RIPPLES NIGERIA
The chairman of Transnational Corporation (Transcorp) Plc, Tony Elumelu, became N638.88 million richer this week following the billionaire businessman, Femi Otedola’s investment in the company.
The value of Elumelu’s investment in Transcorp Plc was N1.42 billion as of last Friday but this increased by 50 percent after four days trading this week.
Transcorp became the most sought-after equity in the Nigerian stock market after reports emerged last week that Otedola was interested in the company’s shares.
Although the business did not immediately confirm that he was mopping shares belonging to Transcorp, the reports were enough to further raise the capital market’s confidence towards the diversified investment company.
The development also convinced shareholders to retain their stake in the company. The decision raised Transcorp’s share…
