Otedola confirms acquisition of stakes in Transcorp

Billionaire businessman, Femi Otedola, has confirmed the acquisition of shares in the indigenous conglomerate, Transcorp Corporation Plc.

In a tweet on his Twitter handle on Monday, Otedola expressed a desire to work with the management of the corporation to realise its potential.

“Following this acquisition, I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation …F.Ote,” he said.

In a corporate notice filed last week with the Nigerian Exchange Limited, Transcorp had disclosed that Otedola bought 2,245,639,251 units of the shares of the group, which amounts to a 5.52 per cent stake.

In the notice filed signed by the Company Secretary, ‘Funmi Olofintuyi, with the NGX on Thursday, Transcorp said that it welcomes the investment.

“As noted in our previous communication, the Company welcomes this expression of confidence in its leadership and management as we continue our unwavering commitment to superior stakeholders’ returns, anchored in our ideology of Africapitalism. Rest assured of our commitment to remain resolute in executing our Group’s strategy of making strategic investments in key sectors within the Nigerian economy, our transformation agenda and our ability to contribute positively towards building prosperity for all,” the statement partly read.

Over the weekend, there were also reports that Otedola had acquired more shares in the conglomerate, bumping his stakes to over six per cent.

Meanwhile, some shareholder groups have hailed the acquisition of shares in Transcorp by Otedola. They also advised the business mogul to work with the existing shareholders to move the conglomerate forward.