Femi Otedola, chairman of Geregu Power, has confirmed his acquisition of a 5.52 percent stake in Transcorp Plc, becoming the second largest shareholder of the company.
Gatekeepers News reports that there have been reports recently that the acquisition was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria (AMCON).
On Monday, Otedola confirmed the completion of the deal via his Twitter page, saying he looks forward to working with the board and management of Transcorp to elevate the company to greater heights.
“Following this acquisition I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation,” the tweet reads.
According to Transcorp’s latest audited results, the only other shareholder with over a 5 percent ownership of the company is the United Bank for Africa (UBA) nominees, which owns about 9.25 percent of the company as of December 31, 2022.
The acquisition further places Otedola above Tony Elumelu, the chairman of Transcorp, who owns a 2.06 percent stake (direct and indirect) in the company as of December 31, 2022.
Commenting on the development, Transcorp, in a statement signed by Funmi Olofintuyi, the company secretary, said: “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.”
