Dr. Owen Omogiafo, the President of Transcorp Group, has acquired an additional 15.18 million shares in the company, worth N47.7 million. This information was disclosed in a notice of share dealing to the Nigerian Exchange Limited. The purchased shares represent 0.04% of the company's total outstanding shares. With this acquisition, Omogiafo's total number of shares has increased from 12,634,188 units to 27,817,871 units as of June 23, 2023. The average price per share was N3.14, and Transcorp's stock closed at N3.21 on the Nigerian Stock Exchange on June 23, 2023, recording a 0.6% gain.

In terms of financial performance, Transcorp Group reported N32.39 billion in revenue for the first quarter of 2023, a 3.30% increase compared to the same period in 2022. The revenue growth was primarily driven by N24.14 billion generated from the power sector and N8.25 billion from the hospitality sector. However, the company experienced an increase in cost of sales, with N18.17 billion reported in Q1 2023, a 12.4% rise from the previous year. The rise in costs was largely attributed to natural gas and fuel costs, which amounted to N13.37 billion in Q1 2023. Total operating expenses also increased to N5.64 billion in Q1 2023, reflecting inflationary pressures. The group reported a significant drop in profit after tax, with a 63.08% decrease to N1.86 billion in Q1 2023, compared to N5.04 billion in Q1 2022. Similarly, profit before tax fell by 50.18% to N2.85 billion in Q1 2023 from N5.73 billion in the first quarter of 2022.