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Transcorp Power Lists on the Nigerian Exchange; Gains 10% First Day of Trading

l-r: Acting CEO, Nigerian Exchange(NGx) Limited, Jude Chiemeka; Managing Director/CEO, Transcorp Power Plc, Engr. Peter Ikenga; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; Chairman, Nigerian Exchange Group, Dr. Umaru Kwairanga; Non-Executive Director, Transcorp Power Plc, Peter Hertog; Chairman, Transcorp Power Plc, Mr. Emmanuel Nnorom; Chief Financial Officer, Transcorp Plc, Evans Okpogoro; Non-Executive Director, Transcorp Power Plc, Risqua Muhammed;, during the Facts Behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by Introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited today in Lagos.

Transcorp Power Plc, a power subsidiary of Transnational Corporation Plc (Transcorp Group), has listed its shares via introduction on the Main Board of the Nigerian Exchange (NGX), adding more than N1.8 trillion to the market capitalization of NGX and further boosting liquidity in the Nigerian capital market. The listing was celebrated on the 4^th of March 2024, with a Closing Gong ceremony and a “Facts Behind the Listing” presentation.

Transcorp Power gained 10% on the first day of trading, to close at N264 per share, up from the listing price of N240 per share.

The listing of Transcorp Power is further evidence of the execution of Transcorp Group’s integrated power strategy, ensuring Nigeria’s natural resources are harnessed for the development of the Nigerian economy and so delivering on the Group’s mission of “Improving Lives and Transforming Africa”.

The listing which comes on the 10^th anniversary of Transcorp Power’s founding, demonstrates the Company’s strong corporate governance, operational excellence, and value creation for stakeholders. This track record was earlier recognised in May 2023, when the Company became the first successor Power Generating Company in Nigeria to receive its post-privatization discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises (BPE).

Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. At the time of acquisition, the plant had an available capacity of 160MW. Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within 4 years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises. Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.

Peter Ikenga, Transcorp Power’s Managing Director/CEO stated, “This is a testament to our unwavering dedication to powering Nigeria’s growth.

l-r: CEO, Vetiva Capital, Chuka Eseka; Non-Executive Director, Nigerian Exchange Group, Mr. Nonso Okpala; President/GCEO, Transnational Corporation(Transcorp) Plc, Dr. Owen Omogiafo; Acting CEO, Nigerian Exchange(NGx) Limited, Jude Chiemeka; Managing Director/CEO, Transcorp Power Plc, Engr. Peter Ikenga; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; Chairman, Nigerian Exchange Group, Dr. Umaru Kwairanga; Non-Executive Director, Transcorp Power Plc, Peter Hertog; Chairman, Transcorp Power Plc, Mr. Emmanuel Nnorom; Chief Financial Officer, Transcorp Plc, Evans Okpogoro; Non-Executive Director, Transcorp Power Plc, Risqua Muhammed; Head, Broker Dealer Regulation, Nigerian Exchange Group, Olufemi Shobanjo; Non-Executive Director, Transcorp Group, Mrs Foluke Adulrasak, during the Facts Behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by Introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited today in Lagos.

We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”

He highlighted the commitment of the Transcorp Power team and his excitement about the opportunities ahead, as the Company continues to drive excellence in the power sector.

“To our shareholders and partners, thank you for being part of our journey to illuminate Nigeria’s future,” Peter Ikenga added.

Transcorp Group Chairman, Tony Elumelu stated that the listing marks a historic moment for Transcorp Power Plc. “This milestone reflects Transcorp’s commitment to catalysing economic growth and prosperity. We invest in strategic sectors within the economy, transform, expand businesses, and consciously seek ways to share value. Our track record is evident with Transcorp Hotels Plc and now Transcorp Power Plc. We are focused on improving access to electricity for all, creating lasting value for our shareholders and contributing to our nation’s development.”

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

AVIATION MINISTRY REFUTES UNSUBSTANTIATED RUMOUR REGARDING MOVEMENT OF FIRE-FIGHTING SIMULATOR FROM ZARIA

The attention of the Ministry of Aviation and Aerospace Development has been drawn to a video making the rounds of a motion moved on the floor of the House of Representatives by a Honourable member making reference to an unsubstantiated plan by the Ministry to move a fire-fighting simulator out of the Nigerian College of Technology, Zaria to Lagos State and urging the House to restrain the move.

