Femi Otedola Spends Over N2bn to Add Transcorp Plc to His Growing List of Investments
- Femi Otedola has acquired a significant stake in Transcorp Plc, one of Nigeria's leading conglomerates
- The acquisition of Transcorp shares reportedly cost Otedola over N2 billion, adding to his already impressive portfolio of investments
- Otedola's investment in Transcorp highlights his continued interest in the Nigerian business landscape
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Nigerian billionaire businessman, Femi Otedola, has added another feather to his cap of investments with the acquisition of a significant stake in Transcorp Plc.
According to reports, Otedola now owns about 2.245 billion shares, representing 5.52per cent of the company making him the single largest shareholder.
Source: UGC
The audited result and accounts for the period ended December 31, 2022, Elumelu, who is the chairman of Transcrop Corporation owned 273,104,041.
How much are the investments
Otedola made the purchase through an entity the Asset Management Corporation of Nigeria.
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He spent over N2 billion to acquire the shares another report revealed.
Transcorp business
Transcorp, a leading Nigerian conglomerate, has investments in the hospitality, power, and oil & gas sectors.
It is currently controlled by Tony Elumelu, another Nigerian billionaire, who took over control of the company in 2012.
About 1,695 investors own about 89% of the company's shares, only UBA Nominees own about 9.25% of the company as of December 2022.
No other shareholder holds above 5%. The company also has about 39.65 billion out of its 40.65 billion outstanding shares on a free float.
Otedola's list of investments
Femi Otedola is widely regarded as a smart investor and has business interests from banking, to oil and gas and power
His latest move in Transcorp demonstrates his shrewdness as it is reported that the company is focused on expanding its investments in Nigeria's power sector.
Transcorp in 2022, recorded a massive 172% Profit Before Tax growth to N4.5 billion, from N1.7 billion in 2021.
- Dangote Group: Otedola is a shareholder in the Dangote Group
- First Bank
- Geregu Power Plc: In 2013, Otedola acquired a controlling stake in Geregu Power Plc, which operates a power plant in Nigeria.
List of Nigeria's most valuable banks after Q1, 2023
In another report, the Nigerian banks with the highest market capitalization for the first quarter of 2023 have been unveiled.
Zenith Bank and GT Bank retained their positions as the most highly valued commercial banks in the Nigerian market, which they held at the beginning of the year.
However, First Bank experienced a decrease in its market value during the same period.
Source: Legit.ng
