Billionaire Femi Otedola has confirmed increasing his stakes at Transcorp Corporation Plc (Transcorp) to 6.3 per cent from the initial 5.52 per cent.
Mr Otedola initially bought 2,245,639,251 units of the shares of the group which amounted to 5.52 per cent of the company.
Later, Apt Securities and Funds Limited midwifed the purchase of 105.5 million shares, raising Otedola’s holding to 5.8 per cent from the original stake of 2.2 billion (5.5 per cent), declared to the Nigerian Exchange.
However, on Wednesday Otedola who is the chairman of Geregu Power Plc confirmed reports that he had increased his stakes in the conglomerate to 6.3 per cent.
“Stakes are going higher,” he said in his post across social media platforms.
At current market value, Otedola’s investment in Transcorp by way of equity now stands at over N6.3 billion.
Otedola, who holds the most shares in FBN Holdings, the parent company of Nigeria’s oldest lender FirstBank, is now the biggest shareholder in Transcorp after UBA Nominees which holds over 9 per cent stakes.
Chairman of UBA Group Tony Elumelu owns 2.06 per cent of the company with direct and indirect holdings. Stanbic IBTC and Mike Adenuga complete the top five shareholders in the conglomerate.
Observers say Otedola is looking to becoming the biggest shareholder at Transcorp.