The rumour is nothing but pure mischief by agents of destabilisation and is totally untrue. Whist we acknowledge the patriotism of the House entertaining the Motion, we think it was totally unnecessary since the Speaker already had a private audience with the Minister of Aviation and Aerospace Development few days ago when this issue came up and the Minister assured Mr. Speaker that there was NO IOTA of truth in the rumour. The Minister further put a call to the Rector of the school who re-assured Mr. Speaker that it was an unfounded rumour and purely a mischief. So, why the motion?

We urge the public to disregard any such rumour and it amounts to grandstanding by anyone still trying to make political gains out of nothing.

TUNDE MOSHOOD
SA Media and Communications to the Honourable Minister of Aviation and Aerospace Development

Real Estate: A Steadfast Path to Financial Growth and Security

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In times of economic uncertainty, real estate stands out as a reliable avenue for financial growth and securing one’s future. While other investment options may falter amidst market volatility, property ownership remains a cornerstone of stability, offering long-term appreciation and tangible asset security.

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Situated in the thriving city of Ibadan, Oyo State, Nigeria.Nestled within the picturesque landscapes of Bako Apata in Ibadan, Rosewood Park and Gardens boasts a strategic location that ensures unrivaled accessibility to essential amenities and major transportation hubs. Residents will enjoy seamless connectivity to schools, hospitals, shopping centers, and business districts, making everyday living convenient and hassle-free. This prestigious estate redefines the concept of modern living, offering residents an unparalleled blend of opulence, convenience, and value.

Owing a piece of Rosewood Park and Gardens not only provides a luxurious living experience but also guarantees peace of mind and security for the future. With Adron Homes’ commitment to quality and excellence, residents can rest assured knowing that their investment is safeguarded against market fluctuations and economic uncertainties. Moreover, the gated community offers enhanced security measures, ensuring a safe and secure environment for families to thrive.

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Hunger Crisis: Nigerian Red Cross Society and Ecobank Nigeria Join Forces for Critical Intervention

The Nigerian Red Cross Society (NRCS) and Ecobank Nigeria have joined forces in a groundbreaking partnership aimed at tackling the severe hunger crisis ravaging Nigeria. The launch event, held at the Exclusive Serene Hotel in Abuja, marked the beginning of a critical campaign for local resource mobilization to support the Nigeria Hunger Crisis Appeal.

Led by Dr. Abubakar Kende, Secretary-General of the Nigerian Red Cross Society, both parties emphasized the urgent need for collective action in response to the dire circumstances faced by millions of Nigerians. With approximately 26.5 million people in desperate need of sustenance to prevent death and prolonged suffering, the partnership between NRCS and Ecobank Nigeria signifies a pivotal moment in addressing this humanitarian emergency.

Abubakar Kende declared, “Today, I am pleased to announce a significant partnership between The Nigerian Red Cross and Ecobank to raise funds locally for the Hunger Crisis Appeal.” He underscored the gravity of the situation and called upon individuals, businesses, and organizations to act decisively to alleviate the suffering of vulnerable communities.

Bhupinder Tomar, Head of Delegation, Abuja Cluster of the International Federation of Red Cross and Red Crescent Societies (IFRC), emphasized the importance of grassroots solidarity and support in overcoming the crisis. He highlighted the crucial role of Nigerians in extending humanitarian aid to communities struggling to survive, underscoring the power of unity in the face of adversity.

Rita Etomi Ademola, Regional Head FCT/North Central Ecobank Nigeria, spoke about the significance of the partnership with the Nigerian Red Cross, urging Nigerians to rally behind the campaign to combat food insecurity and malnutrition across the country. The collaboration between Ecobank Nigeria and the Nigerian Red Cross signifies a shared commitment to humanitarian principles and the welfare of Nigerian citizens.

The campaign aims to raise funds locally to provide emergency relief and recovery efforts, focusing on health and care interventions, nutritional support for vulnerable groups, WASH initiatives, and livelihood programs. The partnership between the Nigerian Red Cross and Ecobank highlights the critical role of corporate entities and Nigerian citizens in contributing to humanitarian efforts and supporting the welfare of communities in need.

The press conference served as a vital platform to raise awareness about the gravity of the hunger crisis in Nigeria and mobilize support for the campaign. Urgent action is needed to save lives and alleviate the suffering of millions affected by acute food insecurity. The call to action resonates with the spirit of solidarity and compassion, urging individuals, businesses, and organizations to join hands in addressing this humanitarian crisis.

This campaign is in support of the Nigerian Red Cross Society (NRCS) appeal for Hunger Crisis in partnership with International Federation of Red Cross and Red Crescent Societies and Ecobank Nigeria.

