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Otedola’s ‘brushing’ forces Elemelus to mop up Transcorp shares

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Few days after Femi Otedola and his fellow billionaires, Tony Elumelu ended their roof-rofo fight over Transcorp shares, the wife of Tony Elumelu, Awele Elumelu, has become the third-largest stakeholder in Transnational Corporation plc as she mops up more shares.

Awele bought 2,063,484,991 units of Transnational Corporation Plc (Transcorp) total shares, according to a Transcorp announcement issued on NGX.

According to Transcorp, Elumelu’s wife now owns 5.076% of the firm after paying N3.12 per share on May 12, 2023, for a total of N6.43 billion.

This acquisition came only days after her husband, Tony Elumelu, who is the Chairman of Transcorp, purchased the most shares in the firm.

Femi Otedola, Chairman of Geregu Power Plant, has quietly acquired Transcorp shares to become the company’s largest stakeholder.

Elumelu was obliged to make a N32 billion contract to buy out Otedola’s interests as a result of this event.

To avoid a repeat, Elumelu has been buying more Transcorp shares in recent weeks, bringing his overall ownership in the firm to 25.9% or 10.5 billion shares, making him the company’s largest stakeholder.

Awele’s recent investment has increased Elumelus’s stake in Transcorp to more than 30%.

Transcorp has been a major role in the Nigerian economy for over two decades, with a diverse portfolio of investments including Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar.

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