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Afam, Rivers State : Vice President Yemi Osinbajo Commissions Transcorp’s Afam 240MW Three Fast Power Turbines

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The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo on Tuesday commissioned Transafam Power – a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State. With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW.

The Commissioning of Afam Three Fast Power plant came on the heel of the presentation of the Discharge Certificate to Transcorp Power Limited by the Vice President and Chairman of the National Council on privatization (NCP) in a ceremony held at the presidential Villa Abuja on Monday, following the fulfilment of all privatisation conditions set by the Bureau for Public Enterprise (BPE).

Speaking during the commissioning, the Vice President lauded the Chairman of Transcorp Group, Tony Elumelu and the entire Transcorp team for yet another power sector investment.

“Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain.” The Vice President said.

Speaking further, Prof. Osinbajo said: “A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power Limited jointly referred to as Afam Genco”

In his remark, The Minister of Power, Engr. Abubakar Aliyu applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria.

“What we are celebrating today is an exemplar of the best of Public-Private partnerships. This collaboration has ensured that we are commissioning Afam Three Fast Power today, with a capacity to inject an additional 240MW of electricity into the National grid.”

“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP)”, Engr. Abubakar said.

The Chairman of Transcorp Group, Mr. Tony O. Elumelu, during the ceremony said that “We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny. Transcorp Group is a key player in the power sector. We recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.

Therefore, I am so proud today, that we have been able to bring together so many key stakeholders. He concluded his speech with the commitment to continue to do well and do good. “We will not rest until we know every Nigerian has access to the power and the fruits of that power, which we know can transform our country.

We are fulfilling our promises to the Government and demonstrating Transcorp’s purpose of “Improving Lives and Transforming Africa”.

The Director General of the Bureau for Public Enterprises, Alex Okoh highlighted the importance of projects such as these in improving access to electricity in Nigeria. He said “Afam Three fast Power combined with the adjoining Afam Power Plc, will in the next few years add almost 1,000MW of electricity to the national grid. This will go a long way towards reducing the current power deficit while enhancing access to electricity for millions of private and corporate Nigerians, creating jobs, and ensuring the socio-economic development and well-being of the nation.”

The successful commissioning of the Afam Three Fast Power turbines is a testament to the Transcorp Group’s commitment to providing reliable and sustainable power to Nigerians. The commissioning took place shortly after the second anniversary of Transafam Power’s operational takeover of the Afam Power Asset.

Transcorp Group remains at the forefront of driving Nigeria’s economic revitalisation through its power investments in Ughelli, hospitality through Transcorp Hotels and now Transafam.

Transafam Power Limited is one of the power subsidiaries of Transcorp Group and the core investor in Afam Genco, comprising Afam Power Plc and Afam Three Fast Power Limited. The Afam GenCo Power Plant is located at Okoloma Village, in Oyigbo LGA of Rivers State with a total installed capacity of 966 MW. For more information, visit www.transcorppower.com.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000. Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy. Visit www.transcorpgroup.com for more.

[5/10, 10:35 AM] U, B A: l-r: Vice President, Yemi Osinbajo; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; President/GCEO, Transnational Corporation Plc, Dr(Mrs) Owen Omogiafo; and, Director General, Bureau of Public Enterprises(BPE), Alexander Okoh, during the commissioning of Transcorp Afam 3 Fast Power 240MW turbines in Afam, Rivers State on Tuesday
[5/10, 10:35 AM] U, B A: Vice President, Yemi Osinbajo and Group Chairman, Transcorp Plc, Mr. Tony Elumelu; during the commissioning of Transcorp Afam 3 Fast Power 240MW turbines in Afam, Rivers State on Tuesday

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GTCO Proudly Headlines the NPA Lagos International Polo Tournament as Main Sponsor— Championing Great Experiences and Heritage

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Guaranty Trust Holding Company Plc (GTCO Plc) (NGX: GTCO; LSE: GTCO), one of Africa’s leading financial services groups, is proud to announce its continued support as the main sponsor of the NPA Lagos International Polo Tournament, one of Africa’s oldest and most prestigious sporting events. The 2026 edition will be held at the Lagos Polo Club, Ikoyi, from Tuesday, January 27 to Sunday, February 15, bringing together top local and international polo teams and spectators from across the continent and beyond.

The 2026 NPA Lagos International Polo Tournament will feature top‑tier teams competing for major prizes, including the Majekodunmi Cup, Independence Cup, Open Cup, Silver Cup and Low Cup, among others. Guests can expect a fusion of thrilling equestrian action, polo-inspired lifestyle showcase, and curated hospitality experiences. The event will also be livestreamed, allowing audiences online to share in the excitement and spectacle.

Commenting on GTCO’s role as main sponsor of the Lagos International Polo Tournament, Segun Agbaje, Group Chief Executive Officer, said: “This tournament, one of the oldest in Africa, celebrates not only the noble sport of polo but the values we hold dear as a brand: teamwork, discipline, fair play, and a commitment to excellence. Beyond the field, it showcases Nigeria and Africa to a global audience, reinforcing the continent’s place on the world stage. Our longstanding sponsorship of the NPA Lagos International Polo Tournament reflects our conviction that sport can amplify opportunity, foster connections, and deliver world-class experiences for all.”

