Tony Elumelu has confirmed that he bought another 1.99 billion shares in Transnational Corporation (Transcorp), while Otedola stayed silent amid exit reports.
Ripples Nigeria learnt that Elumelu spent over N6 billion to acquire the 1.99 billion shares. The acquisition will tighten his control over Transcorp and prevent a takeover brewing in the company after Otedola’s share acquisition.
In a corporate document shared with shareholders and the capital market dated April 28, and obtained on Saturday, Transcorp said Elumelu bought the 1.99 billion shares through HH Capital Limited. The details of the acquisition were as of April 28 according to the firm.
