In a year marked by widespread economic uncertainty in Nigeria, Transcorp Power Plc has emerged as a beacon of resilience and growth. The company, a subsidiary of Transnational Corporation Plc, demonstrated remarkable financial performance in its fiscal year 2024, defying the economic downturn that has gripped many sectors of the Nigerian economy.
Transcorp Power reported an impressive 115.27% year-on-year (YoY) increase in revenue, which soared to N305.9 billion. Profit before tax also experienced significant growth, rising by 114.71% YoY to reach N113.287 billion.
This performance is seen as an indication of Transcorp Power’s role as one of Nigeria’s most formidable energy operators. It contributes over 20% of the country’s installed electricity capacity through its gas-fired power plants in Ughelli and Afam, with a combined capacity nearing 2,000 megawatts.
Demonstrating its commitment to rewarding shareholders, the Board of Directors proposed a final dividend of N3.50 per share. When added to the interim dividend of N1.50 per share declared at mid-year, this brings the total dividend for the 2024 fiscal year to N5.00 per share.
The company’s growth story is even more significant when viewed through the radar of Nigeria’s current economic realities, where businesses have been grappling with rising costs, inflation, and currency volatility.
Drivers of Growth
Transcorp Power’s revenue growth was driven by increased energy deliveries, which accounted for over 67% of total revenue. This surge in energy sales, coupled with operational efficiencies, allowed the company to maintain robust profitability despite facing a 145.48% YoY increase in the cost of sales, primarily due to rising natural gas and fuel expenses.
The company also reported a significant improvement in its financial stability. Following the full repayment of its USD loan, its gearing ratio dropped from 64.48% in 2023 to 29.70% in 2024. This substantial reduction in leverage not only strengthens the company’s balance sheet but also positions it for future growth and investment opportunities.
Return on assets increased from 13.53% in FY 2023 to 20.17% in FY 2024, while return on equity rose from 52.25% to 63.19%. These metrics highlight Transcorp Power’s efficiency in utilizing its resources to generate income, reinforcing its reputation as a well-managed entity in a turbulent economy.
Chairman Emmanuel N. Nnorom lauded the company’s resilience and its role in addressing Nigeria’s energy challenges. He said, “Transcorp Power has become one of Nigeria’s most formidable power operators, committed to bridging the energy gap in the country and contributing to the nation’s economic growth. This financial performance reflects our unwavering commitment to our shareholders and stakeholders. We remain steadfast in our pursuit of value creation and assure our investors of continued robust returns.”
Chief Executive Officer Peter Ikenga attributed the company’s success to its strategic investments and disciplined approach to operations.
“Transcorp Power is dedicated to financial discipline and delivering unparalleled value to our stakeholders. Since our public listing, we have maintained consistent growth across all financial metrics, aligning with our mission to deliver value. We are confident in our ability to sustain this trajectory of success,” he stated.
Defying Economic Headwinds
Transcorp Power’s achievements stand out in a year when many companies in Nigeria have struggled under the weight of economic pressures. The company has not only weathered the storms but has also expanded its footprint and strengthened its financial position.
The company has remarkably focused on enhancing electricity supply, driving economic growth, and creating value for Nigeria. This reflects a growth strategy that aligns with the country’s urgent need for reliable energy infrastructure.
Some analysts note that Transcorp Power Plc’s success in FY 2024 is not just a financial milestone but also a symbol of hope in a difficult economic landscape, demonstrating that with the right strategies, companies can thrive even in the most challenging times.
The Nigeria Labour Congress (NLC) has fiercely condemned the recent 50% tariff hike approved by the Nigerian Communications Commission (NCC) for telecommunications operators, calling it an “assault on the welfare of Nigerians.”
Similarly, the Socio-Economic Rights and Accountability Project (SERAP) has issued a stern warning to the federal government, threatening legal action if the hike is not reversed.
The approval, which raises call rates from N12 to N18 per minute, SMS charges from N4 to N6, and data costs from N300 to over N400 per gigabyte, has sparked intense debate among stakeholders, consumer advocacy groups, and ordinary Nigerians. The NLC and SERAP argue that the increase further burdens already overstretched consumers, many of whom are grappling with declining purchasing power amid the country’s severe economic challenges.
In a statement signed by NLC President Joe Ajaero, the labor movement described the hike as “ill-advised,” urging the federal government, NCC, and the National Assembly to halt its implementation. Ajaero noted that the increase disproportionately affects the average Nigerian worker, who already spends approximately 10% of their wages on telecommunication services.
