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Transcorp Power Enlists On NGX With N1.8trn Market Cap

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Transcorp Power has announced that it will list on Nigerian Exchange Limited (NGX) its 7.5billion ordinary shares of 50 kobo each at N240 per share on Monday.

The company announced that it will provide stockbrokers, investors, analysts, fund managers and capital market correspondents with market information about its financial performance.

Recall that Transcorp Plc in September 2012, during the privatisation of Nigeria’s national power assets, won the bid for the Federal Government of Nigeria’s distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant.

The $300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative.

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In November 2015, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited came onboard. Subsequently, the merger saw the integration of management and operations of Transcorp’s power.

When Transcorp took ownership of the 1,000MW capacity plant in 2013, its aim was generating only 160MW of power daily, however, it is now producing at its full 972MW installed capacity.

Presently, Transcorp Power has increased its generating capacity by 525 percent, and plans to grow it to over 3,000MW in the next five years.

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FG revokes Julius Berger highway contract

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The Federal Government has revoked a section of the Abuja-Kaduna highway contract being handled by Julius Berger.

The media reports that the contract was awarded to Julius Berger in 2018 when former President Muhammadu Buhari was in power.

While the Kaduna-Zaria section has been completed and Zaria-Kano section almost done, the Abuja-Kaduna section has recorded 27 percent progress in 6 years.

Speaking during the inauguration of rehabilitation of the highway on Thursday, Minister of Works, Sen. David Umahi, accused Julius Berger of playing politics with the project.

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He said the company was seeking for N1.5trn for the project but it was reviewed to N740bn by the Federal Executive Council (FEC).

“Berger said to do this entire job, it needs N1.5tr, we started negotiation since September last year writing letters every week. Eventually, we told them that despite the ones they are requesting, it will still take them four years to complete as there have been traffic jam and kidnapping on the road.”

“We presented the option of balkanising the road into three which the President approved. When we did that, Berger accepted it and the rate. But we did not know they were playing games by continue to play delay tactics and at that time their side was N710bn, both completed and those to be done. Later, they came back that they wanted an increase to N740bn, we went to FEC and they gave approval only for them last week to say they need another increase to N903bn.

“Even if we accept it, other contractors will want the same and it will increase the project to about N4bn per kilometre which is on asphalt. Our position is that we are not increasing this project for Julius Berger beyond N740bn, the game is over. If they are not doing it, we will give it those that will do it on the same quality of the coaster road at a cheaper rate. They have put the project into politics, so they are using it to de-market our administration and we say enough is enough.”

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He stated that the road which is 375km dualised (750km) will see the addition of 7.5 kilometers in Kogi and Kano States.

Speaking earlier, the ministry ‘s Director of Highway Construction, Engr. Bakare, said the project was de-scoped while the outstanding sections of the project were re-awarded to Dangote and BUA.

He said the length of the road to be constructed by Dangote is 38 kilometre dual within the section one and will cost N145bn with a 14 months completion date.

Similarly, the project which was formerly funded by the Presidential Infrastructure Development Fund (PIDF), will now be paid for through the Tax Credit Scheme.

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Dangote’s Net Wealth Doubles to $28bn on New Refinery 

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Nigerian billionaire and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has seen his net worth double to $28 billionollowing the commencement of operations at his long-anticipated oil refinery.

As reported by the Bloomberg Billionaires Index on Thursday, the launch of Nigeria’s highly anticipated oil refinery, now fully operational, has substantially boosted the wealth of the nation’s industrial magnate.

Dangote’s refinery, situated within the Lekki Free Trade Zone in Ibeju-Lekki, Lagos, stands as the world’s largest single-train oil refinery and one of the most advanced, with the capability to process a wide range of global crude oil types.

“It has the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production. And it has more than doubled his net worth to $27.8 billion,” stated Bloomberg.

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Expectations are high, with reports suggesting the refinery is set to reshape Nigeria’s energy sector by producing refined petroleum products domestically, potentially ending the country’s dependence on fuel imports.

Analysts predict Dangote’s wealth could grow even further in the coming months.

As the refinery ramps up production and expands its portfolio of refined products, Dangote is poised to dominate Nigeria’s fuel market, with plans to export a portion of the output to other African nations.

At 67, Dangote has built most of his wealth through his 86 per cent stake in Dangote Cement, a company valued at over $9 billion, with operations in ten African countries.

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In addition to cement, the Dangote Group has interests in sectors such as food production, fertilisers, and real estate.

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Shocker as ‘dead man’ attends own burial rites in Kenya

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The family of Abdalla Mwenda Suleiman, who was presumed dead, have been left in shock after he returned home to find a body believed to be his already buried. The incident, which occurred last Tuesday in Loire village near Mutuati market in Meru Country, has left many in disbelief.

Mwenda, a 20-year-old miraa picker, was mistakenly buried on October 4 after his family misidentified a body found in a house he once shared with his estranged wife in Mutuati market, as reported by the Nation.

“Since my work is picking miraa, I move from one place to another and I am rarely at home. I’m shocked to find that my family buried me,” said Mwenda in dismay.

Mwenda, who had separated from his wife and moved to Nthanbiro, 20 kilometers away, returned to discover his family had mistakenly buried him. Shocked, Mwenda explained his transient lifestyle as a miraa picker keeps him away from home.

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Interestingly, a colleague mentioned they had passed by his home during the burial. The grave, located by Mutuati-Antubetwe Kiongo Road, is visible from the tarmac.

“We left Nthambiro in Igembe Central on Friday and travelled to another farm in Mutuati. We passed by Mwenda’s home and he wondered why there were so many people at his home but we proceeded.”

“On Sunday, as we were packaging miraa, someone broke the news that Mwenda had been buried yet he was alive. Mwenda was so shocked that he could not work. He went to sleep,” the colleague recounted.

After recovering from the shock, Mwenda went home to verify the bizarre news of his burial.

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When the Nation visited on Tuesday, they found an atmosphere of grief and despair. The fresh grave, with an arrowroot plant thriving, drew locals who hoped the police had come to exhume the body.

Mwenda’s father, Meeme M’Nchebere, a resident of Voi, was found asleep after spending the night guarding the grave.

“We have been given strict instructions to ensure the body is not stolen. The police said the matter is sensitive since the deceased was murdered. I have to keep vigil throughout the night,” he said.

M’Nchebere revealed that his son had to flee the village because he couldn’t bear seeing a grave with his name. He admitted they mistakenly buried the wrong body because he was unable to view it before the burial.

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“I live in Voi where I relocated more than 10 years ago. Mwenda was left behind in Meru. Recently, I received a call from neighbors who told me my son was dead. As a Muslim, I am not allowed to view a dead body. So we proceeded with the burial,” he recounted.

Mwenda’s father stated that the police informed him he needed to raise KSh 70,000 ($542) to cover the costs of obtaining a court order, a pathologist, and the exhumation of the wrongly buried body.

“I am a small trader in VOi and cannot raise the money the police want to exhume the body. I am currently surviving on well-wishes in the village. Neighbors are hesitant to help fundraise because they contributed to the botched burial,” he said.

M’Nchebere is now in a difficult situation, unable to return to his family in Voi or expedite the exhumation of the wrongly buried body. He faces the challenge of navigating both family tensions and legal hurdles.

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Source: face2faceafrica.com

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