Let me begin by congratulating my kinsman and Ovim illustrious son, Emmanuel N. Nnorom, the Group CEO of Heirs Holdings, which is today one of the most diversified investment powerhouses in Africa. And to the big boss, Chairman Tony Elumelu, for the ascension of Transcorp Power into the SWOOT (Stocks Worth Over One Trillion) club.

Transnational Corporation Plc (Transcorp Group) has made a significant move in the Nigerian stock market with the listing of its subsidiary, Transcorp Power Plc (Transcorp Power or TP Plc) on the Main Board of the Nigerian Exchange (NGX).

The landmark event took place on Monday, March 4, 2024, marking a milestone for both Transcorp Group and the Nigerian energy sector.

The announcement was made by Mr. Peter Ikenga, the Chief Executive Officer of TP Plc. The Management of Transcorp Power provided comprehensive insights into the listing and the strategic vision behind it.

With Transcorp Power Plc, United Bank for Africa Plc, and Transcorp Hotels Plc, in the SWOOT club, Chairman Elumelu now holds the record of breeding the most SWOOTs in Nigeria. In Nigeria’s Oscars and Grammy of business, that is a Platinum.

In the Igbo Nation, it takes the killing of one leopard to be called a killer of leopards. Now, what happens when you kill many leopards? #legends

Let me begin by congratulating my kinsman and Ovim illustrious son, Emmanuel N. Nnorom, the Group CEO of Heirs Holdings, which is today one of the most diversified investment powerhouses in Africa. And to the big boss, Chairman Tony Elumelu, for the ascension of Transcorp Power… pic.twitter.com/JhsWHtOdvb

— Ndubuisi Ekekwe (@ndekekwe) March 5, 2024

Transnational Corporation Plc (Transcorp Group) has made a significant move in the Nigerian stock market with the listing of its subsidiary, Transcorp Power Plc (Transcorp Power or TP Plc) on the Main Board of the Nigerian Exchange (NGX).

The landmark event took place on Monday, March 4, 2024, marking a milestone for both Transcorp Group and the Nigerian energy sector.

The announcement was made by Mr. Peter Ikenga, the Chief Executive Officer of TP Plc. The Management of Transcorp Power provided comprehensive insights into the listing and the strategic vision behind it.

With this listing, Transcorp Group now boasts two subsidiaries listed on NGX, affirming its commitment to driving economic progress in Nigeria while maintaining a significant holding in Transcorp Power Plc.

Transcorp Power Plc, the operator of the Ughelli Power Plant in Delta State, has demonstrated remarkable growth since its acquisition. Initially possessing an available capacity of 160MW, the plant’s capacity was substantially augmented to 680.83MW within four years, representing a staggering 227% increase.

This achievement not only surpasses the 5-year target set by the Bureau of Public Enterprises but also underscores Transcorp Power’s efficacy in the power sector. Moreover, as a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market, Transcorp Power Plc plays a pivotal role in supplying electricity to the ECOWAS Regional Market, contributing to regional energy stability.

Following its debut on the exchange, Transcorp Power Plc experienced an impressive 10% surge, culminating in a closing share price of N264 per share. This remarkable performance translated to a valuation of N1.98 trillion, reflecting a staggering N180 billion increase on the first day of trading. As part of the Transcorp Group conglomerate, which encompasses the power, hospitality, and manufacturing sectors, Transcorp Power Plc stands as the second power company to be listed on the exchange, following Geregu Power Plc.

Following Transcorp Power Plc’s listing, the NGX market capitalization witnessed a significant uptick, soaring by an impressive N1.85 trillion to settle at N55.89 trillion by the end of the trading session. This notable surge was predominantly driven by slight gains in the share prices of BUACEMENT and GEREGU.

In a noteworthy reversal from bearish sentiments, the NGX recorded a substantial uptick, with the NGX All-Share Index (ASI) surging by 95.91 points to reach 98,847.89 points. The positive momentum continued as the trading session concluded on a high note, highlighted by a remarkable 9.94% surge in Transcorp, emerging as the top gainer among the 25 stocks that recorded gains. Conversely, UNITYBNK, VITAFOAM, and DANGSUGAR experienced a 10% decline, positioning them as the worst performers among the 25 stocks with losses.

Transcorp led in terms of the highest volume of traded stocks by the market close, while Transpower topped in terms of the highest value of stocks traded. A total of 10,749 transactions were executed in the market for the day, marking an increase from the 9,168 reported in the previous session.

Today’s trading activity saw a notable increase in volume, with a total of 429.64 million shares exchanged, reflecting a significant rise from the previous session’s figure. Transcorp led the market in trading volume, with 203.43 million units, followed by Transpower with 40 million units, UBA with 19.59 million units, AIICO with 12.67 million units, and ACCESSCORP with 12.39 million units.

The market trading value witnessed a remarkable improvement, with shares totaling N19.924 billion exchanged, contrasting with the previous trading session. Regarding value traded, Transpower took the lead with a significant share of N10.56 billion, followed by Transcorp with N3.19 billion, Geregu with N2.30 billion, MTNN with N840.87 million, and DANGSUGAR with N515.05 million.

In the SWOOT sector, BUACEMENT, GEREGU, and FBN Holdings gained in their stock prices, while MTNN suffered a drop. Among the leading banks, only FBN Holdings posted a positive change in their stock value, while others experienced declines in their share prices.

The listing of Transcorp Power Plc on the NGX not only signifies a remarkable achievement for Transcorp Group but also heralds a new era of growth and opportunity in Nigeria’s energy sector. The debut is expected to spur investment in the power sector, which is currently critical and pivotal in driving economic prosperity and improving the quality of life for millions of Nigerians.

When my generation was growing up, Nigeria was able to condition us via NTA (Nigerian Television Authority). Through NTA, they passed everything, and the nation was in control of everything. But as the internet began to diffuse into Nigeria, providing other sources for people to have access to news and broad information, Nigeria began to lose control of its capacity to control what people watched, read, etc. Yes, even the highly popular Sunday sitcom tonic – Masquerade with Zebrudaya, Ovuleria, Apnea, Jegede Sokoya, etc – faded on NTA channels. 

Interestingly, the unbounded and uncontrolled nature of the internet makes it disruptive. You win it today but it will enable new competitors to take you down. 

Where am I going? I saw this stat on American big media and was like “really”? Bear with me, I do not flatly believe any non-financial and -economic news on the big media. That means I do not rely on them on geopolitics and broad global affairs because in those two areas, they are not offering journalistic values.

And in this age when Trump is not the president to drop bombastic statements to push ratings up on air and online, geopolitics is dominating the bit-wares and airwaves, and many people are going for citizen-journalism which provides “fair and balanced” perspectives on global issues. From Ukraine to Gaza, big media danced naked on the altar of agenda journalism, and they’re paying the prices.

Of course, this is not new. What happens now is that through the web, we can read the other viewpoints unlike in the past when only what the big media packaged was the absolute truth. Business 101: never take your customers for granted.

When my generation was growing up, Nigeria was able to condition us via NTA (Nigerian Television Authority). Through NTA, they passed everything, and the nation was in control of everything. But as the internet began to diffuse into Nigeria, providing other sources for people to… pic.twitter.com/UGGc8KMCEs

— Ndubuisi Ekekwe (@ndekekwe) March 5, 2024