“For a worker earning the current minimum wage of N70,000, this means an increase from N7,000 to N10,500 per month—15% of their salary—a cost that is unsustainable,” the NLC stated.
The union accused the government of prioritizing corporate profits over citizens’ welfare, highlighting the rapid approval of the tariff hike in contrast to the delay in approving the new minimum wage.
“This hike exemplifies the government’s apparent ease in siding with corporate interests rather than addressing the needs of its citizens. We call on Nigerian workers to prepare for collective action, including the possibility of a nationwide boycott of telecommunication services, to compel a reversal of this punitive increase,” the NLC added.
SERAP Threatens Legal Action
The Socio-Economic Rights and Accountability Project (SERAP) has also voiced strong opposition, warning the government to reverse the increase or face a lawsuit.
“The Tinubu administration and telcos must immediately reverse the unlawful increase in calls and data costs. We’ll see in court if the 50% tariff hike is not reversed within 48 hours,” SERAP declared in a statement.
FCCPC and NCC Defend the Hike
In response to the backlash, the Federal Competition and Consumer Protection Commission (FCCPC) stressed the importance of ensuring the tariff increase leads to tangible service improvements.
“Consumers can expect a mandatory disclosure table from their service providers, enabling them to make informed decisions without worrying about unexpected charges,” said Ondaje Ijagwu, FCCPC Director of Corporate Affairs.
The NCC, in its defense, described the hike as a “rationalized adjustment” meant to address the surging operational costs faced by telecom operators due to inflation, foreign exchange volatility, and insecurity. It argued that the 50% increase was more measured than the over 100% initially proposed by operators.
Telcos Caught in the Middle
The development is a reflection of the precarious situation of Nigeria’s telecommunications operators, caught between consumers’ dwindling purchasing power and operational losses. Industry proponents argue that inflation, which has surged from 9% a decade ago to over 30% today, alongside high diesel costs and insecurity, has made business unsustainable.
Speaking on the issue, President of the Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Allied Services Employers’ of Nigeria (ATICEN), Adede John Williams, emphasized the sector’s significant contributions to Nigeria’s economy.
“The telecommunications sector plays a pivotal role in driving foreign direct investment and GDP growth. Collaborative efforts between consumers and operators are essential to ensure sustainable development in the sector,” Williams said.
A legal expert, Frank Tietie, criticized the NCC for failing to hold public inquiries as stipulated under Sections 57 and 58 of the NCC Act.
“There must be public hearings where consumers can represent their grievances and demand accountability. Nigerians deserve a platform to question poor service quality and the lack of investment in sustainable energy alternatives like solar power,” Tietie said.
He dismissed the reliance on diesel as outdated, urging operators to explore green energy solutions. He also pointed to unresolved systemic issues, such as debts between telecom operators and banks over USSD charges, as inefficiencies being unfairly transferred to consumers.
Crypto presales provide an opportunity for investors to buy into high-potential tokens before they go mainstream. BlockDAG, Lightchain AI, and Rexas Finance are gaining traction, but 1Fuel is emerging as a standout choice. With its innovative multi-chain wallet, secure cold storage and passive income rewards, 1Fuel offers unmatched utility and value. As presale phases progress and early investors gain over 50% returns, now is the ideal time to invest and enjoy over 500x projected price growth when 1Fuel lists on the open markets.
BlockDAG set to hit $200 million presale funds target
BlockDAG is attracting attention as a utility token combining innovation and usability. Its compatibility with the Ethereum Virtual Machine (EVM) and WebAssembly (WASM) makes it ideal for future and current systems in the DeFi and Web3 sectors. This versatility positions BlockDAG to hit its $200 million valuation goal.
The architecture of BlockDAG enables Ethereum-based applications to transition to a more scalable ecosystem. Developers are increasingly adopting it due to its enhanced performance and lower costs. While improved performance is a key attraction, the significant cost savings make it particularly appealing to WASM application developers.
The 27th batch of BDAG tokens is going for $0.0248. BlockDAG has raised over $182 million and is closer to its $200 million goal. BlockDAG’s momentum points to its potential as a top player in the blockchain space.
Lightchain AI’s testnet draws near
Lightchain AI combines artificial intelligence with blockchain to improve scalability and efficiency in decentralized applications (DApps). Lightchain AI’s parallelized architecture minimizes latency, while off-chain features like IPFS and Filecoin ensure secure and efficient data storage.
