Billionaire businessman Femi Otedola has confirmed the acquisition of a 5.52 per cent stake in Transcorp Plc, making him the second-largest shareholder of the company.
Reports had suggested that the acquisition was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria (AMCON).
In a tweet on Monday, Otedola confirmed the completion of the deal and expressed his eagerness to work 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,” he said.
According to Transcorp’s latest audited results, the only other shareholder with over a 5 per cent ownership of the company is the United Bank for Africa (UBA) nominees, which owns about 9.25 per cent of the company as of December 31, 2022.
The acquisition further solidifies Otedola’s position in Nigeria’s business landscape.
Transcorp, in a statement signed by Funmi Olofintuyi, the company secretary, welcomed the acquisition, noting that it is an expression of confidence in its leadership and management.
“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 statement reads.
This comes on the heels of Otedola’s acquisition of an additional 2.5 per cent stake in FBN Holdings Plc, which made him the single largest shareholder in the company with a total share of 7.5 per cent.
