Tony Elumelu’s Heirs Holdings Acquires 25.58% Stake in Transcorp

Transnational Corporation Plc (Transcorp), a leading Nigerian conglomerate, has announced that Heirs Holdings, a special purpose vehicle owned by billionaire investor Tony Elumelu, has acquired 9,697,189,984 units of shares in the company, bringing its total holdings to 9,991,173,177 units or 25.58% of the company’s total shares.

The acquisition was made between April 19 and April 25, 2023, with the purchase of 1,843,008,604 units at N1.85 per share, 6,552 units at N2.45 per share, 16,738,209 units at N2.69 per share, 1,039,399,057 units at N2.95 per share, and 245,876,592 units at various prices.

The move follows the recent acquisition of Transcorp shares by Femi Otedola, who now owns a 5.05% stake in the company. Trade volumes of over 10 billion units have been recorded since Otedola’s announcement, indicating a jostle for shares in the company.

Transcorp Plc also announced that UBA Nominees, the erstwhile majority shareholder of the company, may have had its shareholding crossed over to HH Capital Ltd. It is unclear whether UBA Nominees still retains any stake in the company.

The acquisition by Heirs Holdings further cements Tony Elumelu’s status as one of Nigeria’s most prominent investors, with interests spanning various sectors of the economy.

Transcorp, on the other hand, continues to position itself as a key player in Nigeria’s economy, with interests in power, hospitality, and oil and gas.