Otedola confirms acquisition of 5.52% stake in Transcorp

The chairman of Geregu Power, Femi Otedola has confirmed his acquisition of a 5.52 percent stake in Transcorp Plc.

Billionaire businessman Femi Otedola

The development makes the billionaire businessman 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 (AMCON).

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.

The tweets reads, ” “Following this acquisition I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation.”

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.