Tony Elumelu’s Wife Buys N6bn worth of shares in Transcorp, now 3rd Highest Shareholder

Awele Elumelu, the wife of Tony Elumelu, has bought 2.06 billion naira worth of shares in Transcorp

Her latest investments now make her the third-largest shareholder, which helps the family have a firm grip on the company

Transcorp Group is one of Nigeria’s leading Conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors

Awele Elumelu, the wife of billionaire businessman Tony Elumelu has become Transnational Corporation plc’s third-largest shareholder.

In a statement released by Transcorp released on NGX, it was announced that Awele acquired 2,063,484,991 units of the total shares of Transnational Corporation Plc (Transcorp).

The deal is worth N6.43 billion as she paid N3.12 per share to take 5.076% shareholding in Transcorp Plc. Transcorp said the transaction occurred on May 12, 2023 — days after her husband, the Transcorp Chairman, Tony Elumelu, acquired the most shares in the business.

The backstory on Elumelus deals

Elumelu increased his stake in Transcorp to 25.9% or 10.5 billion shares to prevent a repeat of a recent event where Femi Otedola, the Chairman of Geregu Power Plant, acquired shares to become the highest stakeholder, surpassing Elumelu’s 567,087,234 direct and indirect shares.

Elumelu later struck a N32 billion deal to buy out Otedola’s shares.

What to know about Transcorp

Transcorp has been a key player in Nigeria’s economy for over two decades, with a diversified portfolio of investments that includes Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar.

Transcorp is also a significant contributor to Nigeria’s power sector and recently became the first privatised generating company.

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