I welcome Otedola’s investment in Transcorp — Tony Elumelu

by Samuel Akpan
3 minutes read

Mr Tony Elumelu, Group Chairman of Transnational Corporation Plc (Transcorp) and UBA, says he welcomes the former Chairman of Forte Oil Plc, Mr Femi Otedola, to Transcorp as the second largest shareholder of the company.

Otedola’s acquisition of 5.52 percent stake in Transcorp has made him the second single largest shareholder of the company.

Speaking in an interview on Arise TV on Wednesday, the business mogul and philanthropist dispelled any rift between him and Otedola, saying “I look forward to working with him to take Transcorp to greater height.”

Elumelu, who jokingly hinted that on his micro-blogging site, Instagram, with over one million followers that he only follows two people — my wife and Femi Otedola.

“That shows you how much I admire him. He’s a man I admire, and we call ourselves brothers. I welcome Femi, I call him FO or Ote-Dollar. I welcome his investment in Transcorp.

”We go on international roadshows and talk to investors to invest in our companies. I am happy to see an active indigenous investors community.

“I am happy that Femi Odetola is investing locally, and he should be commended for that and I also welcome him for that.

“That is because the more people show interest in the activities, and performance of the company, the better for shareholders. You want to make your stock investors’ toast and I am happy that Transcorp is becoming investors’ toast.

“About 10 years ago before we took over Transcorp, people were not interested. People lost confidence in the company. Today under our leadership, Transcorp has consistently paid dividends in the last five years. There is a capital appreciation for the company,” Elumelu stated.

“When friends and investing public invest in a public company like this, it is a validation and tells you they believe in your story, vision, management, leadership and competence.

“I like my friend (Otedola) coming on board and I look forward to working with him to take Transcorp to greater heights,” Persecondnews quotes Elumelu as saying.

Persecondnews earlier reported that Transcorp declared gross earnings of N134.7 billion in 2022 showed an impressive increase by 21 percent a massive boost compared to the N111.2 billion recorded in 2021.

“This impressive performance resulted in an increase to the Company’s asset base, Shareholders’ Funds, and consequently, a 150% growth in dividend payment.

“Under the Elumelu leadership, Transcorp has pursued a consistent policy of, where prudent, rewarding shareholders with a progressive dividend policy.

“The Company has declared a N2 billion dividend payment for 2022. In Q1 2023, the Group recorded N32.4 billion in gross earnings, reflecting an improvement from N31 billion, despite facing economic and gas challenges, that affected the power business’s generation capacity.

“2022 will be the 5th consecutive year of unbroken dividends payment by Transcorp, since the Elumelu-led team assumed leadership of the conglomerate,” Mr Joseph Adegunwa, the Group’s Chief Financial Officer, said.

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