Elumelu’s Wife Pays N5.34bn For Transcorp Shares, Family Now Controls 35.8% Of Transcorp

Dr. Awele Elumelu, the wife of Tony Elumelu, the Chairman of Transnational Corporation (Transcorp) Plc, has acquired a significant stake in the company.

She bought 2.06 billion shares of Transcorp Plc, which hand her a 5.07 per cent stake in the firm and an influence on the company’s operational decisions.

Awele acquired the 2.06 billion shares as of May 12, 2023, at the cost of N5.34 billion based on the trading price of Transcorp share as of the day she purchased the stake.

Her acquisition strengthens her husband’s control over Transcorp after he almost lost it to fellow billionaire, Femi Otedola, who bought about a 6 per cent stake in the company in the second week of April, to wrestle control from Tony, who owned just a bit above 2 per cent at the time.

Since the shock acquisition by Otedola, Tony has been acquiring shares in Transcorp, raising his stake to 30.8 per cent in order to retain his control over Transcorp – the move led to Otedola selling his shares to Tony after mutual friends reportedly intervened.

Consequently, both Awele and her husband own a 35.87 per cent controlling stake in Transcorp, with 64.13 per cent shares of the company floating in the public.

Addressing Awele’s acquisition, Transcorp said: “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.”

She acquired the stake after Elumelu rejected the N250 billion offered by Otedola to acquire 100 per cent of Transcorp Plc. Awele’s acquisition is viewed as the family’s effort to protect their control over the company and prevent hostile takeover moves.