Tony Elumelu’s wealth skyrockets with Transcorp stake closing in on $100 million

Yusuf Abdulfatai -

Tony Elumelu, a prominent Nigerian businessman and one of Africa’s most influential leaders, has experienced a remarkable surge in his net worth owing to a substantial increase in the market value of his stake in Transnational Corporation of Nigeria (Transcorp).

According to data tracked by Billionaires.Africa, Elumelu has experienced a substantial upswing in the market value of his stake in Transcorp, propelling it to nearly $100 million. This surge is primarily attributed to the recent upsurge in the share price of the Lagos-based conglomerate on the Nigerian Exchange.

Transcorp stands as a prominent conglomerate in Nigeria with diversified investments spanning the hospitality, power, oil, and gas sectors. Its mission centers around elevating living standards, driving African transformation, and ensuring enduring value for its shareholders.

Through his investment firm, HH Capital, Elumelu — chairman of Heirs Holdings, United Bank for Africa, and founder of the Tony Elumelu Foundation — commands ownership of 11,990,957,350 ordinary shares in Transcorp, representing a 29.5-percent stake in the company.

Over the past 27 days, the market value of Elumelu’s stake in the conglomerate has surged by N34.53 billion ($44.67 million), increasing from N41.97 billion ($54.28 million) on Aug. 1 to N76.5 billion ($98.95 million) at the time of drafting this report.

This substantial $44.67 million surge in the market value of his stake can be directly linked to the impressive 82.3 percent surge in Transcorp’s share price on the Nigerian Exchange, climbing from N3.5 ($0.0045) on Aug. 1 to N6.38 ($0.00825) at the time of this report.

The recent spike in the company’s shares follows a statement from Owen Omogiafo, Transcorp Group’s CEO, outlining the resolute ambition of achieving a 2,000 megawatts power capacity by the close of the year.

“Transcorp’s existing generation capacity approaches 2000MW, and during the initial half of the year, we directed significant efforts toward augmenting our mechanical capacity, thereby reaching approximately 900MW. Although certain gas and transmission challenges persisted, our power sector witnessed remarkable improvement,” Omogiafo said.