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Chidumaga Unachukwu: Pioneering Clean Energy Solutions in Africa

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By: Victor Ojelabi

Africa’s energy insufficiency problem, among other things, is responsible for hundreds of thousands of deaths annually due to several factors like poor operations of hospitals and emergency services. This economic and development scourge is Africa’s number one barrier to development and meaningful growth.

Access to energy is a critical driver of inclusive growth and an opportunity creator for all. The history of the development and emergence of First-world nations has proven a direct relationship with the total energy capacity of a nation and the living standard of its people. Therefore, efforts at creating access to energy in Africa, particularly renewable, are always hope-giving, and worthy of support and recognition. It as such was not out of place when EXERGIE’s CEO, Chidumaga Unachukwu, was honoured last weekend at the Study UK Alumni Awards 2024, for his contributions to efforts to address this continental problem through innovative solutions in the renewable energy area.

Mr Unachukwu who has in the past received various such laurels and recognition, is leading ENERGIE to reinvent the usual offerings of renewable energy companies by focusing on solutions that are impactful. He is a recipient of Orange Corners Innovation Fund (OCIF) prize from The Kingdom of Netherlands and the prestigious “Brunel Alumni Award for Excellence” for his relentless commitment to advancing climate consciousness and spearheading modular, scalable solutions for key sectors of the economy.

Chidumaga earned a master’s degree in Renewable Energy Engineering from Brunel University London, which qualified for shortlisting into the prestigious Study UK Alumni Awards, where he won the Business and Innovation category. His journey towards sustainable energy solutions was shaped by his experiences at the university. He fondly recalls the invaluable support provided by Brunel’s 24-hour library access, which proved instrumental in his research endeavours, particularly during his project on “An In-depth Comparative Analysis Between the Clean Energy Sector in Nigeria and the United Kingdom” was an enabler for his current efforts and impact.

In the last two years, Chidumaga’s ENERGIE have installed over 2000+ kilowatts of capacity, resulting in an annual production of about 2.4 million kilowatts of energy. However, for Chidumaga, this is merely the beginning of his mission to drive sustainable energy solutions across Africa.

Chidumaga attributes his success largely to his smart decision and the opportunity of getting a world-class education, which created the global view he has of local problems and unlocked a world of opportunities behind the shores of Nigeria. He speaks of the immersive Brunel campus life, and how encountering students from every corner of the globe helped to appreciate a brilliant spectrum of perspectives.

Chidumaga Unachukwu’s story is not an isolated case. It’s, in fact, part of a larger narrative – a phenomenon known as “reverse brain gain.” The recognition by Study UK Alumni Awards, to him, is a testament to the transformative impact of his UK higher education. Other like-wise impactful business and social enterprise leaders who are alumni of UK institutions where honoured for their impacts and contributions to Nigeria’s development.

The awards ceremony, now in its tenth year, showcases not just individual accomplishments but the collective influence of UK education on professionals worldwide. It becomes a symbol of the enduring connection between quality education and national development.

Exploring the success stories of Nigerian professionals with a UK education sheds light on the undeniable value of quality higher learning. In today’s rapidly changing world, education isn’t just a guide; it’s a game-changer for personal growth, societal advancements, and economic prosperity.
The UK’s higher education system stands out globally, not just for securing great jobs but for unlocking higher earning potentials. It’s a powerhouse in innovation and research, attracting students globally with its groundbreaking advancements in science, technology, and the arts.

Internationally, the UK is a hotspot for tertiary education, drawing students not just for academics but also for the rich cultural diversity and global exposure it offers.

The UK’s tertiary education system is designed to break down barriers and foster inclusivity. Graduates don’t just climb the career ladder; they contribute to global social and economic progress, haven been trained to imbibe the mindset of shared value and greater societal good. The cultural advantage of a British education is significant, serving as a melting pot for diverse perspectives, and preparing graduates for a connected world where diversity is not just accepted but celebrated.

The surge in Nigerian students enrolling in the UK in 2021/2022, reaching 44,195, speaks volumes about the perceived return on investment. Nigerians believe a British education equips them with skills, knowledge, and global perspectives crucial for navigating today’s world. It’s not just about personal and professional growth; it’s an investment in Nigeria’s socio-economic development.

