A multibillionaire businessman named Mr. Femi Otedola has become Transcorp, a publicly traded, diversified company led by Mr. Tony Elumelu,’s largest individual shareholder.
Elumelu, the chairman of Transcrop Corporation, possessed 273,104,041 issued share capital in the diversified company, according to the audited result and accounts for the period ended December 31, 2022. Additionally, he held indirectly 273,545,722 shares through Heirs Holdings Limited and 293,983,193 shares through HH Capital Limited.
UBA Nominees, which owned approximately 9.25 percent of the corporation as of 2022 from the 9.26 percent stated in 2021, is the only other stakeholder with a stake more than five percent in the company. Records show that no other stakeholder owned more than 5% of the company. The business also has about 39.65 billion out of its 40.65 billion outstanding shares on a free float. In fact, 1,695 people own about 89per cent of the company’s shares.
Transcorp is currently controlled by billionaire investor, Elumelu who took over control of the company in 2012. Since then the company has gone on to acquire a power generation company and branched into the oil and gas sectors of the economy.
Femi Otedola also acquired significant control of FBN Holdings early last year when he announced he had acquired shareholdings above the five per cent threshold. That also immediately triggered a bidding war for the stock. However, unlike FBN Holdings, Transcorp has a single majority shareholder with control of the company. Otedola also owns close to 90per cent stake in Geregu Power Plc which it listed on the Exchange last year. It is unclear if the latest acquisition is aimed at doubling down his investment in the power sector.