Author: Abimbola Daniels

TRANSNATIONAL Corporation Plc (NGX: TRANSCORP), one of Nigeria’s leading conglomerates, has announced its half-year 2025 unaudited financial results, showing impressive growth across its diversified portfolio. The Group reported a 59% year-on-year increase in revenue, reaching ₦279.7 billion, while profit before tax rose by 21% to ₦85.7 billion, up from ₦70.9 billion in H1 2024. Despite prevailing macroeconomic challenges, Transcorp Group continues to deliver exceptional results, with its operations in power, hospitality, and energy sectors driving consistent value for shareholders. As part of its commitment to shareholder returns, the company declared an interim dividend of ₦4.064 billion, representing 40 kobo per…

TRANSCORP Power Plc (NGX: TRANSPOWER), a leading Nigerian power generation company under Transnational Corporation Plc (Transcorp Group), has reported an impressive financial performance for the half-year ended June 30, 2025. According to its unaudited results released on July 28, 2025, the company recorded ₦205.8 billion in revenue, marking a 52% increase compared to ₦135.4 billion reported during the same period in 2024. The growth was driven by enhanced generation capacity, increased efficiency, and strategic investment in operational infrastructure. Profitability remained solid, with a gross profit of ₦77.6 billion, up from ₦62.9 billion in H1 2024. Profit before tax also climbed…

ELECTRICITY consumers across parts of Lagos State are set to experience intermittent power outages starting Monday, July 28 to Thursday, August 1, 2025, as the Transmission Company of Nigeria (TCN) embarks on a scheduled maintenance operation. The Eko Electricity Distribution Company (EKEDC) issued the alert in a customer notice on Friday sighted by News Point Nigeria, stating that the outages will occur daily from 8:00am to 5:00pm during the four-day period. According to EKEDC, the disruption is necessary to enable TCN to conduct critical maintenance work on the Omotosho – Ikeja West 330kV transmission line, a major supply route within…

AFRICA’s richest man Aliko Dangote has retired as the Chairman of the Board of Directors of Dangote Cement Plc. In a statement on Friday, a spokesman for the company, Anthony Chiejina made available to News Point Nigeria, said the retirement took effect from July 25, 2025. “He is relinquishing his position as chairman and retiring from the board so as to focus more attention on the Refinery, Petrochemicals, Fertiliser and Government Relations, in order to drive the company’s five-year business trajectory to a superlative height,” the statement read. Subsequently, the Board of the company announced the appointment of Emmanuel Ikazoboh,…

Delivers N1.024bn Interim Dividend As Gross Profit Soars by 71% TRANSCORP Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has announced an impressive financial performance for the first half of 2025, with a 60% year-on-year revenue growth and a 71% surge in gross profit. The unaudited H1 results for the period ended June 30, 2025, reveal that the company’s revenue grew from ₦29.72 billion in H1 2024 to ₦47.57 billion in the same period of 2025. Gross profit also climbed significantly to ₦36.21 billion, up from ₦21.19 billion recorded in the previous year, reflecting a gross profit margin of…

THE Federal High Court in Lagos has ordered the Inspector-General of Police and the Lagos State Commissioner of Police to jointly pay ₦10 million in damages to a group of #EndSARS protesters over the violation of their fundamental human rights. News Point Nigeria reports that Justice Musa Kakaki, who delivered the ruling, found that the applicants were unlawfully harassed during the October 20, 2024, fourth #EndSARS memorial rally, held to commemorate victims of police brutality and the 2020 Lekki Toll Gate shooting. In his judgment, the judge emphasized that while law enforcement officers have constitutional duties to maintain public order,…

THE Governor of Bauchi State, Senator Bala Mohammed, and the Minister of Information and National Orientation, Mohammed Idris, have expressed deep concern over the growing menace of fake news, misinformation, and disinformation, warning that these trends pose significant threats to Nigeria’s unity, stability, and democracy. They spoke on Wednesday at the third Lateef Jakande Annual Memorial Lecture in Lagos, themed “Journalism and the Challenges of Nation Building in a Multi-Ethnic Society,” organized by the Nigerian Guild of Editors (NGE). Represented by his Chief of Staff, Dr. Aminu Gamawa, Governor Mohammed said the digital revolution has created both opportunity and danger.…

THE Nigeria Customs Service, Area 2 Command in Onne Ports, has seized 16 containers laden with illegally imported pharmaceutical products and goods worth N20.549 billion at the Onne Ports in Rivers State. The Customs said most of the seized items included illegal pharmaceutical products such as Codeine syrup, extra Diclofenac, Tramadol, as well as cartons of cream systematically concealed in an attempt to beat import protocols. The Comptroller-General of Customs, Bashir Adeniyi, disclosed this while displaying the seized items before newsmen at a news briefing at the Customs Area 2 Command in Onne on Friday. Adeniyi said the feat was…

THE Dangote Petroleum Refinery and Petrochemicals has suspended its strategic discounted fuel supply programme after uncovering a widespread scheme by affiliate marketers and strategic partners to divert subsidised fuel meant for the Nigerian retail market, leading to massive revenue leakage and distortion of market prices. In a letter dated July 13, 2025, signed by Fatima Dangote, Group Executive Director of Commercial Operations, and addressed to all participating partners, the refinery announced an immediate halt to its discounted pricing scheme, citing repeated abuses and fraudulent exploitation of the initiative by some licensed partners. The suspension comes after internal investigations revealed that…