Just In: Assembly Asks Sanwo-Olu to Summon Stakeholders’ Meeting Over Hardship in Lagos

Just In: Assembly Asks Sanwo-Olu To Summon Stakeholders’ Meeting Over Hardship In Lagos

– Invites Commissioners, top officials for briefing

The Lagos State House of Assembly on Tuesday asked Governor Babajide Sanwo-Olu to urgently summon a stakeholders’ meeting to address the current hardship experienced by residents of the state in order for the government to adopt sustainable solutions beyond palliatives.

The lawmakers noted that though the current economic situation pervades the entire Nigeria and is mostly global in outlook, Lagos State and its local governments must do more to ameliorate the suffering in the land.

The House also advised leaders and statesmen to join forces with the government and play persuasive roles instead of inciting the people against the government.

Speaker of the House, Rt. Hon. Mudashiru Obasa, said the situation called for a stakeholders’ meeting for the inputs of everyone including members of the National and state Assembly as well as local government chairmen.

“No doubt, there is a challenge before us as representatives of the people and it is the duty of all of us to proffer solutions.

“This is a situation that started long ago in Nigeria and was graduating. It is unfortunate that we are facing this now. The dollar issue did not start now. The prices of food and how farmers had been prevented from going to farms as a result of insecurity did not start now.

“The most unfortunate thing about it has to do with the comments coming from some leaders of the country. Instead of using their wisdom to appeal to the people, they use their words to incite people against the government as if they have not been in the country before now.

“We cannot leave the Federal Government alone to proffer solutions to our problems. There is no ‘abracadabra’ about it.

“The immediate concern is to appeal to our people. Protests and violence will not solve anything but take us backwards. Nobody prayed for the current situation, but we must work hand-in-hand to take us away from this mess.

It is not the president’s fault, neither is it the governor’s fault,” Dr. Obasa said while commending Governor Sanwo-Olu for recently starting the Trader Money programme through which 15,000 traders have benefitted.

The Speaker directed that the commissioners for agriculture and transportation, Ms. Ruth Abisola Olusanya and Oluwaseun Osiyemi, respectively as well as related parastatals and agencies be invited to brief the House on their plans to make life more comfortable for the people just as he urged serious sanctions against those who hoard dollars in the country.

“All this while, we have been talking about sports to take our youth off the streets as we have seen in other countries. Let us inject money into it and make it attractive so that they would be engaged. Our system of education must also be adjusted to emphasise what students can become on their own without seeking or applying for jobs.

“There is a need for orientation and sensitisation. There are a lot of complaints and negatives out there. The government should also embark on campaigns and orientation to make the people know the real situation and what is being done. The government’s voice must be louder than those who are hell-bent on destroying the country,” Dr. Obasa said while lamenting the current prices of cement and iron even when most of the materials are locally sourced.

Earlier speaking under ‘Matter of Urgent Public Importance’, Hon. Segun Adebisi Ege representing Ojo Constituency 1 lamented the hardship rocking the state.

Ege also urged that Governor Sanwo-Olu be called upon to subsidise transportation and prices of food items in the state.

In his contribution, Deputy Majority Leader, Richard Adedamola Kasunmu, said there was a need for the government to bring out actionable plans to solve the economic problem in the country.

On his part, Hon. Adewale Temitope said the entire economic situation must be looked at holistically for a solution while Hon. Femi Saheed noted that other countries are facing the same situation with the price of a bag of rice over N120,000 in Cameroon and in Ghana, it is approximately N97,000. He emphasised the need to improve agriculture.

Hon. Gbolahan Yishawu stressed the need for Lagos government to prioritise power while Nureni Akinsanya of Mushin Constituency 1 advocated for food banks in Lagos State to make residents buy at cheaper rates.

We should not Expect Situation to be better again – Prophet Israel Ajadi Adewale (Baba Eri)

The General Overseer of Forever in Christ Evangelical and Deliverance Ministry Prophet Israel Ajadi Adewale a.k.a. Baba Eri, is known within and outside Nigeria for his love for humanity, the gentle looking but vocal man of God who said he was commanded by God to use water for the healing of the oppressed and down-trodden through his daily Testimony Water (Omi Eri), a programme on WhatsApp where he blesses water for listeners who had also returned to give testimonies.

According to the Prophet, God gave him the water ministry years back and the testimonies that follows was the reason he was renamed Baba Eri by the people, when asked about the water Prophet Israel Adewale Ajadi explained that it is not that they have a special water for the purpose of the prayer and that people uses water available to them wherever they are.

In his words “we did not have any special water people uses water from where they are, all we only do is pray on the waters and God has really been using the water through us.” The prophet explained.

