Transnational Corporation Plc, Transcorp, has acknowledged that Nigerian business mogul and billionaire, Femi Otedola, has acquired 2,245,639,251 (2.245bn) shares of the company.

It was earlier reported 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, AMCON.

Transcorp confirmed the story on Friday in its filing on the Nigerian Exchange in compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules.

The company in the filing signed by Acting Company Secretary, Funmi Olofintuyi, said as of April 19, Otedola has 2,245,639,251 shares.

“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. Rest assured of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” added Olofintuyi

Transcorp is currently controlled by another billionaire, Tony Elumelu who took over control of the company in 2012.

It was learnt that Elumelu, who chairs Transcorp, 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.

According to reports, 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%, it was gathered.

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. (Daily Trust)

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