BY FESTUS OKOROMADU, ABUJA
Billionaire businessman and chairman, Geregu Power Plc, on Monday confirmed his acquisition of 2,245,639,251 ordinary shares of Transnational Corporation Plc, translating to owning 5.52 percent stake in the company.
The development makes him the second largest shareholder of the company.
Recently, there have been reports that the acquisition was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria.
Confirming the completion of the deal in a tweet on Monday, Otedola said he looked forward to working 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,” the tweet reads.
According to Transcorp’s latest audited results, the only other shareholder with over a 5 percent ownership of the company is the United Bank for Africa (UBA) nominees, which owns about 9.25 percent of the company as of December 31, 2022.
The acquisition placed Otedola above Tony Elumelu, the chairman of Transcorp, who owns a 2.06 percent stake (direct and indirect) in the company as of December 31, 2022.
Earlier, Transcorp had on Thursday last week in a statement signed by Funmi Olofintuyi, the company secretary, informed the Nigerian Exchange Limited and the investing public of the development.
“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 read in part.