Tony Elumelu's Wife Awele Makes Over N5bn in Just 71 Days As Transcorp Investment Pays Off
- Awele Elumelu, the wife of Tony Elumelu, has made over N5 billion from her investment in Transcorp
- The shares of Transcorp on the Nigerian exchange in the last 71 days have increased in value by 71.38 percent
- Transnational Corporation of Nigeria (Transcorp) is one of Nigeria's leading conglomerates with investments in the hospitality, agribusiness, and energy sectors
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Awele Elumelu, the wife of billionaire businessman Tony Elumelu, has witnessed a remarkable surge in the market value of her shares in Transnational Corporation plc.
The accomplished healthcare executive is the third-largest shareholder in Transcorp with 2,070,794,804 (2.07bn) shares.
Source: Facebook
Data obtained from Nigerian Exchange shows that over the past 71 days, the value of her shareholdings have increased to N12.75 billion as at Monday, September 26, 2023.
This represents 56 percent increase when compared to N7.45 billion the value of her shareholdings was in Transcorp as at July 16, 2023.
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What this means is that in 71 days, Awele increased her personal wealth by N5.30 billion.
Transcorp shares movement
The increase in Awele's wealth is due to the continuous rise in Transcorp shares on the Nigerian Exchange.
After trading on Monday, Transcorp closed at N6.16 per share -- a massive 71 percent increase when compared to N3.60 on July 16.
The recent spike in the company’s shares follows a statement from Owen Omogiafo, Transcorp Group’s CEO, outlining the resolute ambition of achieving a 2,000-megawatt power capacity by the end of the year.
What to know about Transcorp
Transcorp has been a key player in Nigeria's economy for over two decades, with a diversified portfolio of investments that includes Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar.
Transcorp is also a significant contributor to Nigeria's power sector and recently became the first privatised generating company.
Otedola strikes billion naira deal with Elumelu to exit Transcorp
In another report, Legit.ng reported that Nigerian billionaire Femi Otedola ended the battle with Elumelu over control of Transcorp Plc.
The mutual agreement saw Otedola receive a payout of N32.5 billion two weeks after spending N6 billion to acquire 2.6bn shares.
Source: Legit.ng
