Nigerian businessman, Femi Otedola, has made another strategic investment move by acquiring N5 billion worth of shares in Transnational Corporation (Transcorp) Plc.
This move sees him surpass Tony Elumelu, the chairman of Transcorp, as the single majority investor in the investment company.
According to a circular released by Transcorp to the Nigerian Exchange Limited (NGX) on Thursday, Otedola purchased 2.24 billion shares in the firm, representing a 5.52 per cent stake.
This acquisition is seen as a sign of confidence in Transcorp’s leadership and management, as the firm continues to pursue its commitment to superior stakeholders’ returns, anchored in its ideology of Africapitalism.
Prior to Otedola’s acquisition, Elumelu was the single majority investor in Transcorp through his direct and indirect shares. The other major shareholder is UBA Nominees Limited, which manages a 9.25 per stake for various investors.
Aside from his investment in Transcorp, Otedola also owns a controlling stake in a commercial bank, First Bank of Nigeria (FBN) Holdings, and a power plant firm, Geregu Power.
In the statement signed Funmi Olofintuyi, Company Secretary, Transcorp 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”