By Aduragbemi Omiyale

To strengthen its financial position and demonstrate disciplined financial management and commitment, Transcorp Power Plc paid down over N7 billion in borrowings in 2025, according to its audited financial results for last year.

Business Post reports that this action reduced its total borrowings by 18.57 per cent to N30.7 billion from N37.7 billion as of December 2024.

This happened as the subsidiary of Transcorp Plc grew its revenue for the year by 30 per cent to N398.27 billion from N305.94 billion achieved in FY 2024, with the gross profit up by 14 per cent on a year-on-year basis to N162.44 billion from N142.21 billion, and the Profit After Tax (PAT) rising by 14 per cent to N91.42 billion from N80.01 billion in 2024, as the Earnings per Share (EPS) went up to N12.19 from N10.67 in 2024.

In the year, total assets jumped by 42 per cent to N563.48 billion from N396.78 billion in FY 2024, and total equity rose by 44 per cent to N183.40 billion from N126.63 billion.

It was observed that the impressive performance of the company was driven by an enhanced generation capacity, with saw the return of GT20, adding 100MW to the national grid from January 3, 2025, which significantly improved overall generation output.

“We remain dedicated to improving lives and transforming Africa, ensuring operational excellence and making strategic investments that deliver sustainable, long-term value to our shareholders, while also powering Nigeria’s socioeconomic development,” the chairman of Transcorp Power, Mr Emmanuel Nnorom, stated.

“The confidence in our financial position allows us to propose a full year dividend of N5.50 per share for 2025, comprising an interim dividend of N1.50 paid on August 18, 2025, and a final of N4.00k, representing a 10 per cent increase from the previous year’s dividend,” he added.

Also commenting, the chief executive of the power generation firm, Mr Peter Ikenga, said, “Our FY 2025 results reflect our steadfast commitment to operational excellence, sustainable growth, strategic market expansion and enhanced generation capacity, which continue to fuel significant revenue growth, enabling us to consistently generate power to the national grid. During the year, we increased our average available capacity from 417MW to 550MW and improved average generation output despite grid and transmission line-related issues.”

“Notwithstanding the network transmission line issues, our FY 2025 performance remained strong and reflects our steadfast commitment to operational excellence and sustainable growth.

“Our confidence in the future trajectory of Transcorp Power to deliver exceptional value to our shareholders remains unwavering. We will continue to work with relevant stakeholders, particularly Transmission Company of Nigeria (TCN), to strengthen the transmission lines and improve evacuation from our plant in 2026 and beyond,” he added.

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) is considering expanding the country’s Deep Blue Project due to its perceived success, with impact felt across the Gulf of Guinea, where it has helped to reduce piracy massively and gained global recognition, to ensure sustainability and greater impact.

The Director General of NIMASA, Mr Dayo Mobereola, made this known during his strategic visit to the Chief of Naval Staff, Vice Admiral Idi Abass, at the Naval Headquarters, Abuja.

Mr Mobereola, while commending the Navy for the harmonious collaboration with NIMASA and congratulating the CNS who had previously served as Maritime Guard Commander under the agency, called for continued partnership with the security outfit under his watch.

“It is important that we continue our partnership and strengthen our relationship. Our purpose here is to congratulate you and to discuss the benefits of the Deep Blue Project, how to sustain it, expand it, and increase its impact on the Gulf of Guinea.

“We are confident that we have the backing of the President, the Minister of Marine and Blue Economy, and the Nigerian Navy, hence, we are working towards presenting our proposal on the necessary improvements to be undertaken,” he stated.

The DG acknowledged the importance of the Deep Blue Project, noting that its impact resonates globally, with the International Maritime Organisation (IMO) commending it.

“The Deep Blue Project is vital, and countries around Africa and some other parts of the world are coming to copy our model. The IMO is asking how a civilian organisation was able to achieve this feat. It is therefore important that we continue to collaborate and do even better for greater sustainability,” he said.

Mr Mobereola also congratulated the Chief of Operations, Nigerian Navy, Rear Admiral Musa Katagum, who is joining the NIMASA governing board as the Navy’s representative.

On his part, the Chief of Naval Staff, Vice Admiral Idi Abass, while welcoming the NIMASA DG and his delegation, commended the Agency for the good work it is doing in the maritime sector and its continued support to the Nigerian Navy.

“Part of my command’s objective is to work in synergy with other agencies to achieve our goal as a country. We complement each other. We have no option but to collaborate and synergise.”

The Naval chief noted some concerns, which include the MoU between NIMASA and the Nigerian Navy, which has been in place since 2007 and should be revisited.

He also solicited for the Navy to be called upon for such needs as vessel repair, hydrographic surveys and chartings, stating the Navy’s capacity in handling such tasks.

The CNS also canvassed NIMASA’s assistance for wreck removal, particularly as the Navy gears towards its 70th Anniversary, where it looks forward to welcoming foreign ships.

He further commended NIMASA for its recent launch of the Cabotage Vessel Financing Fund (CVFF) Application Portal, noting that the organisation has come a long way in its planned disbursement of the fund.

By Adedapo Adesanya

Ikeja Electricity Distribution Company has described as malicious and misleading a widespread publication currently circulating online alleging impropriety about its chief executive, Ms Folake Soetan, and its board chairman, Mr Kola Adesina.

The management of the DisCo noted that a publication attributed to ‘Nigerian Global Business Forum’ defamed its CEO and the chairman of the IKEDC board.

The company said, “The publication, attributed to yet to be verified individuals and organisation, is clearly intended to misinform the public and bring the company and its leadership into disrepute through fabricated claims, the DisCo observed.”

Ikeja Electric noted that its investigation so far revealed that the ‘Nigerian Global Business Forum’ is an unregistered organisation with no recognised legal or corporate existence locally or abroad.

According to the energy firm, the signatories, “Dr Alaba Kalejaiye” and “Musa Ahmed,” have no verifiable professional credentials or established public profiles, and the publication contains false and misleading statements regarding Ikeja Electric’s operations, safety record, and financial practices.

The organisation said it had instructed its legal advisers to conduct a thorough forensic investigation and to initiate defamation proceedings against the authors, publishers, and any persons or entities found responsible for sponsoring or disseminating this malicious publication.

Ikeja Electric said it operates within a strict framework of accountability and remains committed to transparency and service improvement, warning it will not tolerate coordinated disinformation campaigns aimed at undermining public confidence and tarnishing its corporate integrity.

“Ikeja Electric remains steadfast in its mandate to deliver reliable power while upholding the highest standards of corporate governance and customer excellence.

Members of the public are advised to disregard the false publication in its entirety,” it said in a statement.