnola, Mr. Ebun-Olu Adegboruwa SAN, Mrs. Joke Layi-Babatunde, and Mrs. Asabe Waziri as the panel discussants.
The panel will be coordinated by Chief Anthony George-Ikoli SAN
At the event, the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi will deliver the Keynote Address while Nigeria’s top business lawyer, Mr. Gbenga Oyebode MFR will serve as chairman Former General Secretary of the Nigerian Bar Association (NBA), Mr. Dele Adesina SAN will deliver the main lecture.
George-Ikoli is a former Attorney-General of Bayelsa State and the first Senior Advocate from the state.
A passionate advocate of the Justice system, George-Ikoli will bring his wealth of experience to bear on the discussions.Prof Eghagha, is a highly experienced teacher of English Literature and Literary Analysis at the Faculty of Arts, University of Lagos and researcher of dramatic theory and criticism.
He is a playwright, poet, novelist, biographer, columnist and member of The Guardian newspaper’s editorial board.
Through his weekly newspaper opinion articles, he explores the complex challenges facing Nigeria.Prof. Eghagha also served as the Commissioner for Higher Education in Delta State from 2009 to 2014. In 1999, he was named Honorary Colonel of the Commonwealth of Kentucky United States, and Honorary Captain of the Belle of Louisville.
A distinguished academic Eghagha was made appointed professor in 2010. He was also Acting Dean of the Faculty of Arts, University of Lagos in 2015 and Head of the Department of English, University of Lagos from 2016 to 2019.
In December 2023, he was appointed Education Consultant to the Delta State Government.Richard Akinnola is a legal affairs journalist, legal historian, media law specialist, media trainer, and author of 18 books on law, media, human rights and politics.
A respected law columnist, at various times, he was a pioneer staff of The Guardian, Vanguard, and Judicial Editor of the Concord Group. One of the founders of Civil Liberties Organisation (CLO), the first Human Rights body in Nigeria, established in 1987, he is currently Director, Centre for Media Law and Advocacy, member of the Board of Partnership for Justice and founder of Richard Akinnola Foundation and NGO that takes care of widows of journalists and activists.
Akinnola is the publisher/Editor-in-Chief of COURTROOM; Publisher/Editor-in-Chief of MEDIA LAW and Publisher/Editor-in-Chief of CORRUPTION CASES JOURNAL.Ebun-Olu Adegboruwa, Senior Advocate of Nigeria (SAN), is a well regarded rights advocate and legal luminary.
Adegboruwa attended the Obafemi Awolowo University, Ile-Ife, the Nigerian Law School, Lagos, and was called to the Nigerian Bar in 1995.
He served as counsel at Gani Fawehinmi Chambers from 1995 to 2000 and later founded his law firm, Ebun-Olu Adegboruwa & Co.He has been an activist and rights crusader for most part of his life.
He was the Public Relations Officer of the Student’s Union of Obafemi Awolowo University, and later the Union’s President.He was a member of the Senate of the National Association of Nigerian Students and member of the Committee for the Defence of Human Rights, Civil Liberties Organization, Campaign for Democracy, President, GSM Subscribers and other Phone users Association of Nigeria and founder of Law and Justice Forum and Millennium Legal Support Services.
He is also a Pastor at the Redeemed Christian Church of God.Mrs. Adejoke Layi-Babatunde is an alumnus of Obafemi Awolowo University, Ile Ife and the Nigerian Law School, Lagos.
She is a results-driven and accomplished law publisher with an exceptional talent for developing and launching new publications.
With a keen eye for detail and exceptional interpersonal and communication skills, Layi-Babatunde easily stands out and is well known for her collaborative approach to leadership.She is an author and life coach and sits on several boards.
She has featured as a keynote speaker in several national and international conferences.
Her editorial board position at a legal entity covering Africa reflects her deep industry involvement.She has spearheaded pivotal roles, including being Deputy CEO at Lawbreed Limited, driving publication of Supreme Court judgments and publications aimed at equipping lawyers for greater success as well as overseeing corporate social relations.
