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
NOVO Announces Spring 2026 Launch: The World’s First Diamond-Backed Digital Currency and Wealth Platform Devoted to Feeding Africa
NOVO Announces Spring 2026 Launch: The World’s First Diamond-Backed Digital Currency and Wealth Platform Devoted to Feeding Africa
February 2026 — NOVO, an emerging global leader in diamond manufacturing, crypto‑banking, and ethical wealth management, today announced the upcoming Spring 2026 launch of NOVO Coin, the world’s first digital currency fully backed by certified, lab‑grown, cut, and polished diamonds stored in secure vaults in Singapore and Switzerland.
Designed for stability, transparency, and humanitarian impact, NOVO represents a new class of asset‑backed digital currency engineered to serve both global markets and vulnerable economies facing inflation, currency instability, and limited access to banking.
A Currency With a Mission: Feeding a Continent.
In a groundbreaking commitment, NOVO has pledged 50% of all corporate profits to support nonprofit micro‑finance organizations across Africa that specialize in food production, farming, fishing, and sustainable agriculture.
This initiative aims to:
Expand access to affordable capital for small and mid‑scale food producers
Strengthen local food systems and reduce dependency on imports
Dramatically lower grocery prices across African markets
Build long‑term economic resilience for millions of families
NOVO’s leadership believes that empowering Africa’s farmers and food‑producing cooperatives is the fastest path to stabilizing regional economies — and ultimately driving down global food prices.
Diamond‑Backed Stability for a Volatile World
Unlike speculative tokens or inflation‑prone fiat currencies, every NOVO Coin is backed by real, verifiable diamond reserves, manufactured through advanced laboratory processes and held in audited international vaults.
This structure provides:
Intrinsic value tied to a globally recognized commodity
Transparency through third‑party reserve verification
Security via geographically diversified vaults
Long‑term price stability for users and institutional partners
NOVO’s diamond‑reserve system is designed to offer a safe, durable alternative for nations and communities seeking protection from currency devaluation.
A Full‑Spectrum Financial Ecosystem
Beyond the currency itself, NOVO is launching a vertically integrated platform that includes:
Diamond manufacturing and certification
Crypto‑banking and digital asset management
Wealth management and life‑insurance services
Humanitarian micro‑finance distribution channels
This unified ecosystem positions NOVO as one of the first fintech institutions to combine commodity‑backed digital currency with large‑scale social impact.
A New Era of Ethical Finance
“NOVO was built on a simple belief: a currency should serve the people who use it,” said the organization’s founder. “By backing NOVO with diamonds and dedicating half of our profits to African food producers, we are proving that financial innovation and humanitarian responsibility can — and must — coexist.”
Spring 2026: A Global Debut
NOVO Coin will be available to the public in Spring 2026, with early institutional partnerships already underway across Africa, Asia, and the Caribbean.
For more information. Here is the organizations website TOPOFTHEPYRAMID.org
society
Tinubu Mourns Rear Admiral Musa Katagum: A National Loss for Nigeria’s Military Leadership
Tinubu Mourns Rear Admiral Musa Katagum: A National Loss for Nigeria’s Military Leadership
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“President Tinubu Pays Tribute as Nigeria’s Naval Command Mourns the Sudden Loss of a Strategic Maritime Leader at a Critical Security Juncture.”
Abuja, Nigeria – President Bola Ahmed Tinubu has officially mourned the death of Rear Admiral Musa Bello Katagum, the Chief of Naval Operations of the Nigerian Navy, who died on February 19, 2026, after a protracted illness while receiving treatment abroad. His passing has sent ripples through Nigeria’s defence establishment and national security architecture, marking the loss of one of the most experienced and respected maritime commanders in recent memory.
In a statement released on February 20, 2026 by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu described Rear Admiral Katagum’s death as a “significant blow to the military and the nation,” noting the late officer’s vast experience and “invaluable contributions” to both the Nigerian Navy and the broader “Armed Forces of Nigeria”. The President extended heartfelt condolences to the bereaved family, naval personnel and the nation at large, while praying for solace and strength for colleagues and loved ones.
Rear Admiral Katagum’s career was marked by distinguished service in several strategic capacities. Before his appointment as Chief of Naval Operations in November 2025, he served as Director of the Presidential Communication, Command and Control Centre (PC4) and Chief of Intelligence of the Nigerian Navy-roles that placed him at the nexus of naval operational planning and intelligence gathering. His leadership was widely credited with enhancing the Navy’s capacity to respond to growing maritime threats in the Gulf of Guinea, including piracy, illegal bunkering, and transnational crime.
