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Billionaire Femi Otedola confirms stake in Transcorp, says ready to work with board

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By Samuel Bankole

The chairman of Geregu Power, Femi Otedola on Monday expressed his readiness to work with the board and management of Transcorp Plc in his first direct confirmation of the acquisition of a large stake in the company.

Riding on an Arise TV footage on the acquisition, the billionaire confirmed his investment in the company, which has a fellow billionaire and chairman of United Bank for Africa (UBA), Tony Elumelu, as its board chairman.

“Following this acquisition, I look forward to working with the board and management of Transcorp to realize the amazing future potential of the corporation,” the tweet reads.

The 5.52 percent stake acquired by Otedola in Transcorp Plc has placed him ahead of Elumelu and behind UBA nominees among the top shareholders of the company.

UBA nominees hold 9.25 percent of the company, now followed by Otedola with the acquisition of 5.52 percent, while Elumelu holds 2.06 percent.

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Reports had it that the billionaire bought the share of Transcorp from the Asset Management Corporation of Nigeria (AMCON), the country’s ‘bad bank’ set up to resolve non-performing loans of banks.

In a regulatory filing with the Nigerian Exchange Limited on Thursday, Transcorp announced the latest acquisition of its shares by Otedola to stakeholders in the market.

“In compliance with Chapter 17, Rule 17.13 of the NGX Issuers Rules, Transnational Corporation Plc (the Company) hereby informs the Nigerian Exchange Limited (NGX) and the investing public of the below recent acquisition of shares in the Company,” Transcrop said in the regulatory communication.

Transcorp said Otedola bought 2,245,639,251 shares of the company, which represents 5.52 percent of the company’s shareholding.

“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 regulatory filing signed by the company secretary, Funmi Olofintuyi said.

Otedola last year raised his stake in the holding company of First Bank Limited, FBN Holdings Plc, to 7.5 percent to become the single largest shareholder in the company.

Like Otedola, the company also operates a power-generating company, Transcorp Power Limited.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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