Otedola speaks publicly first time on Transcorp shares purchase

Billionaire Femo Otedola on Monday said he looks forward to working with the board and management of Transcorp Corporation Plc following his acquisition of 5.52 per cent of the company.

Qed.ng reported earlier that Otedola bought 2,245,639,251 units of the shares of the group which amounts to 5.52 per cent of the company.

He is now the second largest shareholder of the company after UBA Nominees Ltd.

Speaking publicly for the first time on the acquisition, Otedola wrote on social media, “Following this acquisition I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation.”

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

Otedola is also the chairman of Geregu Power Plc the only electricity company listed on the Nigerian Stock Exchange.

Transcorp has businesses in hospitality, oil and gas, power among others.

Chairman of UBA Group Tony Elumelu owns 2.06 per cent of the company with direct and indirect holdings. Stanbic IBTC and Mike Adenuga complete the top five shareholders in the conglomerate.

Last week, Transcorp confirmed Otedola’s acquisition.

Company secretary Funmi Olofintuyi, in a notice with the NGX, said Transcorp welcomes the investment.

“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,” the notice read.