Tony Elumelu has acquired more shares in Transnational Corporation (Transcorp) at a cost of over N23 billion in response to Femi Otedola’s recent acquisition of 2.24 billion shares, which gave him a 5.52% stake in the company, thereby overtaking Elumelu’s 2.06% stake.

Elumelu purchased 9.69 billion shares through his investment company, HH Capital Limited, which previously held 293.98 million shares. As a result, Elumelu’s total shares in Transcorp increased to 10.26 billion, giving him a controlling stake of 25.2%, up from his previous stake of 2.06%. This also increased his stake above the 5.52% held by Otedola.

Transcorp confirmed the acquisition in a corporate document shared with shareholders and the Nigerian Exchange Limited, noting that HH Capital Limited now holds a total of 9,991,173,177 units, representing 25.58% of the company’s total shares. Elumelu’s total investment value in Transcorp is now N30.28 billion, while Otedola’s is N6.60 billion.

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The company welcomed the continued expression of confidence in its leadership and management by the investing public, as it continues its unwavering commitment to superior stakeholder returns, anchored in the ideology of Africapitalism.

The statement added that Transcorp is committed to remaining resolute in executing its strategy of making strategic investments in key sectors within the Nigerian economy, transforming Africa, and contributing positively towards building prosperity for all.

This move by Elumelu is seen as an effort to tighten his control in Transcorp after being displaced as the single largest majority investor in the company by Otedola. The acquisition puts Elumelu back in the driver’s seat and strengthens his position as the biggest shareholder, with a controlling stake.