"Awele Elumelu Becomes Third Largest Shareholder in Transcorp After Investing N6bn in Shares"

Awele Elumelu, the wife of Tony Elumelu, a billionaire businessman, has acquired 2,063,484,991 shares of Transnational Corporation Plc (Transcorp), making her the third-largest shareholder in the company.

Transcorp released a statement saying that Awele paid N3.12 per share on May 12, 2023, which amounted to N6.43 billion. Tony Elumelu, who is also the Chairman of Transcorp, had recently acquired the largest number of shares in the company.

To avoid a repeat of Femi Otedola becoming the highest shareholder, Tony Elumelu bought out Otedola's shares in a deal worth N32 billion. 

In recent weeks, Tony has been buying more Transcorp shares to push his total holdings to 25.9%, making him the highest shareholder. 

Awele's recent investment in the company has now increased the Elumelu's holdings in Transcorp to more than 30%.

Transcorp has been a significant player in Nigeria's economy for over two decades, with investments in various sectors such as energy, hospitality, and agriculture. 

The company is also a crucial contributor to Nigeria's power sector and became the first privatised generating company. 

In another report, Femi Otedola and Tony Elumelu have reached a mutual agreement where Otedola received a payout of N32.5 billion after spending N6 billion to acquire 2.6 billion shares.