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 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 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.