Tony Elumelu, the Chairman of Transcorp Corporation Plc, has increased his stakes in the conglomerate by 9,697,189,979 billion through HH Capital Limited, where he is a director.
The Nigerian Exchange Limited received a corporate notice on Thursday, disclosing that HH Capital Limited bought the shares at different rates between April 19 and 25. The conglomerate’s 2022 financial report stated that only UBA Nominees Limited-Trading held five per cent or more of the issued and fully paid shares of 50 Kobo of the company as of December 31, 2022.
HH Capital Limited’s total shares now represent 25.58% of the group’s shares, with 9,991,173,177 units. The recent purchase came a few days after Femi Otedola, a billionaire businessman, bought stakes in the conglomerate and expressed his willingness to work with the management to tap the organization’s potential. Transcorp welcomes the continued expression of confidence in its leadership and management by the investing public, as they remain resolute in executing their Group’s strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all.
Elumelu, the chairman of the group, holds 273,104,04 units of shares directly, while 293,983,193 shares are held indirectly through HH Capital Limited, and 273,545,722 shares are held indirectly through Heirs Holdings Limited. UBA Nominees Limited has UBA Trustees Limited, Mr Emmanuel Nnorom, and three others as directors, and it is controlled by UBA Group, which has Elumelu as its chairman.
Meanwhile, the NGX had been notified that Otedola had bought additional 228,384,959 units of the shares of the group, bumping his percentage stake in Transcorp higher than 5.52 per cent earlier reported. In an interview on Arise TV, Elumelu welcomed Otedola’s investment in Transcorp, describing him as a very good friend and admiring his investment. He went on to say that they call themselves brothers and that he is happy to see an active indigenous investor community.
