Femi Otedola Emerges Transcorp’s Largest Individual Shareholder

by Duchess Magazine

In Transnational Corporation Plc (Transcorp), a publicly traded diversified conglomerate led by Mr. Tony Elumelu, billionaire businessman Mr. Femi Otedola has emerged as the largest single individual stakeholder.

The billionaire currently owns around 2.245 billion shares, or 5.52 percent of the Nigerian Exchange Group (NGX), according to a top stockbroker who spoke with THISDAY.

Elumelu, the chairman of Transcrop Corporation, was the registered owner of 273,104,041 issued shares of the diversified conglomerate as of the period ending December 31, 2022, according to the audited result and accounts.

Through HH Capital Limited and Heirs Holdings Limited, he also held indirectly 273,545,722 shares and 293,983,193 shares, respectively.

While Mrs. Owen Omogiafo, the company’s president, had 12,634,188 shares of the diversified conglomerate, Dr. Stanley Lawson, a non-executive director, controlled 122,790,102 direct issued shares.

UBA Nominees, which owned around 9.25 percent of the company as of 2022 compared to the 9.26 percent disclosed in 2021, is the only other stakeholder having a stake in the company that is greater than five percent.

“As at December 31, 2022, only UBA Nominees Limited-Trading, held five per cent or more of the issued and fully paid shares of 50 kobo of the Company,” according to the 2022 audited result and accounts posted on the NGX.

According to documents, no other shareholder owned more than 5%. Approximately 39.65 billion of the company’s 40.65 billion outstanding shares are floating freely. In actuality, 1,695 individuals hold nearly 89 percent of the company’s stock.

Elumelu, a billionaire investor who took over management of Transcorp in 2012, currently controls the corporation. Since that time, the business has expanded into the oil and gas industries and purchased a power generation firm.

Early last year, when he said he had purchased shareholdings beyond the five percent mark, Femi Otedola also gained a sizable amount of ownership over FBN Holdings.

Additionally, a stock bidding war began right away as a result. Contrary to FBN Holdings, Transcorp is controlled by a single majority stakeholder.

A close to 90% interest in Geregu Power Plc, which Otedola listed on the Exchange last year, is also owned by the company. It is unknown if the latest purchase aims to increase his involvement in the electricity sector.

With N134.7 billion in sales, up 21% from the N111.2 billion recorded in 2021, Transnational Corporation presented its financial results for the full year ending December 31, 2022.

The company reported a N30.3 billion profit before taxes in 2022, an increase of 8% from N27.9 billion in 2021.

The payment of a N2.03 billion dividend (5 kobo per share) on the 40,647,990,293 outstanding ordinary shares of 50 kobo each for the fiscal year ending December 31, 2022, was approved by the board of directors of Transcrop Corporation in 2021.

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