Power Couple: Tony Elumelu and Wife Awele Make Over N31bn in One Week Thanks to Investment in Transcorp

Power Couple: Tony Elumelu and Wife Awele Make Over N31bn in One Week Thanks to Investment in Transcorp

  • Nigerian billionaire Tony Elumelu and his wife Awele have recorded an increase in their wealth
  • Awele's investment in Transcorp increased by N4 billion in just one week, while Tony made over N26 billion
  • Transcorp Group is one of Nigeria's leading conglomerates with investments in the Hospitality, Power, and Oil & Gas sectors

Dr Awele Elumelu wealth has increased by N4.62 billion in just seven days, data obtained from the Nigerian exchange shows.

This is thanks to the strong performance of Transnational Corporation of Nigeria (Transcorp), in which she holds a 5.1% stake, comprising 2,070,794,804 shares.

Tony Elumelu wife Dr Awelu
Tony Elumelu and his wife are top shareholders in Transcorp. Photo credit: @TonyElumelu
Source: Facebook

Legit.ng's analysis shows that Transcorp shares increased by 10% from N4.16 per share on Aug-18-2023 to N6.38 per share on Aug-28-2023.

The increase helped push the value of Awele Elumelu Transcorp shareholdings to N13.23 billion compared to N8.60 billion previously.

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Tony Elumelu also made money

Like his wife, Tony Elumelu has seen a significant increase in the market value of his interest in Transcorp, helping him earn N26.71 billion within the review period.

Elumelu is the largest shareholder of Transcorp with 11 billion (11,990,957,350) ordinary shares through his investment vehicle, HH Capital, giving him a 29.5% controlling stake in the business.

Analysis indicates that the market value of Elumelu's shares in Transcorp grew during the reviewed period to N76.52 billion, from the previous value of N49.80 billion.

This means that Tony Elumelu and his wife made over N31 billion between Friday, August 18, 2023 and Monday, August 28, 2023.

Transcorp financial performance

Legit.ng earlier reported that the company announced its financial results for the year's first half, ending June 30, 2023, recording impressive growth.

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It earned revenue of N82.1 billion in the first half of 2023, compared to N62.9 billion in the same period of 2022, representing a 31% growth year on year.

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

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