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Monday, July 10, 2023

How Tony Elumelu’s wife, Awele, purchased 7.3 million Transcorp shares

 In a strategic move that further solidifies her family’s influence in the Nigerian business landscape, Awele Elumelu, the accomplished healthcare executive and wife of renowned businessman Tony

Elumelu, has acquired an additional 7.3 million shares in Transnational Corporation of Nigeria (Transcorp).

This follows her recent purchase of a $14-million stake in the Lagos-based conglomerate, propelling her to become one of its largest shareholders.

According to a notification of share dealings published on Tues., June 13, Awele Elumelu completed the acquisition of 7,309,813 shares in six separate transactions on the Nigerian Exchange on June 5, amounting to a cash consideration of N21.9 million ($46,100).

With this latest acquisition, Awele Elumelu’s total holdings in Transcorp have reached an impressive 2,070,794,804 shares, consolidating her family’s position within the conglomerate.

This move aligns with her husband’s previous decision to increase his stake to more than 30 percent, following the acquisition of shares by leading Nigerian billionaire Femi Otedola.

Awele Elumelu’s prominence extends beyond her investments, as she has made significant contributions to the healthcare sector. Serving as the chairperson of Avon Healthcare Limited and the CEI of Avon Medical Services Limited, she exhibits exemplary leadership and expertise in medicine, surgery, pediatrics, obstetrics and gynecology, and emergency medicine.

Her career highlights include valuable contributions to the prestigious Lagos University Teaching Hospital, as well as international experience at Grantham and District Hospital in the United Kingdom.

With this latest development, Awele Elumelu’s increasing influence in Transcorp not only highlights her business acumen but also serves as a testament to the Elumelu family’s commitment to driving growth and making a lasting impact on Nigeria’s business landscape.

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