Tony Elumelu, a wealthy Nigerian businessman and one of Africa’s most important leaders, has seen his net worth skyrocket as the market value of his stake in Transnational Corporation of Nigeria (Transcorp) has increased significantly.
According to data compiled by HowNG, Elumelu’s share in Transcorp has increased significantly in value, reaching approximately $100 million. This increase is primarily due to the recent increase in the Nigerian Exchange share price of the Lagos-based company.
Transcorp is a notable Nigerian corporation with diverse assets in the hospitality, power, oil, and gas sectors. Its objective is to raise living standards, drive African development, and provide long-term value to its stockholders.
Elumelu – chairman of Heirs Holdings, United Bank for Africa, and founder of the Tony Elumelu Foundation — owns 11,990,957,350 ordinary shares in Transcorp through his investment vehicle, HH Capital, representing a 29.5 percent stake in the company.
The market value of Elumelu’s interest in the business has increased by N34.53 billion ($44.67 million) in the past 27 days, rising from N41.97 billion ($54.28 million) on Aug. 1 to N76.5 billion ($98.95 million) at the time of writing this report.
This significant $44.67 million increase in the market value of his stock is directly related to Transcorp’s share price on the Nigerian Exchange, which has risen from N3.5 ($0.0045) on Aug. 1 to N6.38 ($0.00825) at the time of this article.
The recent increase in the company’s stock price followed a statement from Transcorp Group CEO Owen Omogiafo highlighting the company’s steadfast goal of reaching 2,000 megawatts of power capacity by the end of the year.
“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,” Omogiafo said.
