Elumelu’s Wife Becomes Transcorp’s 3rd Highest Shareholder – After Otedola’s Exit

Awele Elumelu has bought 2,063,484,991 units of shares in Transnational Corporation making her the second-highest individual shareholder in the business.

She now controls 5.076 per cent share of Transcorp with the new acquisition.

Transcorp said the transaction took place on May 12, 2023 — days after her husband who is the Transcorp Chairman, Tony Elumelu, acquired the most shares in the business.

“As noted in our previous communication, the Company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’

returns, anchored in our ideology of Africapitalism. Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all,” Transcorp said in a regulatory filing.

Elumeleu had rushed for more Transcorp shares, ramping up his stake to 10.5bn shares or 25.9 per cent ownership of Transcorp, apparently to forestall a repeat of a recent event where the Chairman of Geregu Power Plant, Femi Otedola, quietly acquired shares in the conglomerate to become its highest stakeholder.

HH Capital Limited, a company controlled by Elumelu, holds a total of 9,991,173,177 units, representing 25.58 per cent of the Company’s total shares.

He holds 273.1 million units directly, according to Transcorp’s 2022 books.

Otedola’s scramble for Transcorp shares had seen the billionaire acquiring 5.5 per cent of the business.

He later raised his stake to 6.3 per cent, making him the second-highest shareholder behind UBA Nominees, which hold 9.3 per cent.

At the time of the purchase, Otedola became more powerful than Elumelu who had only 567,087,234 direct and indirect shares as of December 31, 2022.

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