Tony Elumelu’s Stake in Transcorp Nears $100m After Abuja Disco Acquisition
- A significant increase in the market value of Transcorp has led to an increase in Tony Elumelu’s net worth
- This follows an earlier development that saw Transcorp-led consortium acquire 60% stake in Abuja Electricity Distribution Company
- In the last 27 days, Elumelu's interest in the firm has increased to $98.95 million from $54.28 million
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Nigerian businessman, Tony Elumelu, has seen a significant increase in the market value of his interest in Transnational Corporation of Nigeria (Transcorp) which has brought it to $98.95 million
According to figures by Billionaires.Africa, the recent increase in the share price of the corporation on the Nigerian Exchange is principally responsible for this uptick.
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Legit.ng earlier reported that a group led by Transcorp-led consortium purchased a 60% stake in Abuja Electricity Distribution Company (AEDC).
This is coming after the major investor of Ughelli Power Plant was issued a discharge certificate by the Federal Government of Nigeria.
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Elumelu owns a large stake in Transcorp
Transcorp is a well-known corporation in Nigeria with extensive holdings in the hotel, energy, oil, and gas industries. Its objective is to improve living conditions, promote African change, and guarantee long-term value for its owners.
Elumelu, who is also the founder of the Tony Elumelu Foundation and the chairman of Heirs Holdings and United Bank for Africa, owns 11,990,957,350 ordinary shares of Transcorp through his investment vehicle, HH Capital, giving him a 29.5% stake in the business.
The market value of Elumelu's interest in the firm has increased over the previous 27 days, rising from N41.97 billion ($54.28 million) on August 1 to N76.5 billion ($98.95 million).
This astonishing $44.67 million increase in the market value of his stock may be directly attributed to the astounding 82.3 percent rise in Transcorp's share price on the Nigerian Exchange, which rose from N3.5 ($0.0045) on August 1 to N6.38 ($0.00825) at the time of this article.
The company's stock has recently increased after Transcorp Group CEO Owen Omogiafo made a statement on the company's steadfast goal of generating 2,000 megawatts of power capacity by the end of the year.
Omogiafo said,
Transcorp’s existing generation capacity approaches 2000MW, and during the initial half of the year, we directed significant efforts toward augmenting our mechanical capacity, thereby reaching approximately 900MW. Although certain gas and transmission challenges persisted, our power sector witnessed remarkable improvement.
Legit.ng earlier reported that the company announced its financial results for the year's first half, ending June 30, 2023, recording impressive growth. It earned revenue of N82.1 billion in the first half of 2023, compared to N62.9 billion in the same period of 2022, representing a 31% growth year on year.
"240MW of Electricity Can Power 1 Million Homes": Tony Elumelu Reveals Nigeria’s is Lack of Sufficient Gas
The billionaire founder of The Tony Elumelu Foundation, Tony Elumelu, has said the country's power plants are having trouble operating due to a lack of sufficient gas supplies, Legit.ng earlier reported, Legit.ng earlier reported.
He spoke at the Nigerian Bar Association's Annual General Conference on Sunday, August 27.
Elumelu said that it was time for the nation to make investments in the power industry and establish regulatory frameworks that would provide a sustainable supply of electricity to residents, businesses, and institutions of higher learning.
Source: Legit.ng
