Economy
Transcorp Declares N4.2b Profit in H1 2017
By Modupe Gbadeyanka
With the Nigerian economy on a gradual path to recovery, companies operating in the country are gradually bouncing back on their feet.
This was demonstrated by the half year earnings released today by Transnational Corporation of Nigeria (Transcorp) Plc.
In the first half of this year, the firm said it recorded a profit after tax of N4.2 billion compared with N798.7 million it recorded in the corresponding period of 2016.
This feat was largely due to the different conscious plans put in place by management of the company to drive its revenue to N34.2 billion during the period from N2.1 billion in the first half of last year, when the economy was not friendly.
In the last five months, the country’s inflation has been moderating, giving investors hopes that businesses would return to profitability very soon.
In the financial statements released by Transcorp on Monday, its operating profit rose to N9.5 billion from N1.8 billion declared on June 30, 2016, while the profit before tax stood at N4.5 billion as at June 30, 2017 versus N1 billion in the corresponding period of 2016.
Transcorp, incorporated on November 16, 2004 as a private limited liability firm in Nigeria, was in December 2006 listed on the Nigerian Stock Exchange (NSE) following a successful initial public offer (IPO).
The group has interests in hospitality, agro-allied, power, as well as oil & gas sectors.
In the financial statements, Transcorp Plc said its piece of land at Rumens Road Ikoyi measuring approximately 4,876.15 square meters, was valued by an independent valuation named Ubosi Eleh and Co to determine its fair value of the land as at 31 December 2016.
“The title to this property was revoked in a newspaper publication dated 29 May 2015 by a revocation order of the Minister of Lands, Housing & Urban Development (The Ministry).
“A suit has been filed at Federal High Court challenging the legality of the revocation. An interim Order of injunction was obtained restraining Minister of Lands, Housing & Urban Development from giving effect to the revocation order (FHC/L/CS/794/2015 TNC V AG FEDERATION & MINISTER OF LANDS).
“The court subsequently struck out the suit while ruling on a preliminary objection challenging its jurisdiction.
“The company filed a notice of appeal against the ruling of the Federal High Court and an application for stay of proceedings both at the Court of Appeal and the Federal High Court. The Federal High Court granted the Company’s application and stayed proceedings in the suit pending the determination of the appeal.
“As at the date of the approval of these financial statements, the directors, based on representation from their legal advisers expects that there is no likelihood of unfavourable outcome in the suit.
“The company has agreed terms of settlement with the Ministry and this will be subsequently filed in court to resolve this issue,” it said.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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