- Elemelu’s Wife reportedly Spent ₦6 Billion To Buy Transcorp Shares
By Charles Adingupu
The battle for Transcorp shares has become one of the most exciting stories of hostile takeovers in Nigeria’s business world. The way Tony Elumelu finally took over Ownership of the shares is a story of intrigues and alleged betrayals that takes it beyond the usual boardroom deals. Observers say it reminded them of the jungle where survival of for the fittest and friendship and business ethics are jettisoned.
Nigerians hear how two best friends and business partners went about trying to protect their individual interests in the Transcorp Group and ended up falling apart in the process.
According to the backstory, the Chairman of Geregu Power Plant, Femi Otedola, silently acquired Transcorp shares with the intention of emerging as one of the company’s highest shareholder.
Upon discovery of the move, like a game of Chess, Elumelu struck a N32 billion deal to buy out Otedola’s shares. In order to checkmate the latter’s ambition, Elumelu went on a buying spree of Transcorp shares that pushed his total holdings in the company to 25.9% or 10.5 billion shares, making him the highest shareholder in the company.
Still apprehensive over his grip of the conglomerate, he made his wife, Ibemere Awele Elumelu, to buy N6 billion worth of shares in Transcorp. The investment made her the third-largest shareholder, which finally gave the family a firm grip of the company.
Transcorp Group is one of Nigeria’s leading Conglomerate with investments in the Hospitality, Power, and Oil & Gas sectors.
Awele Elumelu, the wife of the billionaire businessman, now has 5.076% shareholding in the company after paying, on May 12, 2023, N3.12 per share, worth a total N6.43 billion. This purchase occurred just days after her husband, Tony Elumelu, who serves as the Chairman of Transcorp, acquired the largest number of shares in the company.
THE FIRM, TRANSCORP
It has been a key player in Nigeria’s economy for over two decades with a diversified portfolio of investments in: Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar. It’s important to note that Transcorp is a major contributor to Nigeria’s power sector, and has emerged as the first privatised generating firm.
