Tony Elumelu wife, Awele makes over N5bn in just 71 days as Transcorp investment pays off

Awele Elumelu, the wife of billionaire businessman Tony Elumelu has witnessed a remarkable surge in the market value of her shares in Transnational Corporation plc.

The accomplished healthcare executive is the third-largest shareholder in Transcorp with 2,070,794,804(2.07bn)) shares.

Data obtained from Nigerian Exchange shows that over the past 71 days the value of her shareholdings have increased to N12.75 billion as at Monday, September 26, 2023.

This represents 56 percent increase when compared to N7.45 billion the value of her shareholdings was in Transcorp as at July 16, 2023.

What this means is that in 71 days, the Awele who is an an accomplished healthcare executive personal wealth increased by N5.30 billion.

Transcorp shares movement

The increase in Awele wealth is thanks to the continuous rise in Transcorp shares on the Nigerian Exchange.

After trading on Monday, Transcorp closed at N6.16 per share a massive 71 percent increase when compared to N3.60 on July 16.

Billionaire.Africa reports that the recent spike in the company’s shares follows a statement from Owen Omogiafo, Transcorp Group’s CEO, outlining the resolute ambition of achieving a 2,000-megawatt power capacity by the end of the year.

What to know about Transcorp

Transcorp has been a key player in Nigeria's economy for over two decades, with a diversified portfolio of investments that includes Transcorp Power, Transcorp Hilton Abuja, and Transcorp Hotels Calabar.

Transcorp is also a significant contributor to Nigeria's power sector and recently became the first privatised generating company.