Billionaire businessman Femi Otedola has acquired about 2.245 billion shares of Transnational Corporation Plc, making him the second-largest shareholder of the company.
The transaction represented about 5.52% of Transcorp’s shares and was made 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, 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.
Reports indicate that 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 more than 5%, it was gathered.
The company also has about 39.65 billion out of its 40.65 billion outstanding shares on free float.
Transcorp is one of Nigeria’s leading conglomerates, with investments in the hospitality, power, and oil & gas sectors.
