Billionaire businessman Femi Otedola has further increased his stake in blue-chip companies with a recent acquisition of 5.52% in Transnational Corporation Plc. This acquisition, valued at N2.245 billion, was made through an entity owned by Otedola and the Asset Management Corporation of Nigeria (AMCON). Transcorp is a leading conglomerate in Nigeria with investments in hospitality, power, and oil and gas sectors. Although Transcorp denied any notification of Otedola’s possible acquisition of shares, the strategic investment by the business mogul triggered an unprecedented rise in the company’s stock value.

Shareholders and market operators have described Otedola’s acquisition as strategic, citing his successful track record of creating value through similar acquisitions in the past. Otedola’s move is seen as part of his diversification strategy to gain access to the upstream petroleum holding and participate in the wealth created by Transcorp’s power company. Market experts believe that Transcorp’s stock is currently undervalued, and Otedola’s investment is a sign of confidence in the company’s leadership and management. Otedola’s previous acquisition of shares in FBN Holdings Plc in 2021, where he emerged as the single largest shareholder, and his recent move in Transcorp has positioned him as the second-largest shareholder in the company, consolidating his presence in the Nigerian business landscape.