He made the remark as an aftermath of the company’s 18th Annual General Meeting.

He said “Yesterday, at Transcorp Group’s 18th Annual General Meeting, I announced the Group’s impressive growth and financial performance for FY 2023.

“It is worthy of note, that despite continued uncertainty in our operating environment, Transcorp Group and its subsidiaries recorded increased earnings and cash flow for the year, driven by a strong corporate governance culture, commitment to sustainability, and our consistent focus on improving the well-being of our people.

“Since the beginning of 2023 to date, we have grown our Group’s combined market capitalization on Nigerian exchange from N114 billion to over N4.4 trillion. This is an uncommon feat in our industry!

According to Elumelu, since the companies are listed on the Nigerian Exchange, it has consistently added value and give its numerous shareholders reasons to smile to banks by its sustainable payment of dividend for 10 straight years.

“Another, remarkable milestone is our 10-year straight of unbroken dividend payments. Since its listing on the NGX, Transcorp Group has consistently created value for its shareholders, marking the 10th consecutive year of steady dividend pay-outs.

“Transcorp Group has also continued to diversify its earning base. Starting with a single asset-Transcorp Hotels- we have since expanded into the power and energy sectors.”

The UBA Boss said, he invested in the Nigeria Power Sector because of its importance to the Economy. “Our expansion into Abuja Electricity Distribution Company (AEDC), marks a significant and strategic addition to our power portfolio.  We began investing in Power because we recognized the significant role access to electricity will play in Africa’s transformation.”

Power is the engine behind every industrialized and develop nation. Power must therefore be prioritize as a critical aspect of our nation’s transformation agenda. We need power to light up our homes, run businesses, and boost the output of our industries.

“It is disheartening to witness the current situation in our industry that is crippling and impeding our sector. The Nigerian power sector is owed N2 trillion. Transcorp Power is owed N250 billion as of March 2024. We need this debt settled so the power sector in Nigeria does not collapse.”

He however called on federal government to intervene in the power sector of Nigeria. “I call on the Federal government’s intervention through the Minister of Power to tackle the significant issues in the power sector for the benefits of our people.

“I am immensely proud of Transcorp’s value creation and how we have consistently maintained our position as one of Africa’s leading conglomerates.

“Our 2023 accomplishment reflects the commitment of our Board of Directors, management staff, and all employees, as well as our dedication to improving lives and transforming our sectors of operations.

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The list recognises individuals who have made remarkable contributions to shaping the future and pioneering innovative solutions within their respective fields.

The announcement comes as Transnational Corporation Plc (Transcorp Group) released its Q1 2024 results, which showed impressive growth on all indices.

Profit before tax (PBT) grew year-on-year (YoY) by 1,475 percent to N45.7 billion in the first quarter of 2024 (Q1’24) from N2.9 billion in the corresponding period of 2023.

The company also reported a 173 percent YoY growth in revenue to N88.6 billion in Q1’24 from N32.4 billion in Q1’ 23.

The impressive results year after year are testament to Omogiafo’s visionary leadership. Transcorp Group has experienced significant growth and expansion under her leadership having taken up leadership during a difficult time, as the world grappled with the COVID-19 pandemic.

Omogiafo, has led the Group and its subsidiaries, including Transcorp Power, and Transcorp Hotels Plc, back to the path of exponential growth and profitability.

Transcorp Group’s shares ended 2023 as one of the best-performing stocks of the year. The growth has continued in 2024.

Omogiafo’s commitment to innovation, sustainability, and social responsibility has made a positive impact on the lives of millions of people across Africa, in line with Transcorp Group’s purpose of improving lives and transforming Africa.

The MIPAD recognition is, therefore, timely as Omogiafo’s Transcorp releases another impressive result, reinforcing the company’s position as a leading conglomerate in the country, and highlighting her transformational leadership.

The MIPAD recognition is a global initiative that identifies and celebrates outstanding individuals of African descent who are making a positive impact in their communities and the world at large.

Dr. Owen Omogiafo’s inclusion in this prestigious list is a well-deserved honour, acknowledging her tireless efforts to drive economic growth, social progress, and environmental sustainability in Africa.

The Transcorp President has been recognised by many local and international bodies for her contributions to Nigeria and Africa’s socio-economic growth, including a national award, OON, bestowed on her by the Federal Government of Nigeria last year.

This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) and the investing public.

But what are the outstanding qualities setting Mr. Festus apart?

He is a strategic finance professional, with cutting-edge experience in business formation and combination, capital optimization, financial control, and reporting, among others.

Mr. Festus Izevbizua is also a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), the Institute of Credit Administration of Nigeria (FICA), a Senior Member of the Chartered Insurance Institute of Nigeria (CIIN), and an Associate Member of the Nigeria Institute of Management (NIM).

The newly appointed Chief Financial Officer is also, a   training resource at examinations of the Institute of Chartered Accountants of Nigeria as well as a leading resource in the implementation of IFRS 17 in the Nigeria Insurance industry.

Festus holds a Bachelor’s Degree in Economics from the University of Benin and a Master’s Degree in Finance from the University of Calabar.

He is also an alumnus of Columbia Business School in New York.

According to the statement signed by Stanley Chikwendu, group company secretary, Festus has over three decades of professional and practical experience spanning insurance, banking, energy, financial services, auditing, consulting, business advisory, risk management, tax advisory, and international finance.