Femi Otedola, the chairman of Geregu Power, has confirmed
his acquisition of a 5.52 percent stake in Transcorp Plc.
The development makes the billionaire businessman the second
largest shareholder of the company.
Recently, there have been reports that the acquisition was
consummated between an entity owned by Otedola and the Asset Management
Corporation of Nigeria (AMCON).
Confirming the completion of the deal in a tweet on Monday,
Otedola said he looked forward to working with the board and management of
Transcorp to elevate the company to greater heights.
“Following this
acquisition I look forward to working with the board and management of
Transcorp to realise the amazing future potential of the corporation,” the
tweet reads.
Following this acquisition I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation 🙏🏾 …F.Ote💲 pic.twitter.com/eooPhiS1W9
— Femi Ote$ (@realFemiOtedola) April 24, 2023
According to Transcorp’s latest audited results, the only
other shareholder with over a 5 percent ownership of the company is the United
Bank for Africa (UBA) nominees, which owns about 9.25 percent of the company as
of December 31, 2022.
The acquisition further places Otedola above Tony Elumelu,
the chairman of Transcorp, who owns a 2.06 percent stake (direct and indirect)
in the company as of December 31, 2022.
Commenting on the development, Transcorp, in a statement
signed by Funmi Olofintuyi, the company secretary, said: “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 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.”
Last year, Otedola acquired an additional 2.5 percent in FBN
Holdings Plc, thus, becoming the single largest shareholder in the company with
a total share of 7.5 percent.
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