society
Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion
Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion
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.
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.
About Transnational Corporation Plc (Transcorp Plc)
Transnational Corporation Plc (Transcorp Group) is a leading, listed African conglomerate, with strategic investments in the power, hospitality, and energy sectors. Driven by its mission to improve lives and transform Africa, Transcorp has built a longstanding reputation for sector transformation, operational excellence, and exceptional financial performance, delivering value to its shareholders.
In the power sector, Transcorp’s businesses – Transcorp Power Plc and Transafam Power – provide over 16% of Nigeria’s installed power capacity. Through its investments in the energy sector including OPL287, Transcorp is developing Nigeria’s domestic energy value chain. The Group’s listed hospitality business, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and Aura by Transcorp Hotels, a digital hospitality platform enabling travellers to book accommodation across Africa.
society
Stakeholders Seek Urgent Reforms to Tackle Youth Unemployment at disrupTED EduKate Africa Summit
Stakeholders Seek Urgent Reforms to Tackle Youth Unemployment at disrupTED EduKate Africa Summit
By Ifeoma Ikem
Stakeholders in Nigeria’s education sector have called for urgent and scalable solutions to address the rising rate of youth unemployment, stressing the need for strengthened technical education and increased collaboration with the private sector to bridge existing skills gaps.
The call was made at the disrupTED EduKate Africa Summit 2026, a one-day leadership forum held at the University of Lagos, where participants examined the growing disconnect between education outcomes and labour market demands.
The summit brought together education leaders, private sector operators and development advocates to promote adaptive learning, practical skills acquisition and innovative financing models for Africa’s education sector.
Experts at the summit strongly advocated increased investment in technical and vocational education, noting that training programmes must reflect current industry realities and evolving labour market needs.
Speakers emphasised that Nigeria’s education system, particularly at the tertiary level, must urgently shift from certificate-driven learning to skills-based and experiential education aligned with global best practices.
Among the speakers were Deby Okoh, Regional Manager at Brunel University of London; Ashley Immanuel, Chief Operating Officer of Semicolon; Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation; and education advocate, Adetomi Soyinka.
The speakers highlighted the importance of continuous learning, teacher retraining and comprehensive curriculum reform to meet the demands of an increasingly technology-driven global economy.
They stressed that apprenticeship programmes, internships and hands-on training should be fully integrated into academic curricula, noting that over-reliance on theoretical qualifications has widened the employability gap among graduates.
In his remarks, Mr Tosin Adebisi, Director of EduKate Africa and convener of the summit, said the event was designed to challenge what he described as the education sector’s rigid attachment to outdated methods.
Adebisi said innovation must remain central to education reform, adding that stakeholders must rethink teaching methods, learning processes and approaches to solving challenges such as access to education, financing and employability.
He expressed confidence that sustainable solutions could be achieved through strong collaboration across education, private sector and development institutions.
Adebisi, alongside co-Director Mr Francis Omorojie, said the summit aimed at connecting stakeholders working across sectors to close existing skills and opportunity gaps for young people.
The summit also urged parents and educators to promote lifelong learning, critical thinking and adaptability among young people, stressing that education systems must evolve in line with global economic trends.
No fewer than 200 students from the University of Lagos, Lagos State University, Ojo, and other institutions participated in the summit, which was initially expected to host the Minister of Education, Dr Tunji Alausa.
In a welcome address, Prof. Olufemi Oloyede of the University of Lagos emphasised the need to shape young minds through innovation and positive thinking, noting that Africa’s development depends on the strategic use of its human and natural resources, as well as a shift towards creativity and innovation among youths.
society
Turning Point: Dr. Chris Okafor Resumes with Fresh Fire of the Spirit
Turning Point: Dr. Chris Okafor Resumes with Fresh Fire of the Spirit
-Steps onto the Grace Nation Pulpit After a Month-Long Honeymoon Retreat with Renewed Supernatural Power
By Sunday Adeyemi
The much-anticipated February 1, 2026 “Turning Point” service of Grace Nation has come and gone, but its impact remains deeply etched in the hearts of Grace Nation citizens across the world. The significance of the day was unmistakable—it marked the official return of the Generational Prophet of God and Senior Pastor of Grace Nation Global, Dr. Chris Okafor, to active ministerial duty as the Set Man of the commission.
The date was particularly symbolic, as Dr. Okafor had taken close to one month away from the pulpit following his wedding late last year. The period served not only as a honeymoon but also as a season of rest, reflection, and intimate fellowship with God in preparation for a greater spiritual assignment ahead.
