Nigerian business magnate, Femi Otedola, has sold his stake in Transcorp Corporation Plc, a local conglomerate, only a few weeks after acquiring a significant shareholding in the company.
The sale came after negotiations with Tony Elumelu, the chairman of the conglomerate. Despite both parties agreeing to work together to promote Transcorp’s interests, the scramble for shareholding became a distraction for the company, leading to the decision to part ways.
According to Nairametrics, The transaction closed at the prevailing market price of Transcorp Plc on Thursday, with shares of the company closing at N3.12 per unit.
Elumelu, through HH Capital Limited, raised his stake in the company to 25.58%, surpassing Otedola’s stake.
