Dave Ibemere Awele Elumelu, the wife of Tony Elumelu, has bought N6 billion worth of shares in Transcorp.
The investments makes her the third-largest shareholder, which helps the family have a firm grip on the company.
The Group is one of Nigeria’s leading Conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors.
In a statement by Transcorp released on NGX, it was announced that Awele acquired 2,063,484,991 units of the total shares of Transnational Corporation Plc (Transcorp).
Dr. Awele Elumelu joins her husband as the top three shareholders in Transcorp.
Transcorp confirmed that Elumelu’s wife had acquired a 5.076% shareholding in the company On May 12, 2023, by paying N3.12 per share, worth a total N6.43 billion.
This purchase occurred just days after her husband, Tony Elumelu, who serves as the Chairman of Transcorp, had acquired the largest number of shares in the company.
The backstory on Elumelus deals Elumelu increased his stake in Transcorp to 25.9% or 10.5 billion shares to prevent a repeat of a recent event where Femi Otedola, the Chairman of Geregu Power Plant, acquired shares to become the highest stakeholder, surpassing Elumelu’s 567,087,234 direct and indirect shares.
Elumelu later struck a N32 billion deal to buy out Otedola’s shares.
What to know about Transcorp
Transcorp has been a key player in Nigeria’s economy for over two decades, with a diversified portfolio of investments that includes Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar.
Transcorp is also a significant contributor to Nigeria’s power sector and recently became the first privatised generating company. Otedola strikes billion naira deal with Elumelu to exit Transcorp
Meanwhile, in another report by Legit.ng, Nigerian billionaire Femi Otedola ended the battle with Tony Elumelu over control of Transcorp Plc.
Transcorp is a diversified conglomerate interested in energy, hospitality, and agriculture. The mutual agreement saw Otedola receive a payout of N32.5 billion two weeks after spending N6 billion to acquire 2.6bn shares
