Tony Elumelu's Wife Spends Over N6bn to Buy More Shares in Transcorp After Husband decisions

• Awele Elumelu, the wife of Tony Elumelu, has bought N6 billion worth of shares in Transcorp
• The investment makes her the third-largest shareholder, which helps the family have a firm grip on the company
• Transcorp Group is one of Nigeria's leading Conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors

Awele Elumelu, the wife of billionaire businessman Tony Elumelu has become Transnational Corporation plc's third-largest shareholder.

In a statement by Transcorp released on NGX, it was announced that Awele acquired 2,063,484,991 units of the total shares of Transnational Corporation Plc (Transcorp).

According to Transcorp, Elumelu's wife now has 5.076% shareholding in the company after paying On May 12, 2023, N3.12 per share, worth a total N6.43 billion.

This purchase occurred just days after her husband, Tony Elumelu, who serves as the Chairman of Transcorp, had acquired the largest number of shares in the company.

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The backstory on Elumelus deals

Recently, Femi Otedola, the Chairman of Geregu Power Plant silently acquired Transcorp shares to become the company's highest shareholder.

The development forced Elumelu to strike a N32 billion deal to buy out Otedola's shares.

In the last few weeks, to avoid any recurrence, Elumelu has been buying more Transcorp shares to push his total holdings in the company to 25.9% or 10.5 billion shares, making him the highest shareholder in the company.

The latest investment from Awele has now pushed the Elumelus holdings in Transcorp to more than 30%.

What to know about Transcorp

Transcorp has been a key player in Nigeria's economy for over two decades, with a diversified portfolio of investments that includes Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar.

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Transcorp is also a significant contributor to Nigeria's power sector and recently became the first privatised generating company.

Otedola strikes billion naira deal with Elumelu to exit Transcorp

Meanwhile, in another report, Legit.ng reported that Nigerian billionaire Femi Otedola ended the battle with Tony Elumelu over control of Transcorp Plc.

Transcorp is a diversified conglomerate interested in energy, hospitality, and agriculture.

The mutual agreement saw Otedola receive a payout of N32.5 billion two weeks after spending N6 billion to acquire 2.6bn shares.

Source: Legit.ng