Billionaire Femi Otedola has acquired 5.52 per cent shares in Transcorp Group.
Representing about 2.245 billion shares in the quoted company, the newly-acquired stake was valued at N2.1 billion.
With the acquisition, BizWatch Nigeria understands that Otedola is now the second-highest shareholder in Transcorp, a company that has a fellow billionaire businessman, Tony Elumelu, as Chairman.
How Transcorp stocks reacted after the Otedola acquisition
On Tuesday, April 11, 2023, Transcorp was the most traded stock after it sold about 1.6 billion units, out of which about 1.5 billion units were purchased by Otedola at N2.1 billion, Nairametrics reports.
Today, Wednesday, April 12, Transcorp also topped the activity chart after it traded 117.5 million units at the close of transactions, of which 115 million units were reportedly acquired by the chairman of Geregu Power Plc at N161 million.
Before now, Transcorp has witnessed heavy transactions on the floor of the Nigerian Exchange (NGX) Limited in off-market deals believed to be carried out for Otedola, pushing his control of the firm to 5.5 per cent at over 2.200 billion shares.
