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Transcorp Power posts N453bn pre-tax profit, declares N3.13 dividends

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Transcorp Power posts N453bn pre-tax profit, declares N3.13 dividends

Transcorp Power Plc (Transcorp Power) has reported N453 billion profit before tax for the year ended Dec. 31, 2023.
Mr Stanley Chikwendu, Group Company Secretary, Transcorp Power, said this indicated a surge of 85 per cent, when compared with N439 billion reported in 2022.

Chikwendu stated this in the company’s audited financial statement for the year ended Dec. 31, 2023, sent to the Nigerian Exchange Ltd.(NGX) on Tuesday in Lagos.

He said the company also posted  gross earnings of N4142.1 billion for the year under review, which shows 57.30 per cent increase, from N90.34 billion reported in the previous year.

Commenting on the result, Mr Peter Ikenga, Managing Director/Chief Executive Officer, Transcorp Power, attributed the growth to the company’s strong operational capabilities and effective business strategies.

Ikenga said the performance was a testament to the dedication and hard work of the team, and its focus on operational efficiency and ingenuity.

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“We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders.

“With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector.

“The company which was listed on the main board of the NGX on March 4 has continued to enjoy impressive market confidence in line with its commitment to shareholder value,” he said.

The managing director said that the company’s Board of Directors had proposed a final dividend of N3.13 to its shareholders.

According to him, the dividend payout reflects the firm’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the company

He said Transcorp Power continues to strengthen its position as a leading player in the power sector, with a focus on delivering reliable power solutions to meet the evolving needs of its customers and stakeholders.

This, he said, was in line with the company’s purpose of improving lives and transforming Africa.

Ikenga said that Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant.

He noted that in 2020, Transcorp Group acquired the 566 MW gas-fred Afam Power Plant, bringing its total installed capacity to approximately 2,000 MW.

The managing director said in 2023, executing its strategy of value chain optimisation, Transcorp Consortium invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mille users safely and reliably.

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s listed companies with strategic investments in the power, hospitality, and energy sectors.

With a total installed capacity of over 2,000 MW, Transcorp Group is committed to creating value and driving economic growth by improving lives through access to electricity and transforming Africa. 

Transcorp Power posts N453bn pre-tax profit, declares N3.13 dividends

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China accuses Biden of tariffs hike on electric cars

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China accuses Biden of tariffs hike on electric cars

China accuses Biden of tariffs hike on electric cars

China has accused U.S. President Joe Biden of slapping new tariffs on Beijing as part of his re-election campaign and threatened retaliation.

“The U.S. should immediately correct its wrong practices and cancel the additional tariffs imposed on China,’’ a statement from the Beijing Ministry of Commerce said.

China would “take resolute measures to defend its own rights and interests after the U.S. decided to take this step due to domestic political considerations.’’

The U.S. is increasing tariffs on electric cars from China from 25 per cent to 100 per cent as part of a crackdown on Chinese imports, with solar cells, semiconductors.

Harbour cranes and certain medical products were also affected.

The official Chinese state news agency Xinhua added.

“The newly announced tariff increase is mainly a symbolic gesture by which the Biden administration is trying to play tough with China amid the increasingly fierce election campaign for the presidential candidacy.’’

The current tariffs, which were first introduced by former U.S. president and current Biden challenger Donald Trump in 2018 and have now been increased by the Biden administration.

The Biden administration already effectively kept Chinese vehicles out of the U.S. car market.

The Chinese state broadcaster CCTV spoke of an abuse of trade protectionist measured by the U.S. which would seriously hinder the modernisation of the U.S. car industry.

Negative effects are also to be expected for consumers, CCTV said, adding that the moves would also undermine global efforts to combat climate change.

The U.S. presidential election is coming up in November.

China accuses Biden of tariffs hike on electric cars

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Man strapped with explosive found in a Nigerian Bank in Plateau

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Man strapped with explosive found in a Nigerian Bank in Plateau

Man strapped with explosive found in a Nigerian Bank in Plateau

By: Zagazola Makama 

A middle aged  man is reportedly found in a Nigerian Bank in Dadin Kowa town in Jos South in Plateau state with belts packed with what appeared to be a Person Borne Improvised Explosive Device(SPBIED).

It was gathered that he was apprehended  on May 13, 2024, when the suspect was found with an apparent bomb strapped to his body to detonate at the Bank. 

Intelligence sources told Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region that the vigilante Security at the bank prevented the  attack after they spotted the suspects. 

They immediately apprehended him before he could achieve his aim. The suspect was later surrounded by an angry mob who demanded that he should be killed immediately. 

It is, however, not clear if the suspect is linked with the Islamic State of the West African Province or Boko Haram. He was taken to the Police station where he was undergoing investigation.

Man strapped with explosive found in a Nigerian Bank in Plateau

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Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

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Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

In recent times, the debate surrounding genetically modified organisms (GMOs) has sparked controversy and ethical concerns worldwide. Sheikh Kabiru Adamu, a prominent figure from the al-Hikma Islamic Foundation for Justice, has taken a firm stance against GMOs, calling for their prohibition in Nigeria. Citing religious beliefs and ethical considerations, Sheikh Adamu asserts that GMOs go against the teachings of Islam and the will of Allah.

Quoting from the Quran to support his position, Sheikh Adamu emphasized the importance of preserving nature and adhering to the natural order ordained by Allah. In Surah Ar-Rum, verse 30:41, the Quran states, “Corruption has appeared throughout the land and sea by [reason of] what the hands of people have earned so He may let them taste part of [the consequence of] what they have done that perhaps they will return [to righteousness].” Sheikh Adamu interprets this verse as a warning against tampering with the natural world, as GMOs are seen as a form of corruption that disrupts the balance of nature.

Furthermore, Sheikh Adamu labels GMOs as “Haram” in Islam, meaning forbidden or unlawful. Quoting from Surah Al-Ma’idah, verse 5:90, which states, “O you who have believed, indeed, intoxicants, gambling, [sacrificing on] stone alters [to other than Allah], and divining arrows are but defilement from the work of Satan, so avoid it that you may be successful.” He draws parallels between the prohibition of intoxicants and GMOs, suggesting that both are deemed impure and contrary to the teachings of Islam.

Sheikh Adamu goes on to criticize agencies that advocate for the use of GMOs, accusing them of serving the interests of malevolent forces. Drawing on Quranic teachings regarding the influence of evil, he references Surah Al-Baqarah, verse 2:268: “The devil promises you poverty and orders you to immorality, while Allah promises you forgiveness from Him and bounty. And Allah is all-Encompassing and Knowing.” Sheikh Adamu suggests that the promotion of GMOs by certain entities is a manifestation of the devil’s deception, aimed at harming Muslim communities and undermining their well-being.

Moreover, Sheikh Adamu raised concerns about the alleged intentions behind the development of GMOs, asserting that they are designed to diminish Muslim populations, particularly in the Northern regions of Nigeria. Quoting from Surah Al-Anfal, verse 8:30, “And [remember, O Muhammad], when those who disbelieved plotted against you to restrain you or kill you or evict you [from Makkah]. But they plan, and Allah plans. And Allah is the best of planners.” He warns against the hidden agenda of those promoting GMOs, suggesting that their ultimate goal is to weaken Muslim communities and disrupt the natural order established by Allah.

Sheikh Kabiru Adamu’s call for a ban on GMOs in Nigeria reflects a deeply rooted concern for the ethical implications of tampering with nature and the potential harm posed to Muslim communities. By invoking Quranic verses and teachings, he highlighted the importance of upholding Islamic values and principles in the face of technological advancements that may conflict with religious beliefs.

Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

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