Tony Elumelu’s wife, Awele’s stake in Transcorp hits N13 billion

Dr Awele Elumelu, wife of billionaire investor Tony Elumelu, has recorded a surge in her Transcorp stake value at N13 billion.

The increase in her Transcorp stake’s value can be attributed to a 10% rise in share price linked to growing interest from both local and international investors, based on the company’s recent market moves.

Upon closer examination, Dr. Awele currently commands a controlling 5.1% stake in the company, equivalent to 2,070,794,804 ordinary shares.

More details of the transaction

Additional transaction details reveal that, as per data monitored on the Nigerian Stock Exchange by Nairametrics, Transcorp witnessed a 10% boost in its share price, soaring from N5.8 to N6.38 at the close of the trading day. With this 10% surge, Dr. Awele Elumelu’s holdings are now valued at N13.21 billion.

In a preceding report, it was announced that Christopher Ezeafulukwe, the Managing Director/CEO of Transcorp Power Limited, was appointed by the Board of the Abuja Electricity Distribution Company (AEDC) to lead the organization.

This significant development closely followed the acquisition of a substantial 60% stake in AEDC by a consortium led by Transcorp Group.

In a resounding move acknowledged by the National Council on Privatization in May 2023, the Transcorp-led Consortium was approved, cementing its position as the energy strategic investor in the Abuja Electricity Distribution Company.

This announcement elicited notable enthusiasm among investors and market enthusiasts, given Transcorp Group’s impeccable track record in delivering value, orchestrating business transformations, and upholding strong corporate governance principles.

This development generated visible enthusiasm among investors and market enthusiasts, given Transcorp Group’s impeccable track record of engendering value, orchestrating business metamorphosis, and upholding robust corporate governance principles.

Backstory

Turning back the pages, Dr. Awele Elumelu originally procured 2,063,484,991 units of Transnational Corporation Plc (Transcorp) shares at a price of N3.12 per share.

This transaction, valued at approximately N6.4 billion at the time, secured her a significant 5.076% shareholding in the company.

The disclosure adhered to NGX Issuers Rules regarding insider-related trades and was publicly accessible on the NGX website.

Subsequently, she bolstered her stake with an additional acquisition of 7.3 million shares, elevating her ownership to 5.1%.

However, in the preceding month, her stake experienced a downturn when Transcorp shares dipped, causing a reduction in valuation by N2.05 billion due to a more than 21% decline in stock value.

What you should know

Dr Awele Elumelu is an established health professional with an impressive background in the medical field, which adds to her achievements.

As Chairperson of Avon Healthcare Limited and the Chief Executive Officer of Avon Medical Services Limited, she oversees the healthcare investments of Heirs Holdings.