Transcorp Ownership Battle: Otedola Quits Company As Elumelu Mops Up 1.99 Billion Shares

Tony Elumelu and Femi Otedola have reached an agreement that will see Otedola exit Transcorp, a company he recently owned over six per cent of the shares.

The shock exit is coming after Elumelu increased his shares by 9,697,189,984 units to 25.5 per cent through his Special Purpose Vehicle, HH Captial Limited.

“HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58 per cent of the Company’s total shares,” Transcorp said in a regulatory filing.

Transcorp had welcomed Otedola’s investment when he acquired 2,245,639,251 shares (5.5 per cent) made official on April 20, 2023.

“As noted in our previous communication, the Company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns,” Transcorp said.

Otedola however pledged to work with the Board.

Otedola further purchased a further 228,384,959 shares of the company adding to the 5.05 per cent.

Announcing Otedola’s exit on Friday, Transcorp notified the “Purchase of Transnational Corporation Plc shares by Mr. Tony Elumelu, CFR through HH Capital Limited.

“506,306,387 at various prices; 1,492,750,816 at N3.12; 720,000 at N3.10 and 6,970 at N3.11. The aggregate volume is 1,999,784,173 at various prices.”

The details of the transaction shows that 506,306,387 was purchased on April 27, 2023 while 1,493,477,786 shares was purchased on April 28, 2023.