A multibillionaire businessman named Mr. Femi Otedola has become Transcorp, a publicly traded, diversified company led by Mr. Tony Elumelu,’s largest individual shareholder.
Thisday was informed by a leading stockbroker at the Nigerian Exchange Group (NGX) that the billionaire now owns approximately 2.245 billion shares, or 5.52 percent of the business.
The diversified conglomerate’s 273,104,041 issued share capital was owned by Elumelu, chairman of Transcrop Corporation, according to the audited result and accounts for the period ended December 31, 2022.
Additionally, he held indirectly 273,545,722 shares through Heirs Holdings Limited and 293,983,193 shares through HH Capital Limited.
Dr. Stanley Lawson, a non-executive director of Transcrop Corporation, held 12,634,188 shares of the multinational company while Mrs. Owen Omogiafo, the president, held 122,790,102 direct issued shares.
UBA Nominees, which owned approximately 9.25 percent of the corporation as of 2022 from the 9.26 percent stated in 2021, is the only other stakeholder with a stake more than five percent in the company.
According to the 2022 audited result and accounts reported on the NGX, “As of December 31, 2022, only UBA Nominees Limited-Trading, held five percent or more of the issued and fully paid shares of 50 kobo of the Company.”
Records show that no other stakeholder owned more than 5% of the company. Additionally, the corporation has approximately 39.65 billion of its 40.65 billion outstanding shares floating freely. Actually, roughly 89 percent of the company’s shares are owned by 1,695 individuals.
Billionaire investor Elumelu presently owns Transcorp and took over management of the business in 2012. Since that time, the business has acquired a power generation firm and expanded into the oil and gas industries.
When he declared he had purchased shareholdings beyond the five percent threshold at the beginning of the year, Femi Otedola also obtained a sizable amount of control over FBN Holdings.
Additionally, that quickly started a stock bidding war. Transcorp, in contrast to FBN Holdings, is governed by a single majority shareholder.
Additionally, Otedola owns nearly 90% of Geregu Power Plc, which it listed on the Exchange last year. If his most recent acquisition is intended to increase his involvement in the electricity sector, it is unknown.
Transnational Corporation recorded N134.7 billion in revenue for the full year that concluded on December 31, 2022, an increase of 21% from the N111.2 billion reported in the prior year.
The company declared a profit before tax of N30.3 billion in 2022, an increase of 8% from N27.9 billion in 2021.
The Board of Directors of Transcrop Corporation had approved the payment of N2.03billion dividend (2021:N812.96million), being 5 kobo per share on the outstanding ordinary shares of 40,647,990,293 shares of 50 kobo each for the year ended December 31, 2022.