Her blend of experience, skills, and commitment positions her as a valuable asset to organizations at various phases of growth and this has earned her several awards one of which is the ESQ Nigeria Legal awards Amazon of the Year 2021.
Mrs. Layi-Babatunde started her career at the Legal Department of Nigeria Industrial Development Bank (now Bank of Industry. She is a life member of WIMBIZ (Women in Business and Management), Lagos Chamber of Commerce & industry, Chairperson, Mentoring Committee of FIDA Lagos chapter and FIDA International Editorial Board and the vice-chairperson of the Professional Development Committee of the Ikeja chapter of the Nigerian Bar Association.
Asabe Waziri is a petroleum engineer and a respected professional in the oil and gas industry, with nearly three decades of experience. She is also the founder of the Asabe Waziri Justice Advocacy Initiative (AWJAI), an organization inspired by her profound encounter with injustice. Driven to help others navigate the complex Nigerian justice system, Asabe established AWJAI to address critical issues faced by vulnerable communities.
In just over a year, AWJAI has made significant strides in combating illegal evictions, gender-based violence, monitoring compliance with the Administration of Criminal Justice Act (ACJA), addressing professional misconduct, and tackling prison overcrowding.
The Publisher of Gavel International, Mustapha Ogunsakin explained that the 2024 annual lecture is designed to kick off conversations on the restoration of confidence of the Nigerian people in the nation’s judiciary which appears to be at an all time low.“During the #Endsars protests in 2020, a very major court building, the Lagos High Court, Igbosere was razed by a mob.
We saw the horrendous pictures of the burnt court, particularly one of the arsonists in a lawyer’s garb of wig and gown, with a machete in his hand. For me, that is very scary imagery. We must begin to restore the hope of the common man, if not in other organs of government, but in the judiciary.
The other alternative is anarchy,” he said. Ogunsakin posited that legal and media professions saddled with direct constitutional roles in the judicial system are best positioned to restore confidence in the judiciary. “While the role of the legal profession is statutory, the media has the responsibility to represent the people by covering and reporting court proceedings, except it has to do with national security or cases involving minors.
That is why the constitution made provision for a public gallery in every court where journalists occupy to report cases and disseminate to the public,” he noted.Gavel International has over the years hosted lectures and conferences in pursuit of its guiding principle — Rule of Law. In 2015, Gavel International presented a book, “For the love of their Nation, Lawyers as Agents of Change in Nigeria’’ authored by the publisher, Mustapha Ogunsakin.
The public presentation of this book was done by the then Vice President, Prof Yemi Osinbajo SAN.
Others in attendance at the event include Mr. Eyitayo Jegede SAN, then the Attorney General of Ondo State, Chief Anthony George-Ikoli SAN, the first SAN from Bayelsa State and a former Attorney General of the State, Mr. Ade Ipaye and a host of others.In 2020 when the COVID-19 pandemic raged, it managed to host a stellar webinar conference, bringing together some of the most brilliant minds across the country to discuss on the topic: “Media Coverage of Virtual Court Proceedings: Prospects and Challenges.
Prof. Osinbajo delivered the Keynote Address and was joined by others like human rights activist, Femi Falana SAN, Bode Olanipekun SAN, Prof Chidi Odinkalu, Dr Reuben Abati to discuss the topic.
There is great optimism about the outcome of the ongoing 2024 United Nations Climate Change Conference, also known as the Conference of the Parties of the United Nations Climate Change Conference (UNFCCC).
More commonly known as COP29, this year’s conference is the 29th and is being held in Baku, Azerbaijan, from 11 to 22 November 2024.
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, the Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), and the Permanent Representative of Nigeria with the World Meteorological Organization (WMO) are among Nigeria’s delegation at COP29.
