Transcorp Confirms Acquisition of 5.52% Stake by Otedola

By Dipo Olowookere

Transcorp Plc has confirmed that billionaire businessman, Mr Femi Otedola, has acquired a 5.52 per cent stake in the company, making him the single largest shareholder of the conglomerate.

In a notice filed to the Nigerian Exchange (NGX) Limited, the firm disclosed that the chairman of Geregu Power Plc now has a total of 2,245,639,251 units of the company’s stocks.

Earlier, after it was reported that Mr Otedola has invested in the company, which also has his friend, Mr Tony Elumelu, as a key shareholder, Transcorp said it was yet to be officially informed of the development.

But today, it affirmed that the former Chairman of the defunct Forte Oil, which later became Ardova, is now a shareholder of the company.

“As noted in our previous communication, the company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism.

“Rest assured (sic) of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” the statement signed by the company’s acting scribe, Mrs Funmi Olofintuyi, said.

There have been speculations that Mr Otedola, the son of a former Governor of Lagos, the late Sir Michael Otedola, is interested in the power subsidiary of Transcorp Plc.

Recall that in 2021, Mr Otedola acquired a 5.07 per cent stake in a big financial institution, First Bank. The development triggered a leadership tussle between him and another major shareholder of the organisation.