According to an Entrepreneurng report, Femi Otedola, a millionaire businessman, has acquired 2,245,639,251 units of the group’s shares, or a 5.52 percent interest, according to information released by local company Transcorp Corporation Plc.
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This announcement comes amid rumors that Otedola had purchased a sizeable position in the company, whose shares have seen intense trading on the Nigerian Exchange Limited since last week, dominating both volume and value charts.
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Transcorp expressed its appreciation for the investment in a notice submitted by the company secretary, Funmi Olofintuyi, to the NGX on Thursday.
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As stated in our previous message, “The Company welcomes this demonstration of confidence in its leadership and management as we continue our steadfast commitment to better stakeholder returns, rooted in our ideology of Africapitalism.
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“Rest assured of our commitment to remain resolute in carrying out our Group’s strategy of making strategic investments in key Nigerian economic sectors, our transformation agenda, and our capacity to positively contribute to building prosperity for all,” the statement reads.
Only UBA Nominees Limited-Trading had 5% or more of the issued and fully paid shares of 50 Kobo of the firm as of December 31, 2022, according to Transcorp’s 2022 financial report.
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Additionally, the group’s chairman, Tony Elumelu, directly owns 273,104,04 shares. Meanwhile, 293,983,193 shares are owned indirectly through HH Capital Limited, and 273,545,722 shares are indirectly held through Heirs Holdings Limited.
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UBA Trustees Limited, Mr. Emmanuel Nnorom, and three other individuals serve as directors for UBA Nominees Limited, which is owned by UBA Group, whose chairman is Elumelu.
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Otedola is the largest shareholder in the Geregu Power generation company, while the Transcorp corporation has investments in the oil and gas, hospitality, and power generation sectors of the economy.
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In conclusion, transport shares increased in value from Wednesday’s closing price of N2.23 to Thursday’s closing price of N2.45, or 9.87%.
Source: Punch
