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Elumelu Seeks Bold Action To Fix Power

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The Chairman of Transnational Corporation Plc (Transcorp), Mr. Tony Elumelu, has called on key stakeholders within the Federal Government to act decisively in implementing President Bola Tinubu’s vision for the power sector, warning that fear and hesitation are stalling progress.

Speaking with journalists in Abuja yesterday after the company’s 19th Annual General Meeting (AGM), Elumelu expressed deep concern that while President Tinubu has shown commitment to reforming Nigeria’s electricity sector, critical actors within the system are reluctant to drive the necessary changes.

He identified the Federal Government’s unpaid debts to power generation companies (GenCos) as a major stumbling block to meaningful progress.

Elumelu disclosed that Transcorp Power, the electricity generation arm of the Transcorp Group, is currently owed over $400 million—equivalent to about N600 billion. He argued that settling these debts is crucial to unlocking the sector’s potential and aligning with the President’s ambitious Renewed Hope Agenda, which aims to reposition Nigeria’s economy towards $1 trillion growth.

“We believe that to fix Nigeria, we must fix power. And we are great supporters of President Tinubu’s Renewed Hope Agenda. We know that to grow a $1 trillion economy, electricity must be fixed. That is not the case today.

“The President gave a directive last year that all impediments to the power sector should be removed. But I am afraid to say that critical people who should help bring the President’s vision to life are afraid to do so. May I use this opportunity to call on them to help translate this innovative idea to action,” he said.

He stressed the urgency of addressing Nigeria’s energy access issues, noting that citizens deserve improved power supply and that Transcorp, along with other private sector players, is ready to play its part if financial obligations are honoured.

“Nigerians need improvement in access to electricity. The power sector is heavily owed. Transcorp alone is owed over $400 million, which is over N600 billion. We want this paid so that we can help actualize the President’s vision for improving electricity supply to Nigeria,” Elumelu stated.

Beyond the power sector, he provided insights into the performance of Transcorp’s business units. He noted that Transcorp Hotels, Transcorp Power, and Transcorp Energy have all continued to deliver strong value, with plans to list additional subsidiaries in the future, including the Abuja Electricity Distribution Company (AEDC), which is currently managed by the group.

He said: “We have Transcorp Hotels—it’s working well. We also have Transcorp Power, which is managed by AEDC, and then Transcorp Energy. Transcorp is doing so well. We create value for shareholders.”

Elumelu disclosed that the combined market capitalization of Transcorp’s listed companies now exceeds $3 billion, or approximately N4.5 trillion, excluding unlisted entities such as AEDC and Transcorp Energy. He extended an invitation to the investing public to participate in the Transcorp growth story.

“When we took over this company in 2011, the market cap of Transcorp was less than $2 billion. Today, the group market cap is over N4.5 trillion. Since 2004, when we took over the company, we have consistently paid dividends to shareholders. We just declared N1 of dividends for 2024, and 2025 will definitely be better than 2024,” he said.

On the financial front, the conglomerate posted gross earnings of N408 billion as of December 31, 2024—an increase of 107 percent from N197 billion in 2023. Profit Before Tax soared by 132 percent to N136.7 billion, up from N58.8 billion in 2023, while Profit After Tax surged 188 per cent to N94.1 billion, from N32.6 billion the previous year.

The Group’s total assets rose by 42 percent to N751.6 billion by year-end 2024, up from N529.9 billion in 2023. Shareholders’ funds also grew significantly, increasing by 45 percent to N271.7 billion from N187.3 billion in December 2023.

Following this strong financial showing, the Board of Directors recommended a full dividend of N1 per share. This includes an interim dividend of 40 kobo per share paid on August 7, 2024, and a final dividend of 60 kobo per share to be disbursed later in the year.

Elumelu concluded with a message of optimism and commitment to transformation: “We are doing what we are expected to do—transforming companies and businesses and creating more value for shareholders. We want more Nigerians and investors to be part of this journey.”

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BREAKING: Presidency Finally Speaks After APC Governor Builds Beer Factory in Two Years

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Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, has praised Benue State Governor Hyacinth Alia over the completion of the Food Basket Brewery, a facility his administration built from the ground up within two years.

Onanuga made the remarks while sharing a video of a visit by the presidential media team to the brewery in Benue State, sharing footage of the facility with the public. The brewery produces the Zeva beer brand and malt, and has so far employed over 2,000 people since it began operations.

Governor Alia initiated and completed the brewery project within his first two years in office. The facility represents one of the more visible industrial investments tied to his administration, introducing a locally branded product while creating thousands of direct jobs in a state historically known for agriculture rather than manufacturing.

The presidential media team’s visit drew attention to the scale of the project, with Onanuga pointing to it as evidence of tangible progress under the APC governor’s watch.

The timing of the visit carries political significance. Governor Alia is expected to seek re-election in the 2027 general elections, and the spotlight on the brewery comes as the ruling party looks to showcase achievements by its governors ahead of the polls.

The presidency’s statement has started generating mixed reactions from Nigerians. Below are some of their comments:

Obi Okafor wrote: “A reverend father built a local brewery; APC and Tinubu are praising him. Peter Obi built an international brewery; Reno, Bwala, Bayo and the rest of the APC gangs have been demonising him.”

