Transcorp Power Plc has announced the approval of a final dividend of N3.50 per ordinary share, recommended by its directors for the fiscal year ending December 31, 2024.
This approval was made at the 12th Annual General Meeting (AGM) on February 25, 2025, and was detailed in a disclosure published on the Nigerian Exchange (NGX) the following day, signed by the company secretary, Atinuke Kolade.
During the meeting, the remuneration for Directors for the year ending December 31, 2025, was established at N50 million for each Non-Executive Director, while the Chairman’s remuneration was set at N75 million, effective from January 1, 2025.
The meeting also approved the appointment of Non-Executive Directors, the re-election of those retiring by rotation, and addressed the appointments to the Audit Committee along with the remuneration for auditors.
Appointment and re-election
During the Annual General Meeting, Mr. Christopher Ezeafulukwe was appointed as a Non-Executive Director of the Company.
Additionally, Mr. Emmanuel Nnorom, Dr. Mrs. Owen D. Omogiafo, and Mr. Adim Jibunoh, who retired by rotation and were eligible for re-election, were successfully re-elected as Non-Executive Directors.
- Furthermore, Mr. Olusegun Owoeye, Hajia Hauwa Umaru, and Mr. Olatunji Hassan, representing the shareholders on the Audit Committee, along with Mr. Adim Jibunoh and Engr. Charles Odita, representing the Board, were elected to the Statutory Audit Committee of the Company for the year 2025.
The Directors were also authorized to determine the remuneration of the Auditors, with the resolution stating: “That the Directors be and are hereby authorized to fix the remuneration of the Auditors for the 2025 financial year.”
Performance
Transcorp Power Plc reported notable growth in the fiscal year 2024, as detailed in its audited results submitted to the Nigerian Exchange (NGX).
- The company achieved a profit before tax of N113.287 billion, reflecting a 114.71% increase compared to the prior year.
- Revenue also increased to N305.9 billion, up by 115.27% year-on-year.
Commenting on the results, Emmanuel N. Nnorom, Chairman, of Transcorp Power, emphasized the Company’s focus on stakeholder value:
“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. I am proud of how our organization faced and responded to a particularly challenging market and macroeconomic environment and our future is bright.”
