Femi Otedola, a millionaire businessman, has reportedly purchased a 5.52 percent interest in Transcorp Corporation Plc, an indigenous conglomerate, by purchasing 2,245,639,251 units of the group’s shares.
Since last week, shares of the conglomerate have seen unprecedented volume and value on the Nigerian Exchange Limited, prompting speculation that Otedola has acquired a substantial stake in the company.
Thursday, Company Secretary Funmi Olofintuyi lodged a declaration with the NGX stating that Transcorp welcomes the investment.
“As stated in our previous communication, the Company appreciates this vote of confidence in its leadership and management as we continue our unwavering commitment to delivering superior returns to our shareholders, based on our ideology of Africapitalism”.
Remain assured that we will remain steadfast in executing our Group’s strategy of making strategic investments in key sectors of the Nigerian economy, our transformation agenda, and our capacity to positively contribute to the prosperity of all.
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As of December 31, 2022, only UBA Nominees Limited-Trading held five percent or more of the issued and completely paid 50 Kobo shares of Transcorp, according to the company’s financial report for 2022.
In addition, Tony Elumelu, the chairman of the group, directly possesses 273,104,04 units of shares, while partially holding 293,983,193 shares through HH Capital Limited and 273,545,722 shares through Heirs Holdings Limited.
UBA Trustees Limited, Mr. Emmanuel Nnorom, and three others serve as directors of UBA Nominees Limited, which is governed by UBA Group, whose chairman is Elumelu. The Transcorp corporation has investments in the power generation, hospitality, and oil and gas industries, whereas Otedola is the majority shareholder of the Geregu Power generation company.
Thursday’s closing price for Transcorp shares was N2.45, representing an increase of 9.87 percent from Wednesday’s closing price of N2.23.
