The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,147.02 per dollar.

This represents a 7.3 percent decrease compared to N1,238.1/$ displayed on April 18.

The rate adopted by customs was observed on Friday.

It fell below the official foreign exchange rate, which closed at N1,154/$ on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

Chevron Nigeria Limited (CNL) has warned against circulating false recruitment information advertising job positions at the company.

In a statement on Friday by Esimaje Brikinn, CNL’s general manager, policy, government and public affairs, the company said fraudulent job offers have been reportedly sent via emails, text messages and phone calls by individuals purporting to be staff or representatives of CNL and Chevron Corporation.

“Members of the public are hereby notified that CNL does not solicit job applications or initiate recruitment processes through emails, posters, handbills, text messages, social media, or phone calls,” the statement reads.

“Job seekers are advised to always check the company’s website at: http:/www.careers.chevron.com, and the national newspapers for job advertisements from CNL.

“CNL does not and will not require applicants to make any payment towards processing any job application. Job offers requesting candidates to pay money, at any point during the recruitment process, are not from CNL.”

Furthermore, CNL advised anyone who receives such fraudulent communications to report them to the appropriate law enforcement agencies.

The company, therefore, dissociated itself from all false job adverts and offers that appear on any online media platform, website, email, poster, handbill, or other medium.

CNL said it will not respond to enquiries regarding fake advertisements and job offers.

Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

 Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

 Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

 Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

 Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.