Iwunna commented: “The same APC and its presidency that mock Peter Obi for brewery is celebrating brewery in Benue?”

Samuel tweeted: “I hope they will not also come after him by the time he dumps this party called APC, just like they always come after Peter Obi, saying instead of him building industry that will benefit Nigerians,

Real Samson, Esq. said: “That is what Tinubu should be doing. He should try to revive Ajaokuta Steel Company and Textile companies in Kaduna and Kano.”

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Tinubu Approves New Recruitment Into Federal Civil Service

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Nigeria, Benin Sign Integration Pact

President Bola Tinubu has approved the recruitment process for 3,252 verified Parent-Teacher Association teachers into the Federal Civil Service, a move aimed at addressing the persistent shortage of teachers in Federal Unity Colleges and improving the quality of education.

The Minister of Education, Dr Tunji Alausa, disclosed this in a statement issued on Thursday by his Special Adviser on Media and Communications, Ikharo Attah.

According to the minister, priority will be given to verified PTA teachers, many of whom have served in Federal Unity Colleges and Federal Technical Colleges for almost 25 years, allowing them to become part of the mainstream public service.

Alausa described the approval as a major intervention by the Tinubu administration and one of the most significant efforts to strengthen the teaching workforce, while recognising the contributions of thousands of PTA teachers who have sustained learning in federal schools over the years.

“This is a president who cares deeply for Nigeria and for the future of our country.

“The president has approved the recruitment of teachers. Priority will be given to absorbing verified PTA teachers, many of whom have served in our Federal Unity Colleges and Federal Technical Colleges for almost 25 years. This approval provides them with the opportunity to become part of the mainstream public service,” the minister said.

He said the recruitment followed a comprehensive verification exercise conducted by an inter-ministerial committee, which screened eligible PTA teachers across Federal Unity Colleges.

The exercise, he said, verified “3,252 teachers across the cadres of Education Officers, Assistant Education Officers and Technical Instructors, paving the way for their regularisation upon completion of all statutory requirements.”

Describing the development as a milestone under the Renewed Hope Agenda, Alausa said the recruitment would improve the teacher-student ratio in Federal Unity Colleges while rewarding teachers who had remained committed despite years of uncertainty.

According to him, integrating experienced PTA teachers into the federal public service would preserve institutional knowledge, strengthen classroom instruction and improve learning outcomes across the colleges.

“The recruitment forms part of the Federal Government’s broader efforts to improve teacher quality and reposition the colleges as centres of academic excellence,” he said.

The minister added that the education ministry would continue to work with relevant government agencies to conclude the remaining statutory processes required for the issuance of the final recruitment approval in line with public service regulations.

He thanked Tinubu for approving the exercise, saying the decision demonstrated the administration’s resolve to place education at the centre of national development.

“Investing in teachers is fundamental to building a stronger education system, as no education system can rise above the quality of its teachers,” he said.

Alausa assured all verified PTA teachers that the regularisation process would be concluded with transparency, fairness and due diligence.

He also reaffirmed the ministry’s commitment to implementing policies that strengthen the teaching profession, improve learning outcomes and ensure that learners in Federal Unity Colleges receive quality education from competent and dedicated teachers.

For years, Federal Unity Colleges have relied on PTA teachers engaged and paid by PTAs to bridge chronic staffing gaps caused by inadequate recruitment into the federal teaching service. Many of the teachers have worked in the colleges for between 10 and 25 years without permanent appointments, despite performing the same classroom responsibilities as regular government-employed teachers.

Successive administrations received appeals from the affected teachers and education stakeholders to regularise their appointments, arguing that the prolonged reliance on PTA-funded staff placed a financial burden on parents and created job insecurity for thousands of qualified teachers.

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BREAKING: Tinubu Takes Fresh Action After EFCC Freezes Osun Government Accounts

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President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately approach the court to vacate an order freezing the bank accounts of the Osun State Government, saying the timing of the action could undermine public confidence in the forthcoming governorship election.

The President made this known in a statement issued on Thursday after it emerged that the EFCC had secured a court order on August 5, 2026, freezing the state’s accounts.

Tinubu said although he respects the independence of anti-corruption agencies and had no prior knowledge of the EFCC’s action, he was concerned that the move came just days before the Osun governorship election.

According to him, actions taken by federal institutions are often attributed to the Presidency, regardless of whether he was involved in the decision-making process.

“I feel deeply embarrassed, not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action,” the President stated.

Tinubu reiterated that since assuming office, he has consistently allowed the EFCC and other law enforcement agencies to carry out their constitutional responsibilities independently, without political interference or executive directives.

He stressed that strong democratic institutions must operate within the law and without fear or favour, adding that he has deliberately avoided interfering in the operational activities of anti-corruption agencies.

The President, however, noted that while he had yet to receive the full details surrounding the EFCC’s decision to obtain the court order, the timing of the action was “inauspicious” given the proximity of the Osun governorship election.

He warned that no action should create the impression that any federal agency was being used to influence or interfere with the electoral process.

“In the overriding public interest of preserving public confidence and the integrity, credibility, and fairness of our democratic process, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard,” Tinubu said.

The directive is expected to ease concerns over the freezing of the state’s accounts as political parties and stakeholders prepare for the governorship election in Osun State.

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