The Lightchain DAO launched on January 1, 2025, driving significant growth in community participation. Lightchain AI’s crypto presale has already raised over $12 million, with tokens priced at $0.005625. As the testnet release draws near, investor excitement continues to build, anticipating a strong market impact from Lightchain AI.
Rexas Finance lists on CoinMarketCap and CoinGecko
Rexas Finance offers real-world asset (RWA) tokenization via blockchain technology and disrupts the role of traditional markets. Rexas Finance lets users digitize tangible things like real estate, artwork, and commodities. This innovation creates trillion-dollar opportunities and reshapes conventional ownership structures.
A key feature of Rexas Finance is fractionalization, which democratizes asset ownership. Offering fractional shares in previously inaccessible markets like real estate enhances liquidity and promotes financial inclusion.
Rexas Finance also provides staking and yield farming options, appealing to investors seeking passive income. By staking RWA tokens, users earn tax-free rewards over time, making the token an attractive option for growth and consistent earnings.
A CertiK audit and its listing on CoinMarketCap and CoinGecko support Rexas Finance’s credibility and solidify its reputation as a reliable and innovative investment platform.
1Fuel could deliver 500x returns post-listing
1Fuel plans to launch a multi-chain cryptocurrency wallet to simplify blockchain transactions. Users will no longer require multiple wallets or gas fees to make crypto management easier and cheaper. The wallet will enable peer-to-peer transactions without third parties. This feature eliminates delays and provides users with faster and smoother transaction experiences.
1Fuel also prioritizes security by offering cold wallets. These offline wallets protect tokens from cyber threats, ensuring maximum safety for investors. Additionally, 1Fuel allows users to earn passive income. Users can enjoy an impressive 30% annual return by staking their tokens. This feature makes the wallet appealing to investors seeking steady growth.
While projects like BlockDAG, Lightchain AI, and Rexas Finance remain good options, 1Fuel is gaining momentum as a more promising investment option. The project has already raised over $1.4 million in token sales, and even more significant milestones are on the horizon.
The ongoing 1Fuel presale offers a discounted price of $0.017. With the third presale phase nearing its end, prices will rise soon, encouraging savvy investors to act quickly. Analysts predict 1Fuel could deliver 500x returns post-listing. If you’re searching for a high-potential cryptocurrency investment, 1Fuel is a top contender.
For more information about 1Fuel presale, visit the links below:
Investors have been gearing up for an altcoin season after a series of positive market developments suggesting a pro-crypto stance globally. However, with thousands of options available, finding the best crypto to buy now may not be so easy.
From presale projects to established names that could pump further, a variety of cryptos can be added to one’s portfolio for major gains. Our analysts have compiled a list of such projects, which feature strong concepts and utilities and could emerge as top gainers in the coming weeks or months.
Best Crypto to Buy Now – Alt Season Picks
Here is a detailed review of each project that you may consider checking out to decide if the projects listed are worth adding to your wallets.
Wall Street Pepe
Wall Street Pepe has gone viral by incorporating various trading features tailored for degen investors alongside its exciting theme. Its WEPE token not only serves as a digital asset but also unlocks access to exclusive trading signals and a collaborative community where strategies are shared. Weekly trading competitions, where participants earn rewards for the most successful trades, have added to its appeal.
The project recently announced its plans to end its highly successful presale, which raised a whopping $57 million in just a couple of weeks. Other planned developments include launching an analytics tool specifically for meme coins and integrating educational resources to assist beginners. Wall Street Pepe aims to bridge the gap between entertainment and practical tools, creating a space where investors can thrive.
Popular YouTubers like Austin Hilton have also endorsed the token, dubbing it a 100x potential project. As altcoin season gains traction, Wall Street Pepe could capture attention with its utility-focused approach. It’s one to keep on your radar if you’re exploring tokens that balance community engagement with tangible benefits for traders, all while rocking an attractive design featuring a trendy mascot like Pepe.
Solana has proven itself as one of the best blockchains in the space over the years, thanks to its constant development and community support. Capable of handling high transaction volumes without compromising speed or affordability, it has created a massive user base in the past few years alone.
The project offers a complete ecosystem, hosting everything from decentralized finance (DeFi) applications to non-fungible token (NFT) marketplaces. Solana’s lightning-fast processing speed and low fees continue to attract developers and users alike, solidifying its reputation as a reliable blockchain solution.
