Otedola acquires 5.5% stake worth 5bn in Transcorp

Transnational Corporation (Transcorp) Plc on Thursday revealed that Nigerian billionaire, Femi Otedola, had acquired a majority stake in the company.

Transcorp said Otedola, who is also the majority investor in Geregu Power, acquired 2.24 billion shares, which gives him a 5.52 per cent stake in the investment company.

According to a document filed with the Nigerian Exchange Limited (NGX), the stock market authority, the worth of the 2.24 billion shares was estimated at N5billion.

With the acquisition, Otedola holds more shares than Tony Elumelu, the current chairman of Transcorp Plc, whose stake in the company is 2.06 per cent.

Elumelu holds 273,104,041 direct shares in Transcorp. Also, the businessman also held 293,983,193 indirect shares through HH Capital Limited and 273,545,722 indirect shares through Heirs Holdings Limited.

In the statement announcing Otedola’s share ownership in Transcorp, the company said, “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.”