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

Former President Donald Trump secured a significant legal victory as the United States Supreme Court unanimously ruled against Colorado’s bid to exclude his name from the state’s Republican primary ballot.

The decision, announced on Monday, not only reaffirms Trump’s eligibility to participate in the primary race but also underscores his resilience amid mounting legal challenges and political controversies.

“We conclude that states may disqualify persons holding or attempting to hold state office. But states have no power under the Constitution to enforce Section 3 with respect to federal offices, especially the presidency,” the top US court said.

The ruling marks a critical juncture in Trump’s quest to secure the Republican nomination for the upcoming presidential election, reaffirming his frontrunner status in the race. “BIG WIN FOR AMERICA!!!” Trump jubilantly declared on his Truth Social platform following the Supreme Court’s decision, signaling the significance of the ruling for his political ambitions.

At the heart of the legal dispute was Colorado’s attempt to disqualify Trump from the primary ballot under the 14th Amendment of the US Constitution. This amendment contains a provision prohibiting individuals from holding public office if they have engaged in insurrection or rebellion against the United States. Trump’s alleged role in inciting and supporting the violent attack on the US Capitol on January 6, 2021, served as the basis for Colorado’s challenge.

The court’s ruling not only rebuffs Colorado’s efforts but also has broader implications for similar challenges in other states, including Illinois and Maine. These challenges, rooted in Trump’s contested role in the events of January 6th and his attempts to undermine the integrity of the 2020 election, have faced setbacks in light of the Supreme Court’s decision.

The timing of the ruling is particularly significant, coming just a day before Super Tuesday, a crucial milestone in the presidential primary calendar. With the largest number of states holding their primaries and caucuses on this day, Trump’s presence on the ballot solidifies his position as a formidable contender for the Republican nomination.

In its opinion, the Supreme Court emphasized the limitations of state authority in enforcing provisions of the 14th Amendment against federal officeholders and candidates. The court underscored that such matters fall within the purview of Congress, rather than individual states, particularly concerning federal offices such as the presidency.

While the ruling may be perceived as a victory for Trump and his supporters, critics have voiced disappointment with the decision. Noah Bookbinder, President of Citizens for Responsibility and Ethics in Washington (CREW), lamented the Supreme Court’s failure to address the gravity of the situation, stating that the court “failed to meet the moment” by allowing Trump back on the ballot.

“The Supreme Court had the opportunity in this case to exonerate Trump, and they chose not to do so,” he said.

“Every court — or decision-making body — that has substantively examined the issue has determined that January 6th was an insurrection and that Donald Trump incited it. That remains true today.”

Colorado Secretary of State Jena Griswold expressed similar sentiments, expressing disappointment in the Supreme Court’s ruling and highlighting the erosion of states’ ability to enforce the 14th Amendment’s insurrection clause.

“Colorado should be able to bar oath-breaking insurrections from our ballot,” she wrote on X.

I am disappointed in the U.S. Supreme Court’s decision stripping states of the authority to enforce Section 3 of the 14th Amendment for federal candidates. Colorado should be able to bar oath-breaking insurrections from our ballot.

— Jena Griswold (@JenaGriswold) March 4, 2024

Despite his legal victories, Trump remains embroiled in ongoing legal challenges related to his efforts to overturn the results of the 2020 election. Criminal cases in federal court in Washington, DC, and at the state level in Georgia continue to loom over his political future. 

Nevertheless, Trump has vehemently denied any wrongdoing and dismissed the cases as politically motivated attempts to undermine his re-election campaign. As the presidential race intensifies, Trump’s resilience in the face of legal scrutiny and political opposition remains a defining characteristic of his candidacy.

In a historic milestone, the total market capitalization of Bitcoin has exceeded $1.3 trillion, making it the ninth-largest asset in the world by market value. This means that Bitcoin is now worth more than some of the most influential companies in the world, such as Facebook, Tesla, and Amazon.

Bitcoin crosses $66,000 per coin; it is not only breaking new records but also breaking new grounds.