Partnerships with prominent DeFi projects and the rollout of state-of-the-art development tools had already put Solana on the map. However, the most recent update that has investors buzzing about Solana is its potential inclusion in the US strategic reserve. It has also gained traction in the NFT world, hosting collections that rival Ethereum’s in popularity and trade volume. This diversity of use cases ensures that the network remains active and growing, even during periods of market uncertainty.
As altcoin season looms, Solana is frequently cited among the best cryptos to buy now, given its history of delivering value to its community. While it is an established project with a market cap exceeding $120 billion already, current sentiments surrounding the project indicate potential for a much higher price range in the coming days.
MIND of Pepe
MIND of Pepe transforms the meme coin concept by integrating artificial intelligence into its ecosystem. This innovative project has built an AI agent capable of analyzing social media trends, generating insights, and even predicting market sentiment around popular tokens. The MIND token, currently in its presale phase, essentially gives holders early access to these AI-driven analytics, empowering them to make informed decisions in a volatile market.
One of the biggest achievements of the project so far has been the traction its presale has received, raising over $1 million in under a single day, showcasing strong community support. Its AI tools are designed not just for fun but to deliver real utility to investors, a rarity in the meme coin space. This functionality, combined with the Pepe mascot’s meme-like appeal, attracts those seeking both entertainment and tools to navigate the crypto world effectively.
By tapping into the meme coin market with a focus on innovation, MIND of Pepe has already positioned itself as a trending name within the presale space. As more investors search for tokens with practical applications, this project’s creative take on AI integration offers a fresh perspective, which could gain significant traction in the upcoming days.
Ondo Finance
Ondo Finance was launched as a project aimed at reshaping how crypto investments are managed by offering structured financial products on-chain. Its primary focus lies in tokenized solutions that provide fixed and variable yields, enabling users to customize their investment approach. This setup has made Ondo particularly attractive to institutional investors exploring blockchain technology without the risks associated with traditional cryptocurrencies.
Ondo has been constantly seeking collaborative opportunities beneficial to its investor base. One of the more recent ones includes partnerships with several major stablecoin issuers to create diversified yield strategies. This collaboration has brought a sense of security to an otherwise volatile market, offering investors access to predictable income streams.
Since the bull market started, Ondo’s market cap has doubled, with investors speculating that it may soon climb into the top 20 or even the top 10 cryptos list by market cap from its current position in the top 40, as per CoinMarketCap. Ondo also actively contributes to decentralized finance innovation, frequently updating its protocol with user-focused enhancements.
For those scouting the best crypto to buy now, Ondo’s track record of blending traditional finance principles with blockchain technology makes it a project to watch. Its growing user base and consistent efforts to drive adoption underline its potential to disrupt the market in the upcoming months, making it an asset worthy of investment right now.
Meme Index
Meme Index simplifies the saturated world of meme coin investments by creating an easy-to-use system for tracking and investing in these tokens. The platform categorizes meme coins into multiple tiers—ranging from stable options to riskier moonshot opportunities—offering users the ability to tailor their portfolios according to their risk appetite.
MEMEX, the native token, acts as a pass to access advanced analytics and portfolio management tools. You may think of it as an avenue to invest in baskets of meme coins based on your risk appetite.
Meme Index has achieved significant popularity by raising millions during its presale phase and launching a beta version of its dashboard, already receiving positive feedback from early users. The project developers have also claimed to be in talks with various crypto exchanges to expand accessibility for its token, indicating a bright future for the project. At the time of writing, the presale has raised upwards of $2.7 million and is expected to reach its hard cap in the next few weeks.
If one is considering diversifying their portfolio, this tool may streamline the process of evaluating meme coins while being an excellent addition itself. With a structured system and strong community interest, Meme Index could definitely make it to the list of best cryptos to consider investing in for substantial profits in the bull market.
Solaxy has been one of the biggest presale hits recently, introducing a Layer-2 scaling solution designed to enhance Solana’s ecosystem. By reducing congestion and enabling faster transactions, it addresses critical issues associated with blockchain scalability. Solaxy’s cross-chain functionality further adds to its appeal, allowing users to bridge assets between Solana and Ethereum effortlessly.
The presale has been quite successful, with its native token SOLX raising more than $13 million, mostly from the meme coin community. This success is largely attributed to its Pepe-themed design, which has become a fan-favorite approach for meme coins with utility lately.