Barrister Shola Gabriel, Director of Legal Services, and Mrs. Gloria Onyegbule, Director of Applied Meteorological Services at the Nigerian Meteorological Agency (NiMet), are also attending.
The Minister and the NiMet team held a side meeting with officials of the World Meteorological Organization (WMO) to discuss areas of mutual interest.
A significant focus of the side engagements at COP29 was the support for Nigeria’s Early Warnings for All (EW4ALL) roadmap, aligning with the United Nations’ initiative to ensure universal early warning systems by 2027.
The WMO’s Systematic Observations Financing Facility (SOFF) plays a vital role in this endeavor, providing long-term financing and technical assistance to close weather and climate data gaps.
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, expressed appreciation for SOFF’s support and advocated for its expansion to include middle-income countries like Nigeria, emphasizing the importance of comprehensive data sharing for global weather prediction accuracy.
The meeting highlighted the recent reaccreditation visit by Paul Bujeac to Nigeria’s WMO Regional Center in Oshodi-Lagos. Recall that Bujeac commended Nigeria’s efforts in advancing meteorological services, and Nigeria anticipates a successful reaccreditation, reinforcing its commitment to international meteorological standards.
These collaborative efforts signal Nigeria’s dedication to advancing meteorological science within the aviation sector and beyond, aiming to enhance safety, efficiency, and resilience against climate change impacts.
NiMet DG/CEO Anosike Says Agency Is Positioned To Climate-Proofing The Economy By Providing Timely Weather And Climate Information
Left to Right: Dhulipala Ram Kiran, Research Scientist, International Livestock Research Institute (ILRI), Anthony Whitbread, Program leader of livestock, climate, and environment at ILRI, Prof. Charles Anosike, Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), and Rupsha Banerjee, Senior Scientist, Institutions and Innovation at ILRI, at the one-day workshop on ‘Understanding the landscape of agro-meteorological data resources and processes for facilitating climate smart agriculture adoption’, jointly hosted by NiMet and ILRI in Abuja on Monday, 18th November 2024.
The Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike, has said that the agency is positioned to climate proofing the economy by providing timely weather and climate information.
Prof. Anosike spoke while welcoming participants to a one-day workshop on ‘Understanding the landscape of agro-meteorological data resources and processes for facilitating climate smart agriculture adoption’ jointly hosted by NiMet and the International Livestock Research Institute (ILRI), in Abuja on Monday, 18th November 2024.
According to Prof. Anosike, the workshop aims to help the participants understand the landscape of agro-meteorological advisories in Nigeria.
“This is an important workshop that is aimed at building resilience among smallholder farmers and livestock keepers to increase productivity by Identifying adaptation options, best practices, and adaptation gaps for smallholder farmers. I am particularly grateful to the ILRI for co-hosting this event, as the event is coming at the right time when NiMet is working on a strategic design to explore the pastoralist landscape of Nigeria in a bid to strengthen engagement and ensure the development of early warning systems specifically for the sector to make it resilient and sustainable in advancing the UN EW4ALL initiative”.
Prof. Anosike said that NiMet’s agrometeorological advisories have evolved in scope, including the concept of co-production which is supported by the World Meteorological Organisation (WMO). “Co-production allows critical stakeholders to be part of the production process of weather and climate information to increase the depth and improve the accuracy and relevance of the information provided.
The workshop allows critical stakeholders to map the climate information advisories that are critical to smallholder farmers, and livestock keepers”, Prof. Anosike concluded. Anthony Whitbread, Program leader, of livestock, climate, and environment at ILRI and one of the workshop facilitators said the workshop will improve the capacity of the participants, and help to identify gaps in information needs, data gathering, and the process of delivery of information to the last mile including gender and social inclusion.
On her part, Rupsha Banerjee, Senior Scientist, Institutions and Innovation at ILRI listed the expected outcome of the workshop as the production of “Country profile and infographic in brief, the delivery of climate services via the public and private sector in Nigeria”.