Femi Otedola overtakes Tony Elumelu to become Transcorp’s largest shareholder

Billionaire Femi Otedela has overtaken billionaire and UBA’s Tony Elumelu as the largest shareholder in Transnational Corporation of Nigeria Plc (Transcorp).

Otedola secured shares worth approximately N3.1 billion ($6.8 million), which is about 5.52 percent of the company’s total shares.

On the other hand, UBA Nominees hold 5 per cent of Transcorp‘s stake.

Under the current management led by Tony Elumelu, the company’s shares have shed more than 40 percent of their market value since 2018.

NewsWireNGR recalls that Otedola, the chairman of Geregu Power, in 2021 became the largest shareholder in Nigeria’s oldest bank, First Bank of Nigeria Holdings Limited (FBNH).

After the announcement of the development, First Bank’s profit increased by nearly 100 percent in 2021. In the first nine months of 2022, the lender’s profit increased by 123 percent from N40.9 billion ($93.4 million) to N91.29 billion ($208.8 million).

Otedola’s hold of the largest stake in First Bank has, however, been surpassed by Tunde Hassan-Odukale.