Federal Government begins repayment of power sector debts, Transcorp CEO says
via Punch Nigeria4 min read
Owen Omogiafo, the President/Group Chief Executive Officer of Transnational Corporation Plc, announced that the Federal Government has started repaying longstanding debts owed to power generation companies. She described this as the most significant progress in resolving liquidity challenges in Nigeria’s electricity sector. Omogiafo made these remarks during an interview with journalists at the company’s 20th Annual General Meeting in Abuja. She noted that Transafam has begun receiving payments, and Transcorp Power expects to start receiving payments later this year. Omogiafo commended the Federal Government under President Bola Tinubu for addressing the historical debt, which signals the early implementation of a N3.3tn repayment plan for generation companies and gas suppliers. Despite challenges like gas supply constraints and transmission infrastructure gaps, Transcorp Group reported a 33 percent increase in revenue to N544bn in the 2025 financial year, with profit before tax rising by 31 percent to N179.5bn and profit after tax growing by 44 percent to N135.9bn. The company’s total assets increased by 33 percent to about N1tn, and shareholders’ funds rose by 47 percent to N353bn. The Board proposed a total dividend of N2.00 per share for the 2025 financial year, amounting to over N20.32bn. Operationally, Transcorp Power Plc increased its average available capacity to 550 megawatts, and Transafam Power Limited increased its available capacity to 348MW. The hospitality segm
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Nigerians residing in the United Kingdom have lauded the Federal Government's recent passport reforms, particularly the contactless renewal system, for significantly reducing delays and streamlining the passport delivery process. Introduced in November 2024, the new system enables eligible individuals to renew expired or exhausted passports from home, eliminating the need for physical visits to the Nigerian High Commission. Testimonies from various Nigerian community members across the UK, as reported by the Ministry of Interior, highlight a stark contrast to previous experiences marked by frustrating delays, extensive travel, and bureaucratic hurdles. Timileyin Gbenga, a Nigerian community figure in Birmingham, noted that while the traditional process took over six months and required travel for biometrics, the contactless method for a family member resulted in passport delivery in less than two weeks. He credited the transformation to the leadership of Minister of Interior Olubunmi Tunji-Ojo under President Bola Tinubu's administration. Gbenga Ogunderu, based in Coventry, described the initiative as a significant digital shift, allowing applications and doorstep delivery without stress, often within two weeks. Dr. Adekunle Shonola, a senior lecturer at Coventry University and president of Nigerians in Coventry, recalled the previous necessity of traveling from Coventry to London for biometrics, a process that often took over six months. He observed that community members no
At Hallmark Health Service Limited Hallmark HMO’s Stakeholders Engagement 5.0 in Lagos, participants emphasized the need for stronger collaboration, sustainable financing, innovation, and trust among stakeholders to build a resilient healthcare system in Nigeria. Olumide Ajomale, an Organisational Development Consultant and keynote speaker, highlighted that the COVID-19 pandemic demonstrated that no healthcare system succeeds in isolation, stressing that sustainability is a collaborative achievement involving hospitals, HMOs, regulators, technology providers, and the government. He noted that Nigeria's healthcare ecosystem faces both opportunities and challenges, including significant healthcare inflation. Ajomale proposed collaboration, strengthened financial capacity, stakeholder trust, regulatory support for a sustainable operating environment, and positive consumer experience as solutions. Adeogun Oladotun, Managing Director of Hallmark HMO, stated that the forum aimed to discuss the future of the healthcare industry, envisioning a future built on collaboration that addresses financing, the health system, the regulatory environment, and wellness. Oladotun urged healthcare providers to adopt technology and become more human-centered, criticizing the dismissal of enrollees without offering solutions. Eddie Efekoha, Chairman of Hallmark Health Services Limited, added that Nigeria’s evolving healthcare landscape requires collective action to create an accessible, affordable,
Eight people have died in a violent clash between farmers and herders in Gulma town, Argungu Local Government Area of Kebbi State. The incident began when a farmer was reportedly stabbed to death by a Fulani herder while working on his farmland. This led to a reprisal by members of the farming community, who allegedly attacked nearby Fulani settlements, resulting in eight fatalities and increased tension. Kebbi State Police Public Relations Officer, SP Bashir Usman, confirmed the incident, stating it occurred around 3:00 p.m. on Monday. Security operatives intervened to control the situation, rescuing four injured individuals who were treated and discharged. Usman reported that normalcy has been restored, with security personnel deployed to maintain peace. He urged residents to remain calm and use appropriate channels for grievances instead of resorting to violence.