The atmosphere at Grace Nation was electric as the Generational Prophet and his wife were received with a heroic welcome, accompanied by prophetic praise, joyful dancing, and fervent prayers. It was a celebration of return, renewal, and readiness.
In his opening remarks, Dr. Chris Okafor declared that he had returned to fully pursue the mandate God entrusted to him—winning souls for the Kingdom of God. He issued a strong warning to the kingdom of darkness, stating that light and darkness cannot coexist. According to him, the season ahead would witness intensified spiritual engagement, as the Kingdom of God advances and the forces of darkness lose ground.
“This time,” the Generational Prophet affirmed, “it will be total displacement of darkness, as the light of God shines brighter than ever.”
The Message: Turning Point
Delivering a powerful sermon titled “Turning Point,” Dr. Okafor explained that a turning point is defined as a moment when a decisive and beneficial change occurs in a situation. He emphasized that such moments are often preceded by battles.
According to him, battles do not necessarily arise because one is doing wrong, but because God desires to reveal His power and teach vital lessons through them. Every genuine battle, he noted, carries divine involvement and purpose.
Addressing the question “Why must I fight a battle?” Dr. Okafor explained that individuals who carry extraordinary grace often encounter greater challenges. “When you carry what others do not carry,” he said, “the battles that come your way are usually bigger.”
Characteristics of a Turning Point
The Generational Prophet highlighted that when a person is firmly rooted in God, no storm can uproot them. A strong spiritual foundation ensures that no battle can shake one’s destiny. He explained that prayer does not eliminate battles, but preparation through prayer guarantees victory on the evil day.
“Battles push you into your turning point when you are rooted in the Spirit,” he stated, adding that a prayerful life is essential for sustained victory and elevation.
A Supernatural Service
The Turning Point service witnessed an extraordinary move of the Holy Spirit in a fresh dimension. Deliverance, healings, miracles, restoration, and diverse testimonies filled the atmosphere as worshippers encountered the power of God during the Sunday service.
In a related development, Dr. Chris Okafor officially commissioned the ultra-modern church restaurant, Fourthman Foodies, dedicating it to God for the benefit and use of Grace Nation citizens worldwide.
The February 1 service has since been described by many as a defining moment—one that signals a new spiritual season for Grace Nation Global. https://www.facebook.com/share/v/1B2Eh6B6wo/
Sunday Adeyemi is a Lagos-based journalist and society writer. He writes from Lagos.
society
Adron Homes Hails Ondo State at 50, Celebrates Legacy of Excellence
Adron Homes Hails Ondo State at 50, Celebrates Legacy of Excellence
The Chairman, Board of Directors, Management, and staff of Adron Group have congratulated the Government and people of Ondo State on the celebration of its 50th anniversary, describing the milestone as a significant chapter in Nigeria’s federal history and a testament to visionary leadership, resilience, and purposeful development.
In a goodwill message issued to commemorate the Golden Jubilee, Adron Group noted that since its creation in 1976, Ondo State has consistently distinguished itself as a centre of honour, intellect, and enterprise. Fondly referred to as The Sunshine State, the state has produced generations of outstanding professionals, administrators, and national leaders whose contributions continue to shape Nigeria’s socio-economic and political development.
According to the company, the strength of Ondo State lies not only in its rich cultural heritage and intellectual depth, but also in the values of integrity, diligence, and excellence that define its people. These qualities, Adron noted, have remained the bedrock of the state’s enduring relevance and national impact over the past five decades.
Adron Group further commended the state’s renewed drive in recent years towards infrastructure development, economic diversification, industrial growth, and youth empowerment, describing these initiatives as indicators of a forward-looking, inclusive development agenda anchored in sustainability and long-term prosperity.
“As a corporate organisation committed to nation-building and sustainable development, Adron Group recognises Ondo State as a strategic partner in progress,” the statement read. “We commend His Excellency, Lucky Orimisan Aiyedatiwa, Executive Governor of Ondo State, and the leadership of the state at all levels for their dedication to public service and their commitment to the advancement of the people.”
As Ondo State marks its Golden Jubilee, Adron Group joined millions of well-wishers in celebrating a legacy of excellence, strength of character, and promise, while expressing optimism that the next fifty years will usher in greater milestones in economic vitality, social advancement, innovation, and enduring peace.
The company concluded by wishing the Government and people of Ondo State continued progress and prosperity, adding that the Sunshine State remains well-positioned to shine even brighter in the years ahead.
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