Transcorp Group Announces N1.00 Dividend Per Share, Celebrates N408 Billion Gross Earnings

By Chidi Ugwu

Transnational Corporation Plc, a leading Nigerian conglomerate, has announced the approval of a full dividend of N1.00 per share for its shareholders.

This decision was made, Wednesday after a majority of shareholders supported the recommendation at the company’s 19th Annual General Meeting in Abuja.

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The dividend includes an interim payment of 40 kobo and a final payment of 60 kobo per share, totaling N10,161,997,573.23.

Tony Elumelu, the Chairman, Board of Directors, expressed satisfaction with the company’s performance, highlighting its commitment to delivering long-term value to shareholders.

He emphasized the need to address Nigeria’s power sector challenges, noting that Transcorp Power is owed over $400 million (approximately N600 billion).

Elumelu stressed that resolving these financial hurdles is crucial for achieving reliable electricity supply and supporting President Tinubu’s renewable energy agenda.

Elumelu also highlighted the company’s achievements, including the successful listing of Transcorp Power Plc on the Nigerian Exchange.

He emphasized the importance of electricity for economic growth and urged stakeholders to implement the President’s directives to resolve power sector issues, stressing that Transcorp Group is interested in renewable energy and believes it is essential for Nigeria’s development.

The company supports President Tinubu’s vision for a $1 trillion economy, which requires reliable electricity supply.

However, Elumelu noted that critical stakeholders must act to translate the President’s ideas into action to address the power sector’s financial woes and ensure Nigerians have access to electricity.

“We are looking at the wider energy sector issues. We are interested in that. As the CEO of the TransCorp Group, I just came back from Israel and we talked about investing in agriculture. But beyond agriculture we are interested in renewable energy and other areas. We believe that access to electricity is critical for the growth of our country. We believe that to fix Nigeria we must fix power. “We are great supporters of President Tinubu’s renewable agenda. And we know that to grow a $1 trillion economy electricity must be in place. But that is not the case today. And we know that the President directed last year that all the impediments should be fixed. But I will not be afraid to say that critical people who should help to see the President’s vision come alive are afraid to do so, and so, may I use this opportunity to call on them to help translate the President’s ideas to action. Nigerians desperately need access to electricity. Power sector is owed a lot of money, Transcorp power alone is owed about $400 million which is over N600 billion. We want this paid so that we can help actualize the President’s vision of making electricity supply to Nigerians” he said.

It is recalled that beyond the impressive financial results, Transcorp Group achieved several significant milestones throughout the year. Notably, the company successfully listed Transcorp Power Plc on the Nigerian Exchange (NGX) via introduction at N240 per share on March 4, 202 and further strengthened its commitment to excellence and value creation for all stakeholders.