Transcorp Power Plc has navigated a tough operational environment to deliver a Profit Before Tax of N54.99bn, as the company released its unaudited financial results for the first half of 2026.

The company’s performance highlights a robust corporate backbone, sustaining strong profitability even as recurring transmission infrastructure vandalism severely choked its ability to distribute its full generation capacity.

Addressing the half-year numbers, the Managing Director and Chief Executive Officer of the principal subsidiary of the Transnational Corporation Plc, Peter Ikenga, emphasised that the firm successfully protected its core value despite systemic setbacks.

He said, “Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges. Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity. Nonetheless, we continued to deliver strong profitability, maintain operational efficiency, and strengthen our balance sheet.

For the six months ended 30 June 2026, Transcorp Power recorded a revenue of N181.97bn, a moderate contraction from the N205.81bn posted during the same period in 2025. Similarly, its PBT of N54.99bn dipped slightly from N58.73bn in H1 2025.

However, the power giant expanded its balance sheet significantly. Total assets grew 9.9 per cent to N619.02bn, up from N563.48bn at the end of FY 2025, primarily driven by increases in receivables and strategic borrowings. Shareholders’ funds also climbed 3.2 per cent to N189.34bn, while retained earnings rose 6.4 per cent to hit N140.90bn.

Looking ahead to the remainder of the year, Ikenga expressed strong confidence that the company would achieve its long-term objectives.

“We remain committed to working with relevant stakeholders to put an end to transmission line vandalisation and to further improving operational performance, power generation supply reliability, and creating sustainable value for our shareholders. We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025,” he added.

The financial silver lining for the half-year lies in the company’s internal efficiency gains. Despite lower top-line revenues, Transcorp Power managed to widen its margins across the board through tight cost controls. Profit After Tax settled at N38.50bn.

The Chief Finance Officer of Transcorp Power Plc, Evans Okpogoro, broke down the internal metrics that shielded the company’s bottom line.

He said, “Our half-year results show sustained operating discipline in a period of moderated revenue. While revenue stood at N181.97bn and Profit After Tax at N38.50bn, the quality of our earnings improved across every efficiency metric.”

Okpogoro further detailed how the company’s strategic cost-saving measures directly improved its yield quality, noting, “Gross margin expanded to 38.4 per cent from 34.7 per cent in H1 2025. Operating margin increased to 30.6 per cent from 28.5 per cent in 2025, and Profit Before Tax margin increased to 30.2 per cent from 28.5 per cent in 2025. These gains reflect our cost optimisation efforts and disciplined financial management, positioning us to continue delivering sustainable value for our shareholders.”

As Transcorp Power steps into the second half of 2026, its ability to extract higher margins from its operations indicates that if grid stability improves and vandalism eases, the generation company is highly leveraged to meet its aggressive end-of-year growth projections.

Africa’s richest man, Aliko Dangote, has nearly completed a $2.5bn private share placement for Dangote Petroleum Refinery & Petrochemicals FZE ahead of what is expected to be Africa’s largest initial public offering, according to a Bloomberg report on Friday.

According to people familiar with the transaction, the refinery owner sold a stake representing up to six per cent of the company in a deal that values the Lagos-based refinery at approximately $40bn, underscoring growing investor confidence in the continent’s largest single-train refinery.

The fundraising exercise reportedly drew overwhelming interest from investors, attracting about $4bn in demand, significantly exceeding the amount of shares on offer. People familiar with the transaction said the private placement was executed in phases.

The report stated, “Aliko Dangote has nearly completed a $2.5bn private stock placement for his refinery business, according to people familiar with the matter, as the company prepares for Africa’s largest initial public offering.

“Africa’s richest person sold a stake representing as much as six per cent of Dangote Petroleum Refinery & Petrochemicals FZE at a price that would value the company at about $40bn,” one of the people said, asking not to be identified while discussing confidential matters.

According to one of the sources, “The offer attracted around $4bn in demand. It initially sold about $2bn of shares before a further $500m was raised, largely backed by regional institutional investors.”

The sources, who requested anonymity because the discussions are confidential, said the fundraising marks a major milestone ahead of the company’s planned public listing. Officials of Dangote Industries declined to comment on the transaction.

The private placement follows another successful fundraising exercise in which the company recently secured $750m through a debt offering for the refinery, which currently processes about 700,000 barrels of crude oil per day at its Lekki facility on the outskirts of Lagos.

The report noted that the refinery’s public listing could raise an additional $1.5bn to $2bn, with the initial public offering expected as early as August, although the timeline remains subject to market conditions and regulatory approvals.

One of the people familiar with the plans said, “The IPO could raise a further $1.5bn to $2bn with a listing expected as early as August.” The sources also disclosed that Dangote is deliberately prioritising African participation in both the private placement and the forthcoming public offering.

According to them, “Dangote’s emphasis on African investor participation in the private placements and the retail offering of the IPO is consistent with the billionaire’s push for greater regional ownership in the financing of the continent’s industrial development.”

