Femi Otedola, widely acknowledged Nigerian billionaire, business mogul and philanthropist has, from Theliberationnews investigation acquired about 2.245 billion shares of Transnational Corporation Plc, thereby becoming the second largest shareholder of that conglomerate. Before this deal, Otedola also has the controlling shares in Nigeria’s foremost bank, First Bank Plc.
Theliberationnews can authoritatively report further that the transaction, which represented about 5.52% of Transcorp shares, was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria.
Transcorp is currently controlled by another billionaire, Tony Elumelu who took over control of the company in 2012.
Elumelu chairs Transcorp and holds 273.1 million shares directly in the company; 274 million indirectly through Heirs Holdings Limited; and 294 million shares indirectly through HH Capital Limited.
From Theliberationnews investigation, while about 1,695 investors own about 89% of the company’s shares, only UBA Nominees own about 9.25% of the company as of December 2022. No other shareholder holds above 5%.
The company also has about 39.65 billion out of its 40.65 billion outstanding shares on a free float.
Transcorp is one of Nigeria’s leading conglomerates with investments in the hospitality, power, and oil & gas sectors.
