Transcorp Power reports 115% pre-tax profit growth in 2024
Post AMUGE
January 25, 2025
Declares N37.5bn dividend Onome Amuge Transcorp Power Plc, a leading power business within the Transcorp Group, achieved an exceptional financial performance in the fiscal year 2024, as evidenced by its recently submitted audited results to the Nigerian Exchange (NGX). The financial statements released by Transcorp Power for the fiscal year 2024 highlighted a 115 per […]
Ignite Power secures $15m from AFRIGREEN to drive solar energy transformation in West Africa
Post AMUGEDecember 17, 2024
Onome Amuge Ignite Power, a leading renewable energy company in Africa, has secured a $15 million senior debt financing from Afrigreen Debt Impact Fund (AFRIGREEN), a top investor in the continent’s renewable energy sector, for its subsidiary Westa Solar. This financing will support Westa Solar’s ongoing commercial and industrial (C&I) solar energy projects in Africa, […]
FG spends N8.8bn on restoration of vandalised power towers – TCN
Post AMUGENovember 28, 2024
128 power towers lost in 2024 Onome Amuge The federal government has spent not less that N8.8 billion in 2024 to repair and restore transmission towers that were vandalised across the country. Ahmed Abdulaziz, the managing director and chief executive officer of the Transmission Company of Nigeria (TCN), made the disclosure during a recent Power […]
FG mulls private sector investment to bridge $10bn power sector funding gap
Post AMUGENovember 14, 2024
Onome Amuge The federal government has announced its intention to work with the private sector to raise part of the $10 billion funding required to guarantee consistent and reliable electricity for the country over the next five to ten years. This collaboration forms part of the government’s broader strategy to address the chronic power supply […]
FG eyes $10bn power sector investment through Public-Private Partnerships
Post AMUGENovember 12, 2024
The federal government has announced plans to work with the private sector to secure a portion of the $10bn required to ensure steady, 24-hour electricity supply across the country over the next five to 10 years. This approach is intended to solve significant finance and technical difficulties in the power sector. The Minister of Power, […]
NERC to hold public hearing over frequent grid failures Thursday
Post AMUGEOctober 21, 2024
Bamidele Famoofo The Nigerian Electricity Regulatory Commission (NERC) will hold a public hearing to address the persistent failures of the national electricity grid, which have severely impacted power supply across the country. In a statement released on Monday, NERC confirmed that the hearing will hold on Thursday, October 24, in Abuja. The session, according to […]
Rockefeller, Bezos turn to Nigeria’s energy sector to alleviate power shortages
Post AMUGEOctober 21, 2024
Onome Amuge In a move that signals a major step towards resolving Nigeria’s decades-long struggle with chronic power shortages, a consortium backed by influential entities, such as the Rockefeller Foundation and the Bezos Earth Fund, is set to make significant investments in the country’s energy sector. Bloomberg has revealed that a partnership between the Rockefeller […]
Nigeria’s power woes deepen as national grid faces another collapse
Post AMUGEOctober 15, 2024
Joy Agwunobi Once again, Nigerians are struggling with the harsh reality of an unreliable electricity supply as the Transmission Company of Nigeria (TCN) announced efforts to restore the national grid following a partial collapse on Monday. The incident, which occurred at approximately 6:48 p.m., plunged several cities into darkness, marking the eighth time the grid […]
Geregu Power boosts pre-tax profits 107% to N36.2bn in 9 months
Post AMUGEOctober 11, 2024
Business a.m. Geregu Power Plc. recorded a 107.3 per cent rise in its profit before tax from N18.1 billion to N36.2 billion within the nine months period ending September 30, 2024, as revealed in its unaudited financial statements presented recently on the Nigerian Exchange Limited (NGX). Riding the wave of impressive profitability, the power generation […]
Geometric Power reviving hope in Abia’s $12bn economy – energy economists
Post AMUGEAugust 28, 2024
…But gas supply still a hurdle for $800m power facility Ben Eguzozie Geometric Power, Aba, an $800 million electricity generating and distribution facility, is reviving hope in Abia State’s $12 billion economy, considering its milestone in generating and supplying nearly 20 hours of electricity, which can drastically wipe off significant chunk of company’s overheads – […]