Nigerian billionaire Femi Otedola has sold his 6.62% stake in Transcorp Corporation Plc, an indigenous conglomerate, just weeks after acquiring a substantial shareholding. The sale comes after negotiations with Tony Elumelu, Transcorp’s chairman, which were described as cordial and in the mutual best interests of both parties. The move followed an agreement between Elumelu and Otedola to work together to promote Transcorp’s interests.
Sources suggest that the public jostling for shareholding was a distraction for the company, leading to the decision to part ways. The transaction closed at the prevailing market price of Transcorp Plc as of Thursday, with shares closing at N3.12 per unit. Elumelu raised his stake in the company from 2.07% to 25.58% through HH Capital Limited, where he is a director, thus surpassing Otedola’s stake.