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The impressive performance is attributed to a significant revenue increase of 173 percent to N88.55 billion ($62.9 million) compared to N32.4 billion ($23 million) in Q1 2023.
Elumelu urged the government to facilitate the transfer of idle gas assets or fields to capable Nigerian investors, fostering gas-related investments and efficient electricity production.
Elumelu, through his investment firm HH Capital, holds a commanding 29.5-percent stake in Transcorp, owning 11,990,957,350 ordinary shares.
This achievement, following in the footsteps of Femi Otedola and Abdul Samad Rabiu, highlights the growing influence of Nigerian business leaders.
This recent surge in Awele Elumelu’s stake further solidifies her position as one of the top investors on the Nigerian Exchange.
Through his investment firm, HH Capital, Elumelu owns a 29.5-percent stake in Transnational Corporation of Nigeria (Transcorp).
With the acquisition of an additional 7.3 million shares in Transcorp in June, Awele Elumelu’s total holdings in the company now stand at an impressive 2,070,794,804 shares.
Awele Elumelu’s prominence extends beyond her investments, as she has made significant contributions to the healthcare sector.
Awele Elumelu acquired a 5.076-percent stake in Transcorp, making her one of the largest shareholders in the conglomerate.
Adenuga’s minority shareholding in Transcorp is now worth $2.05 million.
Nigerian billionaire Femi Otedola is the third-richest investor on the Nigerian Exchange.
As he also leads Geregu, one of Africa’s fastest-growing power-generating companies, Otedola’s move is strategic.
The company’s market capitalization has surged by $42 million since the news of the acquisition broke on April 12.
Elumelu holds a total of 840,632,956 ordinary shares in Transcorp.
The launch took place in Abuja on July 8 with national dignitaries in attendance.
Elumelu is the chairman of Heirs Holdings, the United Bank for Africa and Transcorp.