Otedola sells Transcorp stake to Tony Elumelu, exits firm

Femi Otedola

Popular Nigerian billionaire and businessman, Femi Otedola has sold his stakes in Transnational Corporation Plc (Transcorp), a publicly traded diversified conglomerate chaired by Tony Elumelu.

According to sources, Elumelu purchase Otedola shares using Transcorp’s closing price on Thursday at an options contract due to be paid in a series of instalments over time.

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“Both parties believed that reaching an agreement was in their best interests to do so, so the negotiations leading up to it were said to be brief but friendly. Otedola and Elemelu openly committed to collaborating to advance Transcorp’s objectives,” sources said.

The news sent shock waves across the stock market after Otedola recently upped his interest in the conglomerate Transcorp to 6.3 percent.

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On April 15, Otedola acquired about 5.52 percent shares of Transcorp, making him a majority shareholder of the company.

Otedola’s share deal in Transcorp was done between a firm owned by the billionaire and Asset Management Corporation of Nigeria. A deal of about 1.5 billion units of Transcorp shares worth N2.1 billion was executed on the Nigerian Exchange Limited at the close of trading.

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At the close of the trading session on Thursday, Transcorp closed at N3.12 per share, nearing its 52-week high of N3.24 as against its 52-week low of 0.98kobo.

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