Transcorp confirms Otedola’s 5.52% shares acquisition


Transnational Corporation Plc has confirmed that Nigerian business mogul and billionaire, Femi Otedola, has acquired 2,245,639,251 shares of the company.

The company made the confirmation in a filing on the Nigerian Exchange by its Acting Secretary, Funmi Olofintuyi.

This was in compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules.

Olofintuyi said in the filing: “As noted in our previous communication, the Company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.

“Rest assured of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all.”

Transcorp is 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.

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