Femi Otedola, the chairman of Geregu Power, has confirmed his acquisition of a 5.52 percent stake in Transcorp Plc.
The development makes the billionaire businessman the second largest shareholder of the company.
Recently, there have been reports that the acquisition was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria (AMCON).
Confirming the completion of the deal in a tweet on Monday, Otedola said he looked forward to working with the board and management of Transcorp to elevate the company to greater heights.
“Following this acquisition I look forward to working with the board and management of Transcorp to realise the amazing future potential of the corporation,” the tweet reads.
According to Transcorp’s latest audited results, the only other shareholder with over a 5 percent ownership of the company is the United Bank for Africa (UBA) nominees, which owns about 9.25 percent of the company as of December 31, 2022.
The acquisition further places Otedola above Tony Elumelu, the chairman of Transcorp, who owns a 2.06 percent stake (direct and indirect) in the company as of December 31, 2022.
Commenting on the development, Transcorp, in a statement signed by Funmi Olofintuyi, the company secretary, said: “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.”
Last year, Otedola acquired an additional 2.5 percent in FBN Holdings Plc, thus, becoming the single largest shareholder in the company with a total share of 7.5 percent.