Economy
New Team at Transcorp Assures Shareholders Improved Dividends
By Dipo Olowookere
Last week, the new President/GCEO of Transcorp Plc, Mrs Owen Omogiafo, presided over her first Annual General Meeting (AGM) in the new position.
The AGM, which was held virtually, offered Mrs Omogiafo, whose appointment took effect from March 25, 2020, after succeeding Mr Valentine Ozigbo, the opportunity to let shareholders and other stakeholders know her plans for the company.
The respected boardroom guru set out her strategic ambitions, whilst also committing to safeguard shareholder interests by ensuring improved dividends.
Business Post reports that for the 2019 financial year, the board recommended the payment of one kobo to shareholders of the company.
But Mrs Omogiafo has assured that things will improve in the coming years, stating that the new management team was dedicated to delivering and exceeding the strategic objectives of the company, rooted in its founding vision and expressed in its corporate purpose of ‘Improving Lives, Transforming Nigeria’.
According to her, “In hospitality, we will deepen and expand our market share by deploying an asset light strategy, leveraging best in class technology and continuously drive the highest service standards.
“In power, we target completing the ongoing transaction for the 100 percent acquisition of another power plant in the gas rich Niger Delta Region of Nigeria – Afam Genco, this year.
“This will enhance our play in the power space, with increased generation capacity, revenue and profitability.
“Our drive to diversify our energy mix will also continue, with a focus on renewable energy and off grid solutions.
“We will continue to monitor developments in the oil and gas space, while making the best decisions in the interest of the company and its shareholders regarding the development of our oil and gas asset, OPL 281.
“Working with the MD/CEO of Transcorp Hotels Plc, Dupe Olusola and the MD/CEO, Transcorp Power Ltd, Chris Ezeafulukwe, and all our highly committed staff and partners, we are well positioned as a group to continue to deliver great value for our shareholders.”
Concluding, Mrs Omogiafo said despite current challenges brought on by the global pandemic, the underlining strength of the group’s businesses, the quality of its assets, its position as the leading Nigerian electricity producer, the proud owner of the Transcorp Hilton Hotel in Abuja, the hospitality gateway to Nigeria and its growing strength as an effective natural resources player, should give shareholders great confidence in the group’s future.
She thanked staff and management particularly for their dedication during the recent lockdown.
At the meeting, shareholders of Transcorp applauded the board and management for the resilient performance achieved in 2019, despite the challenging environment.
They, including Chairman of Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, welcomed the diversified earnings provided by the group.
In the 2019 financial year, Transcorp achieved a turnover of N76.35 billion and profit before tax of N7.90 billion.
Revenue from its power business, Transcorp Power Limited, declined during the period, reflecting acute gas supply issues, transmission challenges, delay in debt payment by government and continuing structural impediments in the sector.
The company’s hospitality business, Transcorp Hotels Plc, on the other hand, grew its year-on-year revenue by 17 percent and gross profit increased by 19 percent compared with FY 2018.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
