First Bank

Saturday, April 29, 2023

Femi Otedola sold his 2.47 billion shares in Tony Elumelu's Transcorp


Femi Otedola has reportedly sold his 2.47 billion shares in Transnational Corporation (Transcorp) to Tony Elumelu, bringing an end to the powerplay between the billionaires.

According to multiple sources, Elumelu allegedly acquired the shares from Otedola at the cost of about N32 billion.

This indicates that Elumelu bought out Otedola at 300 per cent above Transcorp’s market value as of Thursday. This means each share was bought around N12.5 kobo, compared to Thursday’s closing price of N3.12 kobo per share.


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