Tony Elumelu, an esteemed entrepreneur from Nigeria and a leading figure in Africa, has experienced a notable growth in his financial fortune as a result of a significant rise in the market valuation of his ownership stake in Transnational Corporation of Nigeria (Transcorp).
Transcorp stands as a notable conglomerate in Nigeria with diversified investments spanning various sectors, including hospitality, power, oil, and gas. The core of its mission revolves around enhancing living standards, propelling African advancement, and ensuring enduring value for its shareholders.
Elumelu, who serves as the chairman of Heirs Holdings, United Bank for Africa, and the founder of the Tony Elumelu Foundation, commands a significant ownership stake of 29.5 percent in Transcorp, amounting to 11,990,957,350 ordinary shares through his investment firm, HH Capital.
As documented by Billionaires.Africa, Elumelu has encountered a significant uptick in the market value of his shares in Transcorp, pushing it to an impressive sum approaching $100 million. This surge can be largely attributed to the recent upswing in the share price of the Lagos-based conglomerate on the Nigerian Exchange .
Over the course of the past 27 days, the value of Elumelu's stake in the conglomerate has surged by a substantial N34.53 billion ($44.67 million), marking a remarkable increase from N41.97 billion ($54.28 million) on August 1 to an impressive N76.5 billion ($98.95 million) as of the time this report was prepared.
This noteworthy surge of $44.67 million in the market value of Elumelu's shares can be directly linked to the impressive 82.3 percent surge in Transcorp's share price on the Nigerian Exchange. The share price climbed from N3.5 ($0.0045) on August 1 to N6.38 ($0.00825) at the time of the report's preparation.
The recent surge in the company's shares closely follows a statement from Owen Omogiafo, the CEO of Transcorp Group, in which he outlined the unwavering ambition of attaining a power capacity of 2,000 megawatts by year-end.
Omogiafo expressed, "Transcorp's existing generation capacity is nearing 2000MW, and during the first half of the year, we dedicated substantial efforts to enhance our mechanical capacity, leading to an achievement of approximately 900MW. Despite persistent challenges related to gas and transmission, our power sector has experienced remarkable improvement."