They added that the planned public offering would be widely marketed to Nigerians, other Africans, and international retail investors. “The expected IPO is likely to be heavily marketed to Nigerians and other African and international retail investors in an effort to attract broad demand from ordinary citizens,” one of the people said.

The fresh capital is expected to support the refinery’s ambitious expansion programme. According to the sources, proceeds from the fundraising will be used to double the refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2028, positioning it among the world’s largest refining complexes.

The expansion comes at a time when global energy markets continue to adjust to supply disruptions triggered by geopolitical tensions, with several countries seeking alternative fuel suppliers.

The Dangote refinery has increasingly emerged as a strategic supplier of refined petroleum products across Africa following disruptions in traditional international supply chains.

Commissioned in 2023 after years of construction, the Dangote Petroleum Refinery is the largest single-train refinery in Africa and one of the biggest globally. The facility was established to end Nigeria’s decades-long dependence on imported refined petroleum products despite being Africa’s largest crude oil producer.

Since commencing commercial operations, the refinery has begun supplying petrol, diesel, aviation fuel, and other petroleum products to the domestic market while expanding exports across West Africa and beyond. The project has also significantly reduced Nigeria’s petrol import requirements and eased pressure on the country’s foreign exchange demand.

The planned IPO represents another landmark in Dangote’s strategy to broaden ownership of the refinery after financing its construction largely through a combination of shareholder funds, bank loans, and debt capital market issuances.

If completed, the listing is expected to rank among the largest capital market transactions ever undertaken in Africa, potentially raising between $1.5bn and $2bn in fresh equity while allowing retail and institutional investors to own shares in one of the continent’s most valuable industrial assets.

The Vice Chairman of the Senate Committee on Petroleum Resources (Upstream), Senator Allwell Onyesoh, on Friday criticised the Nigerian National Petroleum Company Limited for repeatedly failing to honour invitations from the National Assembly, describing the action as a setback to legislative oversight and the fight against crude oil theft.

Onyesoh spoke with journalists after a meeting of the Senate committee investigating crude oil theft and considering amendments to Nigeria’s petroleum laws to strengthen the legal and regulatory framework governing the oil and gas sector.

The Rivers East senator had earlier staged a walkout from the committee meeting in protest over what he described as the recurring absence of the NNPCL’s top management at critical legislative engagements.

He said the corporation’s repeated failure to appear before the committee undermined transparency, weakened legislative oversight and reflected a disregard for democratic institutions

According to him, the committee was merely carrying out its constitutional responsibility by seeking facts, records and explanations from the state-owned oil company.

“We are not contractors. We are simply asking questions. Give us facts. Give us records. We want to study them. That is our constitutional responsibility,” he said.

Onyesoh maintained that the National Assembly has a constitutional duty to scrutinise the activities of government agencies, particularly one responsible for managing Nigeria’s oil resources.

He also rejected the corporation’s repeated explanation that its officials were unavailable due to official engagements abroad.

“They keep writing letters saying they are travelling to Congo, travelling here and there, just to dodge simple things. Was the GCEO appointed to keep travelling or to work?

“Is Nigeria’s problem outside the country or here in Nigeria? How is it possible that the GCEO, his deputy, directors and the entire management are all travelling at the same time? That is not acceptable,” he said.

The lawmaker argued that the corporation’s continued refusal to appear before the Senate only deepened public suspicion about its willingness to submit to parliamentary scrutiny.

“If you are serving the people of Nigeria, first and foremost, you must obey the laws of the land. The highest law-making body in the country invites you, and consistently, you are too big to appear. Who told you that?” he queried.

He insisted that no public institution was above legislative oversight and dismissed suggestions that the NNPCL was answerable only to the Presidency.

Onyesoh also cautioned against linking the corporation’s conduct to President Bola Tinubu, saying the President had consistently shown respect for the legislature.

“I know, Mr President. That is not the President I know. He will not tell any agency to ignore the National Assembly. We all work with Mr President. Whenever issues arise, he engages the legislature with respect,” he said.

The senator disclosed that he would formally engage the Senate leadership over what he described as the corporation’s repeated disregard for parliamentary invitations.

He also lamented the continued underdevelopment of oil-producing communities despite the enormous wealth generated from petroleum resources.

Recalling the history of Umuechem in Etche Local Government Area of Rivers State, one of Nigeria’s earliest oil-producing communities after Oloibiri, Onyesoh said many host communities still lacked basic infrastructure, employment opportunities and meaningful participation in the petroleum industry.

He questioned why employment opportunities, training programmes and other benefits in the oil sector rarely reached people from the communities where crude oil is produced.

The senator also called on the Petroleum Technology Development Fund to publish records showing how many indigenes of Rivers State and other oil-producing communities had benefited from its scholarship and capacity development programmes.

He reaffirmed his commitment to demanding greater accountability, transparency and equitable treatment for oil-producing communities, insisting that the wealth derived from their land should translate into meaningful development and opportunities.

The committee also considered proposed amendments to Nigeria’s petroleum laws, particularly outdated provisions relating to penalties and regulatory enforcement, as part of efforts to strengthen the sector, curb crude oil theft, improve regulatory efficiency and boost crude oil production.