Transcorp: Otedola’s Share Acquisition Has Not Been Made Official

Reports have emerged that business magnate, Femi Otedola, now has the single largest shares owned by an individual in Transnational Corporation PLC (Transcorp) but the company has said that it has not received formal notification of such share acquisition.

Otedola was reported to have acquired 5.52 per cent of Transcorp shares making him the second largest shareholder of the company.

Otedola through a vehicle he controls reportedly acquired 2.245 billion shares representing 5.52% of the company.

Only UBA Nominees Ltd owns (3,760,000,000) shares or 9.25 per cent of the company as of December 2022, the Trancorp said in its financial statement.

“As at 31 December 2022, only UBA Nominees Limited-Trading, held 5 per cent or more of the issued and fully paid shares of 50 kobo of the Company,” Transcorp said.

The Chairman, Tony Elumelu controls 2.06 per cent of the shares directly and indirectly; Stanbic IBTC Nominee controls 0.99 per cent of the company shares while Mike Adenuga controls 0.86 per cent of the shares.

Transcorp said on Thursday, “Company has not yet received formal notification of any relevant interest in its shares, Transcorp, Nigeria’s largest listed conglomerate, known for its broad and diversified shareholder base, welcomes every new shareholder acquiring shares in the Company.

“We welcome this expression of confidence in the leadership and management of Transcorp, as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.

“We remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity.”

In 2022, the company’s total revenue rose by 21 per cent, from N111.2bn in December 2021 to N134.7bn.

Transcorp’s share price has risen by 23.9 per cent to date.

Otedola made a similar share acquisition in First Bank Holdings bringing his total stake to 7.57 percent (2.717 billion units).

He owns close to 90 per cent stake in Geregu Power Plc.