The ‘home coming’ of these UK alumni is the “reverse brain drain” phenomenon that is fast bringing in capacity for the various challenged sectors of the nation: bringing back expertise and experiences, contributing to nation’s growth. The Study UK Alumni Awards spotlights and celebrates these success stories, acknowledging the transformative impact of their UK higher education. Chidumaga and his work with ENERGIE is one of such newsworthy recognitions.

In the bigger picture of making the country, or continent better, the value of human resources cannot be overstated. Human potential is boundless, and investing in education and empowerment is crucial. Honouring UK alumni who return to Nigeria, establishing businesses, leading industries, and contributing to national development is an important highlighting of the need to focus on quality capacity building towards sustainable nation-building.

Just like Chidumaga and the class of 2024 award winners like Cassandra Akinde, a graduate of London School of Hygiene and Tropical Medicine (Social Action category), Faith Agboola, founder of The African Writers and the convener of African Writers Meet and graduate of De Montfort University (Culture & Creativity), Jennifer Uchendu, founder of The Eco-Anxiety Africa project (TEAP) and graduate of University of Sussex (Science & Sustainability), emerged from hundreds of Nigerians who are alumni of UK institutions and applied for this year’s edition.

The recognition of these exceptional individuals in the Study UK Alumni Awards is more than just applause; it’s a celebration of the invaluable contributions they make to Africa’s development and economic emancipation.
In a world where quality knows no borders, investing in a top-notch education becomes an act of wisdom for a growing nation like Nigeria. The Study UK Alumni Awards stand as a noble tribute to those who have embraced this wisdom, showcasing how their educational journey has become a beacon of hope for the continent’s progress.

Chidumaga’s led company incorporated Artificial Intelligence for regenerative solutions cued on a mission to improve living standards and drive business growth. The disruptive approach is chartering a new course of action for future-proof renewable solutions and what the energy landscape in Nigeria and Africa holds with the likes of ENERGIE in the space can not only be admired but followed.

Africa’s energy insufficiency problem, among other things, is responsible for hundreds of thousands of deaths annually due to several factors like poor operations of hospitals and emergency services. This economic and development scourge is Africa’s number one barrier to development and meaningful growth.

Access to energy is a critical driver of inclusive growth and an opportunity creator for all. The history of the development and emergence of First-world nations has proven a direct relationship with the total energy capacity of a nation and the living standard of its people. Therefore, efforts at creating access to energy in Africa, particularly renewable, are always hope-giving, and worthy of support and recognition. It as such was not out of place when EXERGIE’s CEO, Chidumaga Unachukwu, was honoured last weekend at the Study UK Alumni Awards 2024, for his contributions to efforts to address this continental problem through innovative solutions in the renewable energy area.

Mr Unachukwu who has in the past received various such laurels and recognition, is leading ENERGIE to reinvent the usual offerings of renewable energy companies by focusing on solutions that are impactful. He is a recipient of Orange Corners Innovation Fund (OCIF) prize from The Kingdom of Netherlands and the prestigious “Brunel Alumni Award for Excellence” for his relentless commitment to advancing climate consciousness and spearheading modular, scalable solutions for key sectors of the economy.

Chidumaga earned a master’s degree in Renewable Energy Engineering from Brunel University London, which qualified for shortlisting into the prestigious Study UK Alumni Awards, where he won the Business and Innovation category. His journey towards sustainable energy solutions was shaped by his experiences at the university. He fondly recalls the invaluable support provided by Brunel’s 24-hour library access, which proved instrumental in his research endeavours, particularly during his project on “An In-depth Comparative Analysis Between the Clean Energy Sector in Nigeria and the United Kingdom” was an enabler for his current efforts and impact.

In the last two years, Chidumaga’s ENERGIE have installed over 2000+ kilowatts of capacity, resulting in an annual production of about 2.4 million kilowatts of energy. However, for Chidumaga, this is merely the beginning of his mission to drive sustainable energy solutions across Africa.

Chidumaga attributes his success largely to his smart decision and the opportunity of getting a world-class education, which created the global view he has of local problems and unlocked a world of opportunities behind the shores of Nigeria. He speaks of the immersive Brunel campus life, and how encountering students from every corner of the globe helped to appreciate a brilliant spectrum of perspectives.

Chidumaga Unachukwu’s story is not an isolated case. It’s, in fact, part of a larger narrative – a phenomenon known as “reverse brain gain.” The recognition by Study UK Alumni Awards, to him, is a testament to the transformative impact of his UK higher education. Other likewise impactful business and social enterprise leaders who are alumni of UK institutions were honoured for their impacts and contributions to Nigeria’s development.

