Overview

According to a report by Legit Nigeria News, there has been a major shift in Transcorp’s ownership structure, following the recent news of Awele Elumelu’s investment of N6 billion in the company. As the wife of renowned billionaire businessman Tony Elumelu, her acquisition of over 2 billion shares has made her the third-largest shareholder in the company. This development comes on the heels of Tony Elumelu’s own recent purchase of shares, and an earlier acquisition by Femi Otedola that prompted Elumelu to buy out Otedola’s shares for N32 billion.

Transnational Corporation plc (Transcorp), a diversified Nigerian company with interests in power generation, hospitality, and other industries, has seen a significant change in its ownership structure. Awele Elumelu, the wife of billionaire Tony Elumelu, has become the third-largest shareholder in the company after investing N6.43 billion to purchase more than 2 billion shares on May 12, 2023. Her investment follows a recent purchase of shares by Tony Elumelu, who is also the Chairman of Transcorp, and an acquisition by Femi Otedola, which prompted Elumelu to buy out Otedola’s shares for N32 billion. The Elumelu family’s total holdings in Transcorp now exceed 30%.

Transcorp has contributed significantly to Nigeria’s economy for over 20 years and has recently become the first privatised generating company. Its diverse portfolio includes Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar. With Awele’s new investment, she now holds a 5.076% shareholding in the company, while Tony Elumelu’s holdings amount to 25.9% or 10.5 billion shares. The acquisition has been met with both support and scepticism, with some praising the Elumelus’ commitment to Transcorp’s growth and others expressing concern about the concentration of ownership in the company.

As we continue to monitor the developments in Transcorp, we want to hear your thoughts on the Elumelu family’s recent investments and the implications for the Nigerian business landscape. Do you think the concentration of ownership in the company is cause for concern or a sign of commitment to growth? Share your opinions in the comments below.

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