Tony Elumelu’s Wife, Awele, Acquires $14 Million Stake in Transcorp

The wife of Nigerian businessman Tony Elumelu, Awele Elumelu has acquired a 5.076 per cent stake in Transnational Corporation of Nigeria (Transcorp). This comes two weeks after Femi Otedola shook the Nigerian equity market with the sale of his stake in the Lagos-based conglomerate.

Awele’s acquisition makes her one of the largest shareholders in the group, joining her husband. Recall that her husband, Tony had earlier increased his stake from 2.07 to over 30 per cent after news of Femi Otedola’s acquisition of Transcorp shares was made public.

According to reports, Awele, the Chairperson of Avon Healthcare Limited, the healthcare investments company of Heirs Holdings, spent $14 million to acquire 2,063,484,991 ordinary shares in Transcorp.

Elumelu’s battle for Transcorp

Awele’s recent acquisition further cements the family’s holdings in the conglomerate. It also comes after Nigerian Billionaire, Femi Otedola sold off his shares in Transcorp to Tony Elumelu, the company’s chairman and largest shareholder. 

As an active contributor to Heirs Holding and the Tony Elumelu Foundation (TEF), Awele has made commitments to the well-being of humanity through her field in various capacities.

About three days ago, Nigeria’s Vice President Yemi Osinbajo commissioned Transafam Power, a subsidiary of Transcorp’s 240MW Afam Three Fast Power plant in Afam, Rivers State. With an existing power plant already in Afam, this brings the cumulative generating capacity of the plant to 1,000MW.

The Afam Three Fast Power plant was inaugurated after the presentation of the Discharge Certificate to Transcorp Power by the Vice President and Chairman of the National Council on Privatization (NCP) in a ceremony held at the presidential Villa Abuja on Monday, 8th of May 2023. The Lagos conglomerate met all the privatization conditions set by the Bureau for Public Enterprise (BPE) before receiving the certificate.