Elumelu’s Wife Becomes Transcorp’s 3rd Highest Shareholder After Otedola’s Exit

Awele Elumelu has bought 2,063,484,991 units of shares in Transnational Corporation making her the second-highest individual shareholder in the business.

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She now controls 5.076 per cent share of Transcorp with the new acquisition.

Transcorp said the transaction took place on May 12, 2023 — days after her husband who is the Transcorp Chairman, Tony Elumelu, acquired the most shares in the business.

“As noted in our previous communication, the Company welcomes the continued expression of confidence in its leadership and management by the investing public, as we continue our unwavering commitment to superior stakeholders’
returns, anchored in our ideology of Africapitalism. Rest assured, we are committed to remaining resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all,” Transcorp said in a regulatory filing.

Elumeleu had rushed for more Transcorp shares, ramping up his stake to 10.5bn shares or 25.9 per cent ownership of Transcorp, apparently to forestall a repeat of a recent event where the Chairman of Geregu Power Plant, Femi Otedola, quietly acquired shares in the conglomerate to become its highest stakeholder.