Bitcoin’s remarkable rise has been driven by several factors, including increased institutional adoption, growing public awareness, and favorable regulatory developments. Some of the recent events that have boosted Bitcoin’s momentum include:

The launch of the first Bitcoin exchange-traded fund (ETF) in Canada, which attracted over $400 million in assets under management in its first week of trading.

The announcement by Tesla that it had purchased $1.5 billion worth of Bitcoin and would accept it as a form of payment for its products. The endorsement of Bitcoin by prominent figures such as Elon Musk, Jack Dorsey, and Michael Saylor, who have expressed their support and confidence in the cryptocurrency. The adoption of Bitcoin as a legal tender by El Salvador, which became the first country in the world to do so.

These events have demonstrated that Bitcoin is not only a viable store of value, but also a medium of exchange and a unit of account. Bitcoin has proven its resilience and innovation in the face of challenges and uncertainties, such as the Covid-19 pandemic, the halving event, and the network upgrades.

As Bitcoin continues to grow and mature, it is expected to attract more investors, users, and developers, who will contribute to its further development and adoption. Bitcoin has the potential to revolutionize the global financial system and create a more inclusive, transparent, and efficient economy for everyone.

Bitcoin crosses $66,000 per BTC.

The cryptocurrency market has witnessed a historic milestone as Bitcoin, the leading digital asset by market capitalization, has crossed the $66,000 mark for the first time ever. This comes after months of anticipation and speculation following the launch of the first Spot Bitcoin exchange-traded fund (ETF) in the US in January 2024.

The Bitcoin ETF, which trades under the ticker BITO, allows investors to gain exposure to the price movements of Bitcoin without having to buy or store the actual coins. The ETF tracks the performance of a basket of Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). The ETF has attracted over $1 billion in assets under management in its first week of trading, signaling a strong demand for Bitcoin exposure among institutional and retail investors.

The surge in Bitcoin price also coincides with a positive sentiment in the broader crypto space, as several other major coins have also reached new all-time highs in recent days. Ethereum, the second-largest cryptocurrency by market cap, has surpassed $3,500, while Solana, Cardano, Binance Coin, and Polkadot have also recorded impressive gains.

The bullish momentum in the crypto market is driven by several factors, including the growing adoption of blockchain technology and decentralized applications (DApps) across various industries, the increasing innovation and competition among crypto projects and platforms, and the rising awareness and acceptance of digital assets among regulators, policymakers, and consumers.

As Bitcoin crosses $66,000 per coin, many analysts and experts are predicting that it could reach even higher levels in the near future. Some of the factors that could support further growth include:

The increasing scarcity of Bitcoin supply, as more than 18.8 million out of the total 21 million coins have already been mined, and many of them are lost or locked up in long-term holdings.

The growing network effect of Bitcoin, as more users, merchants, and institutions adopt it as a store of value, medium of exchange, and unit of account. The improving security and resilience of the Bitcoin network, as more miners and nodes participate in validating transactions and securing the ledger.

The expanding innovation and development in the Bitcoin ecosystem, as more developers and entrepreneurs create new products and services that enhance the functionality and usability of Bitcoin. The rising interest and involvement of institutional investors, such as hedge funds, pension funds, endowments, and corporations, who are looking for alternative assets to diversify their portfolios and hedge against inflation and currency devaluation.

Bitcoin has come a long way since its inception in 2009, when it was worth less than a cent. It has overcome numerous challenges and obstacles, such as technical glitches, regulatory uncertainty, security breaches, market volatility, and fierce competition. It has proven its resilience and adaptability in the face of changing economic and social conditions. It has emerged as a global phenomenon that transcends borders, cultures, and ideologies.

Bitcoin is not just a currency or a technology. It is a social movement that represents a paradigm shift in how we perceive and interact with money and value. It is a vision of a more open, inclusive, and decentralized world where everyone can participate and benefit from the digital economy.

As Bitcoin crosses $66,000 per coin, it is not only breaking new records but also breaking new grounds. It is opening new possibilities and opportunities for individuals, businesses, and societies. It is challenging the status quo and inspiring change. It is showing us that the future of money is not only digital but also democratic.