Afrigather Transnational Company of Nigeria Plc (Transcorp) certainly one of Nigeria’s main conglomerates with investments within the hospitality, energy, and oil & fuel sectors has lately turn into a hub for Nigerian billionaires. This comes as current experiences revealed that the founding father of Globacom, Mike Adenuga holds a minority stake in Transcorp.
This improvement follows Femi Otedola’s current acquisition of a 5.52-per cent stake in Transcorp. Otedola who’s the chairman of Geregu Energy Plc, certainly one of Africa’s fastest-growing power-generating corporations, raised his curiosity within the diversified conglomerate past 6.3 per cent by buying extra stakes within the firm. The acquisition solidified his place because the third-richest investor on the Nigerian Change, trailing Africa’s wealthiest man Aliko Dangote and billionaire industrialist Abdul Samad Rabiu.
Mike Adenuga’s stake in Transcorp
Nigeria’s third richest man, Mike Adenuga reportedly has a minority stake of 0.86 per cent in Transcorp. His minority shareholding within the conglomerate is estimated to be price $2.05 million. This additionally correctly positions him as probably the most dominant buyers within the Nigerian Change.
Tony Elumelu and Transcorp
Tony Elumelu, Nigerian entrepreneur and businessman who controls Transcorp additionally holds 273.1 million shares immediately within the firm, 274 million not directly by way of Heirs Holdings Restricted and 294 million shares not directly by way of HH Capital Restricted.
Reports say Otedola’s acquisition sparked substantial off-market transactions, with United Capital Securities—an entity with ties to Tony Elumelu—reportedly buying over one billion shares within the diversified conglomerate.
Established by the administration of President Olusegun Obasanjo in 2004, Transcorp capitalises on market alternatives requiring heavy capital funding in Nigeria and throughout sub-Saharan Africa. The conglomerate which has struggled to create worth for shareholders and obtain development through the years at the moment has a complete market capitalisation of N99.59 billion with excellent shares of 40.65 billion.
