JUST IN!! Billionaire Businessman, Otedola Acquires 5.52% Stake In Transcorp

According to The PUNCH, there has been a new disclosure from the Indigenous conglomerate, Transcorp Corporation Plc.

It was revealed that billionaire businessman Femi Otedola has acquired a 5.52% stake in the group by purchasing 2,245,639,251 units of its shares.

This disclosure has surfaced amidst reports of Otedola’s significant stake in the conglomerate, which has been experiencing substantial activity on the Nigerian Exchange Limited since last week and topping both volume and value charts.

Transcorp stated in a notice filed with the NGX on Thursday by its Company Secretary, ‘Funmi Olofintuyi, that it welcomes the investment.

“As noted in our previous communication, the Company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.

“Rest assured of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all.”

According to the 2022 financial report of Transcorp, as of December 31, 2022, UBA Nominees Limited-Trading was the only entity holding five percent or more of the issued and fully paid shares of 50 Kobo of the company.

The report further reveals that the group’s chairman, Tony Elumelu, has a direct shareholding of 273,104,04 units of shares. Additionally, he holds 293,983,193 shares indirectly through HH Capital Limited and 273,545,722 shares indirectly through Heirs Holdings Limited.

UBA Nominees Limited, which is the entity holding five per cent or more of the issued and fully paid shares of Transcorp, has UBA Trustees Limited, Mr Emmanuel Nnorom, and three others as directors. UBA Nominees Limited is controlled by UBA Group, whose chairman is Tony Elumelu.

Transcorp Corporation has investments in power generation, hospitality, and the oil and gas sectors of the economy. On the other hand, Femi Otedola is the majority shareholder in Geregu Power generation company.

As of Thursday’s closing, Transcorp shares appreciated by 9.87 per cent, closing at N2.45, up from Wednesday’s closing price of N2.23.