Security policy experts emphasise that Katagum’s loss comes at a critical juncture for Nigeria. Dr. Adebola Akinpelu, a defence analyst at the Institute for Security Studies, observes that “Nigeria’s maritime domain remains a frontline in the broader security challenges facing the nation; the loss of an adept operational leader like Rear Admiral Katagum is not just a personnel change but a strategic setback.” His insight reflects broader concerns about continuity in military leadership amid intensifying threats.
The Nigerian Navy’s own statement, confirmed by the Directorate of Naval Information, affirmed that Katagum’s “exemplary leadership, strategic insight, and unwavering loyalty” were central to boosting operational readiness and national defence. According to Captain Abiodun Folorunsho, the Director of Naval Information, “His legacy remains a source of inspiration across the services.”
As Nigeria grapples with complex security landscapes at its land and maritime frontiers, the death of Rear Admiral Katagum underscores a broader national imperative: strengthening institutional capacities while honouring the service and sacrifice of those who defend the nation’s sovereignty. In the words of military scholar Professor James Okoye, “Leadership in security institutions is not easily replaceable; it is built through experience, trust and strategic clarity; qualities that Katagum embodied.”
Rear Admiral Musa Katagum has since been laid to rest in accordance with Islamic rites, leaving behind a legacy that will inform Nigerian naval operations for years to come.
society
Viral “Chat With God” Claim Targeting Kenyan Prophet David Owuor Proven False
Viral “Chat With God” Claim Targeting Kenyan Prophet David Owuor Proven False
By George Omagbemi Sylvester, SaharaWeeklyNG
“Viral screenshot sparks national controversy as the Ministry of Repentance and Holiness dismisses fabricated “divine” WhatsApp exchange, raising urgent questions about faith, digital misinformation, and religious accountability in Kenya.”
A sensational social media claim that Kenyan evangelist Prophet Dr. David Owuor displayed a WhatsApp conversation between himself and God has been definitively debunked as misinformation, sparking national debate over digital misinformation, religious authority and faith-based claims in Kenya.
On February 18–19, 2026, an image purporting to show a WhatsApp exchange between a deity and Prophet Owuor circulated widely on Twitter, Facebook, WhatsApp groups and TikTok. The screenshot, allegedly shared during one of his sermons, was interpreted by many as illustrating unprecedented direct communication with the divine delivered through a mainstream messaging platform; a claim that, if true, would have broken new ground in how religious revelation is understood in contemporary society.
However, this narrative quickly unraveled. Owuor’s Ministry of Repentance and Holiness issued an unequivocal public statement calling the image “fabricated, baseless and malicious,” emphasizing that he has never communicated with God through WhatsApp and has not displayed any such digital conversation to congregants. The ministry urged the public and believers to disregard and stop sharing the image.
Independent analysis of the screenshot further undermined its credibility: timestamps in the image were internally inconsistent and the so-called exchange contained chronological impossibilities; clear indicators of digital fabrication rather than an authentic conversation.
This hoax coincides with rising scrutiny of Owuor’s ministry. Earlier in February 2026, national broadcaster TV47 aired an investigative report titled “Divine or Deceptive”, which examined alleged “miracle healing” claims associated with Owuor’s crusades, including assertions of curing HIV and other chronic illnesses. Portions of that investigation suggested some medical documentation linked to followers’ health outcomes were fraudulent or misleading, intensifying debate over the intersection of faith and public health.
Credible faith leaders have weighed in on the broader context. Elias Otieno, chairperson of the National Council of Churches of Kenya (NCCK), recently urged that “no religious leader should replace God or undermine medicine,” affirming a widely accepted Christian understanding that divine healing does not supplant established medical practice. He warned against unverified miracle claims that may endanger lives if believers forego medical treatment.
Renowned communications scholar Professor Pippa Norris has noted that in digital societies, “religious authority is increasingly contested in the public sphere,” and misinformation (intentional or accidental) can quickly erode trust in both religious and secular institutions. Such dynamics underscore the importance of rigorous fact-checking and responsible communication, especially when claims intersect profoundly with personal belief and public well-being.
In sum, the viral WhatsApp chat narrative was not a revelation from the divine but a striking example of how misinformation can exploit reverence for religious figures. Owuor’s swift repudiation of the false claim and broader commentary from established church bodies, underline the ongoing challenge of balancing deeply personal faith experiences with the evidence-based scrutiny necessary in a digitally connected world.
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