Nigerian tycoon Femi Otedola has recently made headlines for acquiring a substantial amount of shares in Transnational Corporation Plc. According to reports, Otedola's entity purchased approximately 2.245 billion shares, making him the second-largest shareholder in the company with a stake of roughly 5.52%. The deal was reportedly brokered with the Asset Management Corporation of Nigeria.
At present, Transcorp is under the leadership of fellow billionaire Tony Elumelu, who assumed control of the company in 2012. Elumelu holds 273.1 million shares directly, 274 million indirectly through Heirs Holdings Limited, and 294 million shares indirectly through HH Capital Limited, cementing his place as the largest shareholder.
As of December 2022, only one shareholder, UBA Nominees, holds a significant stake of approximately 9.25% in Transcorp, with the remaining 89% being owned by approximately 1,695 investors. Interestingly, no other shareholder holds more than 5% of the company's outstanding shares, which total 40.65 billion, with 39.65 billion on free float.
Transcorp is a leading conglomerate in Nigeria, with interests spanning the power, hospitality, and oil & gas sectors. This recent development is poised to impact the company's future direction and strategy, as well as its position within the country's business landscape.
