Transcorp A Hub for Nigerian Billionaires 
Home African CEOs Transcorp: A Hub for Nigerian Billionaires 
African CEOs - April 25, 2023

Transcorp: A Hub for Nigerian Billionaires 

Transnational Corporation of Nigeria Plc (Transcorp) one of Nigeria’s leading conglomerates with investments in the hospitality, power, and oil & gas sectors has recently become a hub for Nigerian billionaires. This comes as recent reports revealed that the founder of Globacom, Mike Adenuga holds a minority stake in Transcorp.

This development follows Femi Otedola’s recent acquisition of a 5.52-per cent stake in Transcorp. Otedola who is the chairman of Geregu Power Plc, one of Africa’s fastest-growing power-generating companies, raised his interest in the diversified conglomerate beyond 6.3 per cent by acquiring additional stakes in the company. The acquisition solidified his position as the third-richest investor on the Nigerian Exchange, trailing Africa’s wealthiest man Aliko Dangote and billionaire industrialist Abdul Samad Rabiu.

Mike Adenuga’s stake in Transcorp

Nigeria’s third richest man, Mike Adenuga reportedly has a minority stake of 0.86 per cent in Transcorp. His minority shareholding in the conglomerate is estimated to be worth $2.05 million. This also properly positions him as one of the most dominant investors in the Nigerian Exchange. 

Tony Elumelu and Transcorp

Tony Elumelu, Nigerian entrepreneur and businessman who controls Transcorp also holds 273.1 million shares directly in the company, 274 million indirectly through Heirs Holdings Limited and 294 million shares indirectly through HH Capital Limited.

Reports say Otedola’s acquisition sparked substantial off-market transactions, with United Capital Securities—an entity with ties to Tony Elumelu—reportedly acquiring over one billion shares in the diversified conglomerate.

Established by the administration of President Olusegun Obasanjo in 2004, Transcorp capitalises on market opportunities requiring heavy capital investment in Nigeria and across sub-Saharan Africa. The conglomerate which has struggled to create value for shareholders and achieve growth over the years currently has a total market capitalisation of N99.59 billion with outstanding shares of 40.65 billion.

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