After acquiring a 5.52-percent stake in Transnational Corporation of Nigeria Plc (Transcorp) two weeks ago, Nigerian billionaire businessman and philanthropist Femi Otedola has further increased his stake in the company. This latest transaction has elevated him to a higher position among Transcorp’s leading shareholders.
According to notifications seen by Billionaires.Africa, Otedola, who is also the chairman of Geregu Power Plc, one of Africa’s fastest-growing power-generating companies, has raised his interest in the diversified conglomerate to 6.3 percent.
After purchasing a 5.52-percent stake in Transcorp nearly two weeks ago, equivalent to 2,245,639,251 ordinary shares, Otedola has now increased his ownership interest in the diversified conglomerate beyond 6.3 percent by acquiring additional stakes in the company.
The move has triggered substantial off-market trades, with United Capital Securities, a company linked to Tony Elumelu, reportedly acquiring over a billion shares in response.
Last week, Apt Securities and Funds Limited purchased 105.5 million shares, temporarily boosting Otedola’s holding from 5.5 to 5.8 percent. He followed up with the acquisition of another 228.4 million shares, raising his stake in the group to 6.3 percent, which is equivalent to 2.6 billion shares, up from 5.8 percent.
Femi Otedola is the third-richest investor on the Nigerian Exchange
With this latest acquisition, Otedola has solidified his position as one of the top shareholders in the Transcorp Group, bringing him even closer to UBA Nominees, who currently hold the largest stake at 9.9 percent.
The acquisition has also bolstered Otedola’s position as the third-richest investor on the Nigerian Exchange, trailing only Africa’s wealthiest man Aliko Dangote and billionaire industrialist Abdul Samad Rabiu, who has a net worth of $8.3 billion at the time of writing.
The market value of Otedola’s stake in Transcorp has now risen to N6.28 billion ($13.6 million) based on current market rates, while the Elumelu-led firm’s market capitalization is presently estimated at N99.6 billion ($216.3 million) at the time of drafting this report.