THE Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has welcomed the adoption of the African Democratic Congress by opposition leaders. He described the development as a healthy sign for democracy and a move that could promote broader political engagement across Nigeria’s multi-party system. Gbajabiamila stated this on Saturday during the Local Government Area Councilorship and Chairmanship election in Surulere, Lagos State. He spoke shortly after casting his vote at Elizabeth Fowler Memorial Primary School, one of the designated polling units in the local government. According to him, a functioning democracy must accommodate opposition voices to prevent the risk…

AFRICA’s richest man, Alhaji Aliko Dangote, has cast serious doubt on the future of Nigeria’s government-owned refineries, declaring that despite over $18 billion spent on their rehabilitation over the years, the facilities may never return to optimal production. Dangote, who spoke in Lagos on Thursday while receiving a delegation from the Global CEO Africa programme of the Lagos Business School, said it was unlikely that the Port Harcourt, Warri, and Kaduna refineries, operated by the Nigerian National Petroleum Company Limited (NNPCL), would ever function effectively again. According to the billionaire, years of wasteful spending and outdated infrastructure have rendered the…

CHAIRMAN of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts. Speaking during a live radio interview on Nigeria Info FM, Oyedele said the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country. “I had to pack out of my house,” he said. “I rented a place in a secret location where I now…

UBA Group senior executives recently concluded the Group’s Half Year Business Review. Held at global headquarters in Lagos Nigeria, Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation. It was an opportunity to restate the Group’s pan-African strategy, and commitment to further expandingthe Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets. With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence. The international strategic intent reinforces with theGroup’s…

DANGOTE Petroleum Refinery on Tuesday further dropped the ex-depot price per litre of petrol from ₦840 to ₦820. In an update, a spokesman for the refinery, Tony Chiejina, confirmed the ₦20 marginal reduction, which occurred about one week after the $20bn refinery dropped ex-depot petrol price from ₦880 to ₦840 on June 30, 2025. Chiejina said the new ex-depot price of ₦820 took effect from Tuesday, July 8, 2025. Filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Refinery are expected to reduce their pump price further below ₦880 to reflect…

AS of the end of the first half of 2025, at least five banks have met the new capital thresholds issued by the Central Bank of Nigeria. They include Access Bank, Zenith Bank, Ecobank Nigeria, Lotus Bank, and Jaiz Bank. In March 2024, the CBN directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn, while those with regional authorisation are expected to achieve a N50bn capital floor. Similarly, non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively. CBN gave the banks a…

DESPITE the ex-depot petrol price reduction by the Dangote Petroleum Refinery on Monday, many marketers have refused to adjust their pump prices, saying they could run into losses. The marketers who spoke with this newspaper on Tuesday stated that dropping their pump prices would not be possible unless they exhaust the product purchased at prices around N900 per litre. This newspaper reported late on Monday that the Dangote refinery had reduced the ex-depot petrol price from N880 to N840 per litre. The spokesman of the Dangote Group, Anthony Chiejina, confirmed this to our correspondent. Chiejina stated that the price reduction…

THE Lagos State Government has commenced the enforcement of the ban on single-use plastics after it issued a six-month notice to all stakeholders. The Commissioner for Environment and Water Resources, Tokunbo Wahab, announced during a press conference at Alausa, Ikeja, that any company that failed to adhere to the ban on single-use plastics would be prosecuted and sealed off. Wahab said the state government won’t succumb to any pressure or blackmail to consider another shift in date. The commissioner emphasised that the ban was expected to move the state towards realisation of reduction of the quantum of waste generated in…

THE Court of Appeal, Lagos Division, has overturned a 2013 judgment of the Federal High Court, which allowed Guaranty Trust Bank Plc to foreclose on a N30bn 44-room mansion in Ikoyi, Lagos, belonging to Alhaji Agboola Abiola, son of the late business mogul and politician, Chief M.K.O. Abiola. A Certified True Copy of the ruling in Appeal No. CA/L/888/2014, obtained by The PUNCH showed that the appellate court found significant discrepancies in the execution of the tripartite legal mortgage that GTBank relied on to secure the loan. The unanimous judgment, delivered by Justice Paul Aimee Bassi, with Justices Polycarp Kwahar…

MEMBERS of the Major Energies Marketers Association of Nigeria say they will discuss with the Dangote Petroleum Refinery to fully understand the implementation of its plan to supply directly to filling stations nationwide. The Executive Secretary of MEMAN, Clement Isong, stated this during a webinar organised by the association on Thursday. Isong noted that the marketers would also engage with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other stakeholders as they took time to understand the new scheme from the Dangote refinery. “At this point, we are watching the market, trying to understand it. We have read it…

THE federal government under the Federal Competition and Consumer Protection Commission has summoned the management of Air Peace Limited following multiple complaints from passengers regarding non-refunded ticket fares, even in cases where the airline cancelled scheduled flights. In a formal notice dated June 3, 2025, the Commission ordered Air Peace to appear at its Abuja headquarters on Monday, June 23, 2025, to address growing public outcry and allegations of consumer rights violations. A statement issued by the Director of Corporate Affairs, Ondaje Ijagwu, disclosed the directive on Monday in Abuja. Ijagwu stated that the airline’s actions contravene Sections 130(1)(a) and…