The presale funds are being allocated toward expanding its developer tools and launching its proprietary staking protocol, which promises attractive rewards for early adopters. Solaxy’s roadmap also outlines plans to integrate DeFi protocols, making it a central hub for financial innovation within the Solana network.
With its focus on scalability and cross-chain compatibility, Solaxy appeals to both developers and investors. It could play a crucial role in driving adoption for Solana, particularly as blockchain technology gains momentum globally.
Predicting whether any cryptocurrency will definitely achieve a 10x return is always a challenge, as the market is influenced by numerous unpredictable factors.
Final Words
To find the best crypto to buy, investors should choose from assets representing a diverse mix of risk and reward. Whether it’s the stability of a blue-chip project like Solana or the high-growth potential of emerging and new tokens, these altcoins could be top picks for those seeking significant returns in the upcoming bull market.
Oando Plc, one of Africa’s premier indigenous energy companies, has announced a significant achievement with the successful acquisition of operatorship for Block KON 13 in Angola’s Onshore Kwanza Basin.
The milestone, secured through a competitive bidding process facilitated by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG), marks Oando’s first entry into Angola, a key player in Africa’s oil and gas sector.
This development underscores Oando’s remarkable growth trajectory over the past year, during which the company has expanded its operational footprint and diversified its asset portfolio across the continent.
Oando is currently the 18th most valuable stock on the NGX with a market capitalization of about N895 billion, which makes up about 1.42% of the Nigerian Stock. Over the last 12 months, its price has risen by 490.16 percent.
Oando Plc, through its upstream subsidiary Oando Energy Resources (OER), holds a 45% participating interest in Block KON 13, partnering with Effimax (30%) and Sonangol (15%). The block is situated in the prolific Kwanza Basin, which boasts an estimated prospective resource of 770 million to 1.1 billion barrels of oil.
Block KON 13 includes two exploration wells drilled to a depth of 3,000 meters, with oil and gas shows observed across multiple intervals.
Commenting on the acquisition, Wale Tinubu, Group Chief Executive of Oando Plc, emphasized its significance: “This development underscores Oando’s relentless commitment to expanding our footprint across Africa and contributing to the continent’s energy sufficiency goals. We are confident in our ability to develop and maximize the value of this asset for Angola and Africa as a whole.”
Oando’s Growth Trajectory
Over the past year, Oando has made remarkable strides in scaling its operations, highlighted by several strategic moves that have bolstered its position as a regional energy powerhouse.
In a landmark deal, Oando acquired 100% equity in Nigerian Agip Oil Company (NAOC Ltd), previously owned by Italy’s Eni. The acquisition included substantial stakes in oil mining leases (OMLs), such as a 20% interest in OMLs 60, 61, 62, and 63, along with infrastructure assets like the Okpai power plant. This deal significantly increased Oando’s oil and gas production capacity and reinforced its dominance in Nigeria’s energy sector.
With the addition of NAOC Ltd’s assets, Oando now holds interests in 14 oil and gas fields, spanning over 22,447 square kilometers of acreage. Its production capacity has surged to:
483,000 barrels of oil per day (bpd)
3,663 million standard cubic feet of gas per day (mmscf/d)
These figures place Oando among the leading producers in Africa, capable of meeting increasing regional energy demands.
The company also operates an extensive energy infrastructure network, including over 1,255 kilometers of pipelines, 14 flow stations, a 3.5-million-barrel terminal capacity, and a 1GW power plant. These assets demonstrate Oando’s ability to handle complex energy projects across the value chain.
The move into Angola’s oil-rich Kwanza Basin is seen as a reflection of Oando’s strategic focus on geographic diversification. The company is believed to have positioned itself as a pan-African energy leader, by entering new markets like Angola and São Tomé and Príncipe, with operations spanning exploration, development, and production.
The Kwanza Basin is renowned for its exploration potential, particularly in pre-salt and post-salt plays. Angola, Africa’s second-largest oil producer, offers a stable regulatory environment and opportunities for large-scale discoveries, making it an attractive destination for global energy companies.
Oando’s operatorship of Block KON 13 aligns with Angola’s goals to optimize its hydrocarbon resources while fostering partnerships with experienced operators.
Oando’s expertise and proven track record in upstream operations are expected to be instrumental in unlocking the block’s full potential, contributing to local economic development and energy security.