The NPA Lagos International Polo Tournament has long been celebrated not only for its thrilling competition and equestrian excellence but also for its rich heritage and cultural resonance within Africa’s sporting tradition. GTCO’s sponsorship embodies the Group’s commitment to creating platforms that unite communities and drive social impact across diverse audiences.

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Fidelity Bank appoints Onwughalu as Chairman following completion of Chike-Obi’s tenure

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Tier one lender, Fidelity Bank Plc, has announced the completion of the tenure of Mr. Mustafa Chike-Obi as Chairman of its Board of Directors effective December 31, 2025, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board, effective January 1, 2026.

The board transitions are in alignment with the Bank’s policy and have been communicated to the Central Bank of Nigeria, the Nigerian Exchange Group, and other stakeholders.

Under Mr. Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 percent and 137.73 percent respectively, expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements. His tenure also saw the Bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition. The bank equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and the Bank’s sustained upward performance trajectory.

Reflecting on his tenure, Mr. Mustafa Chike-Obi said, “It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our Board, management, and staff has enabled us to reach significant milestones. I am confident that the Bank will continue to thrive and deliver value to all stakeholders.”

Mrs. Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the Board in December 2020 and has chaired key committees. With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions. Mrs. Onwughalu is a Fellow of several professional bodies and has received awards for accountability and financial management

“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value,” commented Mrs. Onwughalu.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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UBA Group Dominates 2025, Banker Awards, Emerges Africa’s Bank of the Year, For Third Time in Five Years

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….Wins Best Bank in Nine out of 20 African Subsidiaries

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has once again, reaffirmed its leadership as one of the continent’s most innovative and resilient financial institutions, as the bank has, for the third time in five years, been named the African Bank of the year 2025 by the Banker.com.

UBA also won the Best Bank of the Year awards in nine of its 20 African subsidiaries, bringing its total awards this year to ten as UBA Benin, UBA Chad, UBA Republic of Congo (Congo-Brazzaville), UBA Liberia, UBA Mali, UBA Mozambique, UBA Senegal, UBA Sierra Leone, and UBA Zambia, all came out tops as the best banks in their respective countries, underscoring the bank’s strength across West, Central and Southern Africa and highlighting the depth of its Pan-African franchise.

The Banker.com, a leading global finance news publication published by the Financial Times of London, organises the annual Bank of the Year Awards, and this year’s edition was held at a grand ceremony at the Peninsula, London, on Wednesday.

The Chief Executive Officer, UBA UK, Deji Adeyelure, received the awards on behalf of the bank, representing the Group Managing Director/CEO, Oliver Alawuba, and was accompanied by the bank’s Head Business Development, Mark Ifashe, and Head, Financial Institutions, Shilpam Jha.

The Banker’s awards are widely regarded as the most respected and rigorous in the global banking industry, celebrating institutions that demonstrate outstanding performance, innovation and strategic execution.

In its remarks on UBA’s winnings, the banker.com said, “For the third time in five years, UBA Group has won the coveted Bank of the Year award for Africa. UBA Group time after time punches above its weight against its larger African rivals. The bank this year also takes home nine separate country awards (one more than it gained for its last continental win in 2024), equivalent to around a quarter of the awards for the continent, and more than any of its continent-wide rivals.”

Continuing, it said, “Perhaps even more impressive is the fact that the awards were won across a broad geographic spread, going to lenders based in the Economic Community of West African States (Benin, Liberia, Senegal, Sierra Leone, and former member Mali), the Central African Economic and Monetary Community (Chad, Republic of Congo) and the Southern African Development Community (Mozambique, Zambia). Its award wins were particularly notable in the highly competitive categories for Benin and Mozambique.”

The Banker also highlighted UBA’s strong financial performance and commitment to future growth. In 2024, the Group recorded a 46.8 per cent increase in assets and a 6.1 per cent rise in pre-tax profits in local currency terms, while continuing to invest significantly in talent and technology. West Africa remains UBA’s heartland, with operating revenue and profit increasing by 87 per cent and 89 per cent respectively in H1 2025.

The bank’s digital and innovation leadership was equally recognised. During the year under review, and launched its Advance Top-Up buy-now-pay-later feature on the *919# USSD platform, expanding financial access for customers, while the bank’s chatbot Leo continued its strong growth trajectory, with transaction volumes rising by 29 per cent year-on-year in H1 2025. Notably, in August, Leo became the first African banking chatbot to enable cross-border payments via the Pan-African Payment and Settlement System (PAPSS).

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, while reacting to the achievement, said the recognition affirms the bank’s long-term strategy and customer-first philosophy.

“This honour reflects the strength of our Pan-African network, the trust of our customers, and the dedication of our people. Winning Africa’s Bank of the Year for the third time in five years is not by chance; it is a testament to disciplined execution, innovation, and a deep understanding of the markets we serve,” Alawuba said.

“Our nine country awards across diverse regions of Africa show that UBA is not just growing, but growing with impact. We remain committed to driving financial inclusion, supporting economic development, and deploying technology that makes banking simpler, faster, and more accessible to Africans everywhere,” he added.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

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