The awards ceremony, now in its tenth year, showcases not just individual accomplishments but the collective influence of UK education on professionals worldwide. It becomes a symbol of the enduring connection between quality education and national development.

Exploring the success stories of Nigerian professionals with a UK education sheds light on the undeniable value of quality higher learning. In today’s rapidly changing world, education isn’t just a guide; it’s a game-changer for personal growth, societal advancements, and economic prosperity.
The UK’s higher education system stands out globally, not just for securing great jobs but for unlocking higher earning potentials. It’s a powerhouse in innovation and research, attracting students globally with its groundbreaking advancements in science, technology, and the arts.

Internationally, the UK is a hotspot for tertiary education, drawing students not just for academics but also for the rich cultural diversity and global exposure it offers.

The UK’s tertiary education system is designed to break down barriers and foster inclusivity. Graduates don’t just climb the career ladder; they contribute to global social and economic progress, having been trained to imbibe the mindset of shared value and greater societal good. The cultural advantage of a British education is significant, serving as a melting pot for diverse perspectives, and preparing graduates for a connected world where diversity is not just accepted but celebrated.

The surge in Nigerian students enrolling in the UK in 2021/2022, reaching 44,195, speaks volumes about the perceived return on investment. Nigerians believe a British education equips them with skills, knowledge, and global perspectives crucial for navigating today’s world. It’s not just about personal and professional growth; it’s an investment in Nigeria’s socio-economic development.

The ‘homecoming’ of these UK alumni is the “reverse brain drain” phenomenon that is fast bringing in capacity for the various challenged sectors of the nation: bringing back expertise and experiences, contributing to the nation’s growth. The Study UK Alumni Awards spotlight and celebrate these success stories, acknowledging the transformative impact of their UK higher education. Chidumaga and his work with ENERGIE is one of such noteworthy recognitions.

In the bigger picture of making the country, or continent better, the value of human resources cannot be overstated. Human potential is boundless, and investing in education and empowerment is crucial. Honouring UK alumni who return to Nigeria, establishing businesses, leading industries, and contributing to national development is an important highlighting of the need to focus on quality capacity building towards sustainable nation-building.

Just like Chidumaga and the class of 2024 award winners like Cassandra Akinde, a graduate of London School of Hygiene and Tropical Medicine (Social Action category), Faith Agboola, founder of The African Writers and the convener of African Writers Meet and a graduate of De Montfort University (Culture & Creativity), Jennifer Uchendu, founder of The Eco-Anxiety Africa project (TEAP) and a graduate of the University of Sussex (Science & Sustainability), emerged from hundreds of Nigerians who are alumni of UK institutions and applied for this year’s edition.

The recognition of these exceptional individuals in the Study UK Alumni Awards is more than just applause; it’s a celebration of the invaluable contributions they make to Africa’s development and economic emancipation.
In a world where quality knows no borders, investing in a top-notch education becomes an act of wisdom for a growing nation like Nigeria. The Study UK Alumni Awards stand as a noble tribute to those who have embraced this wisdom, showcasing how their educational journey has become a beacon of hope for the continent’s progress.

Chidumaga’s led company incorporated Artificial Intelligence for regenerative solutions cued on a mission to improve living standards and drive business growth. The disruptive approach is chartering a new course of action for future-proof renewable solutions and what the energy landscape in Nigeria and Africa holds with the likes of ENERGIE in the space can not only be admired but followed.

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Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

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Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

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News and Report

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Published

on

By

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

Continue Reading

News and Report

May Day: Glo salutes Nigerian workers  

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Digital telecommunications solutions provider, Globacom, has saluted Nigerian workers as the country observes this year’s edition of the International Workers’ Day. The company enjoined them to rededicate themselves to excellence so as to take Nigeria to the next level.

 

In a solidarity message released on Tuesday, Globacom lauded the resilient spirit of workers in spite of present challenges. It urged them to use the opportunity of the Workers’ Day to reflect on how their contributions can build a better and more vibrant society.

 

“We salute Nigerian workers on this this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation”, Globacom said, and urged them not to rest on their oars.

 

The company noted that the story of Nigeria cannot be complete without the huge contributions of workers, both in the public and private sectors.

 

The International Labour Day is observed annually on May 1 to recognize the contributions of workers all over the world. It is also used to promote a fairer and more sustainable future for all by advocating for workers

’ rights.

 

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