Femi Otedola takes Transcorp from Elumelu with acquisition of 5.5% stake
Femi Otedola, a billionaire businessman, has become Transnational Corporation (Transcorp) Plc’s largest individual shareholder after purchasing 5.5 per cent of the company’s shares.
This makes him the only individual shareholder with the largest share and Transcorp’s second-largest shareholder behind Tony Elumelu’s United Bank for Africa, which holds a 9.25 per cent stake in the company.
A top stockbroker at the Nigerian Exchange Group (NGX) told Thisday newspaper that the billionaire now owns roughly 2.245 billion (5.52%) of the company’s shares.
According to reports, the deal was brokered by a company owned by Mr Otedola and Asset Management Corporation of Nigeria (AMCON).
Transcorp’s most recent audited filings revealed that as of December 2022, UBA Nominees owned around 9.25 per cent of the business, making it the only other stakeholder with a stake more than 5 per cent.
“As of December 31, 2022, only UBA Nominees Limited-Trading, held 5 per cent or more of the issued and fully paid shares of 50 Kobo of the company,” Transcorp said in its latest financial statement.
The diversified conglomerate’s 273,104,041 issued share capital was owned by Mr Elumelu, chairman of Transcorp Corporation, according to the audited result and accounts for the period ended December 31, 2022.
Additionally, he held 273,545,722 shares through Heirs Holdings Limited and 293,983,193 shares through HH Capital Limited.
Stanley Lawson, a non-executive director of Transcorp Corporation, held 12,634,188 shares of the multinational company while Mrs Owen Omogiafo, the president, held 122,790,102 direct issued shares.
Mr Elumelu presently owns Transcorp and took over management of the business in 2012. Since then, the business has acquired a power generation firm and expanded into the oil and gas industry.
Transcorp controls subsidiaries like Transcorp Hotels, Transcorp Power, and Transcorp Energy. These entities also have businesses under their care.
The latest acquisition adds to Mr Otedola’s recently acquired share in FBN Holdings and Geregu Power Plc.
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