Asked further about the situation of things in the country, the prophet who is known for conducting special prayer and fasting sessions every new year where he will be in a place without water, food and traces of sunlight for days is of the believe that things are not really going to be better not only in Nigeria but all over the world because what we are experiencing are biblical signs of the end of days.

The Osun State born cleric is a strong believer of the teachings of the Bible and is convinced that the issues facing the world is a sign of the nearness of the second coming of Jesus and the need for the people to seek to face of the Lord through repentance and salvation.

ACCESS HOLDINGS PLC ANNOUNCES THE APPOINTMENT OF MS. BOLAJI AGBEDE AS ACTING GROUP CHIEF EXECUTIVE OFFICER

The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024.

The appointment is subject to the approval of the Central Bank of Nigeria.

Until her recent appointment, Ms. Agbede was the Company’s most senior founding Executive Director in charge of Business Support.

She has nearly three decades of professional experience cutting across banking and business consultancy services. Ms. Agbede commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the Commercial Banking and Operations functions rising to the position of Manager in 2001. She subsequently served as the Chief Executive Officer of JKG Limited, a business consulting outfit in 2003.

Ms. Agbede joined Access Bank Plc (‘the Bank’) in 2003 as an Assistant General Manager and was responsible for managing the Bank’s portfolio of chemical trading companies. She served as the Bank’s Head, Group Human Resources between 2010 and 2022 and was appointed the Company’s founding Executive Director, Business Support in 2022. She has a track record in successful people integration in business combination and culture transformation.

She holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990) and a Masters of Business Administration Degree from Cranfield University UK in 2002. She is a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

Ms. Agbede has attended several renowned leadership and professional development programmes including the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised the London Business School.

Ecobank Nigeria and Soto Gallery: Invites Emerging Nigerian Artists to Participate in an International Art Exhibition

Ecobank Nigeria has entered a strategic partnership with Soto Gallery to organize an international art exhibition for emerging young Nigerian artists. The exhibition tagged: +234Art is a 10-day art fair in the heart of Lagos and is scheduled to commence on Friday, 22nd March, 2024. It is dedicated to nurturing and uplifting the burgeoning art industry in Nigeria by providing a platform to support emerging artists and encourage increased interest in art acquisition, thereby contributing to the growth and prosperity of the local art sector and its international recognition.

Bolaji Lawal, Managing Director/Regional Executive, Ecobank Nigeria, said the partnership is in line with the Pan African Bank’s policy of promoting the creative industry in the country and African continent. According to him, “our objective at Ecobank is to project Nigerian creatives by highlighting their talents and providing a platform as well as opportunities for them to showcase their works locally and globally. The creative industry is an essential driver of economic growth, well-being, and global connectivity. We will continue to invest in the potentials of our young people for a brighter future for Nigeria as a country”.

Specifically, he extended an invitation to ‘un-galleried’ emerging Nigerian Artists to submit applications for their participation in the international art exhibition, stressing that they stand to gain wide reaching exposure that would enhance their works. “ “Un-galleried artists” typically refer to artists who don’t have representation or exhibition opportunities through traditional art galleries. These artists usually face challenges in gaining exposure and selling their creative work.”

Tola Akerele, Founder, Soto Gallery, stated that the maiden edition of this event takes the thematic direction of ‘A New Heritage’ and is designed to serve as a melting pot of artistic creativity from different strata of the society.

According to her, the free entry fair aims to be an immersive showcase of Painting, Photography and Sculpture, providing the general public with a closer look at what emerging artists, and photographers in Nigeria today are up to. “The exhibition’s title – ‘+234Art’ is an amalgam of Nigeria’s country calling code, and the all-encompassing word – ‘Art’, indicating that this experience aims to be a thorough exposition of what Nigerian art looks like today, as well as how it interacts with the larger art community in Africa and beyond. Paintings and sculptures for display will be beautifully curated by local and international experts.”

She explained that the art fair will among other things seek to create a sustainable platform for young and emerging artists in the country, provides an opportunity to enhance skills and understanding of the industry through workshops that run concurrently with the art fair, adding that it would also showcase the talent of Nigerian art and encourage economic exchange by purchasing of art pieces while moving the artists into a better socio-economic class by giving them tools to earn locally, regionally and internationally

Ms. Akerele further highlighted other benefits of the exhibition as an avenue for cultural resonance, the discovery of emerging art talent, wealth creation, learning experiences, networking opportunities and social Impact. To submit your artworks, please send a mail to: submissions@plus234art.com.

