Otedola confirms purchase of 5.52% stake in Transcorp

The billionaire businessman, Femi Otedola, on Monday, confirmed the acquisition of a substantial stake in Transcorp Corporation Plc.

He paid N5 billion to acquire 2,245,639,251 units of shares representing a 5.52 percent stake in the indigenous conglomerate last week.

In a statement announcing the deal last week and signed by its Company Secretary, Funmi Olofintuyi, 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.”

The arrangement places Otedola above the chairman of Transcorp Plc, Tony Elumelu, who owns a 2.06 percent stake in the company as of December 31, 2022.

READ ALSO: Otedola loses N1.29tn as investors drop First Bank shares amid his Transcorp move

The businessman is the second largest shareholder in Transcorp, behind the United Bank for Africa (UBA) Nominees Limited, with a 9.25 percent stake in the company.

In a series of tweets on his Twitter handle, Otedola declared his readiness to work with the management of Transcorp Plc to realise its potential.

He wrote: “Following this acquisition, I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation …F.Ote.”

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