Economy
Otedola ‘Surrenders’ Transcorp Leadership Race to Elumelu, Sells Stake
By Aduragbemi Omiyale
The leadership tussle in Transcorp Plc between Mr Tony Elumelu and Mr Femi Otedola, triggered by the latter, may have been put to rest as the former has taken full control of the organisation.
Mr Elumelu was caught unawares when his close friend bought a 6.3 per cent stake in the conglomerate, which has a power-generating subsidiary.
The former Chairman of the defunct Forte Oil had first acquired a 5.52 per cent stake in Transcorp and later increased it to 6.3 per cent, making him the individual with the highest shares in the firm.
It was speculated that Mr Otedola was mainly interested in the power segment of the company and was considering adding it to his Geregu Power Plc to increase his control of the sector.
However, Mr Elumelu responded by buying more stocks of Transcorp and as of Thursday, he had acquired over 25 per cent stake.
The latest information is that he has bought over the shares of his friend, who he described as a “brother”, at a premium value.
According to reports, a mutual friend of the duo, Mr Aliko Dangote, intervened and persuaded Mr Otedola to give up his stake in Transcorp to Mr Elumelu.
However, this cost the chairman of UBA Group some millions of dollars.
Recall that in 2021, Mr Otedola triggered a leadership tussle in FBN Holdings when he acquired about a 5 per cent stake in the financial services company.
It was alleged that he wanted a similar situation at Transcorp until he was reportedly pacified to let sleeping dog lie.
In an interview with Arise TV, Mr Elumelu said he was not threatened by the interest of his friend in the organisation, saying the sky was wide enough for birds to fly without an issue.
According to him, the decision of Mr Otedola to invest in Transcorp was a testament to the value he has brought to the company since he acquired it in 2012.
“About 10 years ago, before we took over Transcorp, people were not interested [in the company]. People lost confidence in the company. Today, under our leadership, Transcorp has consistently paid dividends in the last five years. There is a capital appreciation for the company,” he said.
“I am happy that Femi Odetola is investing locally, and he should be commended for that, and I also welcome him for that,” Mr Elumelu stated.
“When friends and investing public invest in a public company like this, it is a validation and tells you they believe in your story, vision, management, leadership and competence,” said, adding that, “I like my friend (Otedola) coming on board, and I look forward to working with him to take Transcorp to greater heights.”
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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