Ecobank Nigeria now a key driver of tourism, culture and the creative industries in Nigeria is behind the yearly Adire Lagos Experience; also organized the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022. The bank also partnered “Songs & Stories” With Cobhams Asuquo; Redbull Dance Your Style; BellaNaija Style Summit and Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ipke-Etim).

Adron Homes at 12: Celebrating a Legacy of Excellence in Real Estate

On this monumental day, we celebrate the fruition of a vision conceived 12 years ago – the vision to redefine Nigeria’s landscape with quality and affordable housing. Adron Homes emerged as the embodiment of that vision, empowering millions to realize their dream of home ownership.

One of the key features that sets Adron Homes apart from other real estate companies is our commitment to making housing affordable for everyone. We understand that owning a home is not just a luxury, but a necessity. That is why we offer flexible payment plans laced with modern innovation and real transformation to suit our client’s budgets and incomes.

Adron Homes has pioneered real estate affordability through flexible payment plans spanning several years, coupled with enticing discounts. This commitment extends across all of Adron Homes’ diverse locations, ensuring that the dream of owning a home is within reach for many.

We thrive on creating serenity, CCTV, infrastructure, power supply, 21st-century structures, 24/7 security, and street lights – these are not just features; they are the hallmarks of Adron Homes’ consistency in delivering modern estate amenities. Each of our estates reflects our dedication to creating conducive environments that prioritize safety, comfort, and innovation.

That is why we invest in providing modern and functional infrastructure, such as roads, drainage, water, electricity, and security. We also ensure that our estates are aesthetically pleasing, with landscaped gardens, recreational facilities, and street lights.

In 12 years, Adron Homes has not merely constructed buildings; we’ve built cities, communities, and, most importantly, homes. Our footprint spans various locations, including Ibeju-Lekki, Epe, Badagry, Osun, Ado Ekiti, Shimawa, Atan-Ota, Ikorodu, Shagamu, Papalanto, Ijebu Ode, Abeokuta, Ibadan, Abuja, Nasarawa, Jos, and Niger. Each location is a testament to our commitment to creating vibrant and sustainable living spaces.

We express gratitude to our loyal customers, partners, and dedicated staff who have propelled us to this milestone. While proud of our achievements, we remain unwavering in our determination to grow, improve, and exceed expectations. Adron Homes stands tall at 12 – a symbol of strength, innovation, and consistency in the real estate industry.

As we commemorate this remarkable anniversary, we reaffirm our commitment to providing quality housing solutions that transform lives. Adron Homes is not just a name; it’s a legacy, and we look forward to many more years of redefining the landscape and making dreams come true.

Thank you for choosing Adron Homes, the leading pan-African real estate company. We look forward to serving you better and making your dreams come true.

Lagos Assembly Urges Government Support for Schoolgirl Suffering Teargas Injury

The Lagos State House of Assembly has urged the government to support Amina Alege, a 12-year-old student of the Adam Yakubu Memorial High School in Lagos State, who suffered an eye injury after she was allegedly tear-gassed by the police.

The incident occurred on Friday, February 9, 2024, in front of a mosque near Adam Yakubu Memorial High School in Iloro, Cement, Agege, Lagos.

The House called on the Commissioner for Health, Professor Akin Abayomi, and the ministry to offer necessary support to the young girl, who is billed for surgery.

The matter was brought to the attention of the House by Hon. Abiodun Orekoya, chairman of the House Committee on Sports and Youth Development during a plenary session on Thursday presided over by Deputy Speaker Mojisola Lasbat Meranda on behalf of Rt. Hon. Mudashiru Obasa.

Orekoya said he received the information through a human rights organisation, adding that the incident happened when two schools were embroiled in a clash and the police intervened with tear-gas.

He said the student’s parents have been borrowing money to pay for her treatment and that she is currently admitted to the Lagos State University Teaching Hospital (LASUTH).

Orekoya pleaded with the House to call on Governor Babajide Sanwo-Olu to offer support to the parents and help save Amina’s life before the situation worsens.

Supporting Orekoya’s appeal, Hon. Kehinde Joseph (Alimosho 2) emphasised that since the student attends a government-owned school, it was necessary for the governor to step in.

Joseph further requested that the House investigate the incident to prevent similar occurrences in the future.

Deputy Speaker Meranda directed the Chairman of the House Committee on Education (Secondary) to summon the management of both schools involved in the clash and investigate what led to the clash.

They are expected to report back within one week.

Eromosele Ebhomele

Chief Press Secretary to the Speaker of the Lagos State House of Assembly.