It’s just paper gains, but it counts. Nigerian banker Tony O. Elumelu has become at least $123 million richer between November 1 and November 21 as shares of Transcorp PLC, a Nigerian-Stock Exchange-listed conglomerate, surged 186% in that period.

Transnational Corporation Of Nigeria, usually referred to as Transcorp, is an emerging conglomerate holding investments in hotels, power and agriculture. On November 1, the company’s stock was trading at N1.87 ($0.01), and at the close of trading today (Thursday), the stock was trading at N5.35 ($5.35). According to an analyst who did not want to be quoted, there has been an unprecedented demand for Transcorp’s shares at the bourse on account of the company’s recent acquisition of the Ughelli Power plant, a strategic power generation company that the government recently sold in a privatization exercise. Transcorp PLC, under Elumelu’s leadership, acquired the plant for $300 million. Transcorp officially took over the plant on November 1. Investors are scrambling for the stock in anticipation of the long-term impact the new acquisition will likely have on Transcorp’s financial results.

Elumelu began gobbling up shares in the company in April 2011 through his wholly-owned proprietary investment vehicle, Heirs Holdings. In September 2011, he was appointed chairman of the company, promising to diversify the company’s business interests and deliver value to shareholders – promises he seems to have delivered on. He currently owns over 5.7 billion shares of the company (5,745,890,693 to be exact, according to Transcorp’s latest corporate filings), held in his own name and via Heirs Holdings, equating to a 22.26% stake, making him the company’s largest individual shareholder. His shares in Transcorp alone are now valued at N30.7 billion or $188 million. A representative for Elumelu could not be reached for comment at press time.

Elumelu made his fortune by acquiring a small, struggling Nigerian commercial bank and building it into the United Bank of Africa Group, a leading financial services institution with operations in several African countries as well as in New York and London. He stepped down as the bank’s CEO in 2010 to focus on investing in African businesses through his private investment vehicle, Heirs Holdings and to groom Africa’s next generation of business leaders through his Tony Elumelu Foundation.

Source: http://www.forbes.com/sites/mfonobongnsehe/2013/11/21/nigerian-mogul-tony-elumelu-makes-123-million-in-3-weeks/?utm_campaign=nairaland&utm_source=nairaland&utm_medium=social

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This is a perfect story of 'when there is life, there is hope'! the day i knew that tony elumelu had taken over transcope, i know there's bound to be an uprise on the share price of transcorp. Congratulations! to the smart investors that are already smiling to the bank. lolzzzz

adezjamz: So?

Be inspired.

henrimoto: This is a perfect story of 'when there is life, there is hope'! the day i knew that tony elumelu had taken over transcope, i know there's bound to be an uprise on the share price of transcorp. Congratulations! to the smart investors that are already smiling to the bank. lolzzzz

Most Nigerians don't like investing for the long term. Those who persevere will surely smile.

see cash.

protegesol:
Elumelu made his fortune by acquiring a small, struggling Nigerian commercial bank and building it into the United Bank of Africa Group, a leading financial services institution with operations in several African countries as well as in New York and London.

It takes a man with wisdom to take this step .

God, impact me with such wisdom from above.
I will never despise the days of little beginning...

Good for him. I hope one day I'll join this class of Nigerians.
Making money legally.

Divine blessing...#My testimony is comin soon#

he's being used to front... we all knows obasanjo has d largest share in transcorp. how on earth do u wanna tell people not to steal? when u see our future looted by few people u cannot help but lose hope. everything in Nigeria has been privatized by our useless leaders education, power, telecom, transport, industry and so on. I give up

I don hear oo... Next post pls

Insider info

Nothing more than that

All i know is that SURU LERE

Ok o. Thanks for the info.

If I invest my tuition fees of next session, will I get enough returns before ASUU does the needful?

Thanks in anticipation of your kind answer.

The rich are getting richer and the poor getting poorer.

smart investment

na devil go soda their yansh .........from dangote to indi okereke to all of dem......dey sold us a lie....i bought 68,000 unit for 512,000 naira at 7naira 50 kobo and it was quoted at 9naira seventy-one kobo but wat happened it nose dived to 50kobo even wen i wanted out they refuse to dematerialize till i was able to get out at 1naira 40 kobo now they are pumping it again to fool people so later they will dump it....dont be fooled....one thing they have is control....you as an investor dont have control over the shares.....i am now a skilled investor and i will neva touch nigerian stocks again.....if its not online trading i wont touch it

nice one

this is what is called "foresight" and hardwork.

ok, emm i don hear ,what next!!!

Nice one,but let him take the money with him when he dies....make e use am enta heaven na

WoW

$123 million in one week.....A university certificate is almost useless at this point. By the way how can I invest in Nairaland shares?

Money speaking.

ymcmb belee. dat.

Taylor184: Nice one,but let him take the money with him when he dies....make e use am enta heaven na

hater

dont be fooled my people in investing its called pump and dump.........its a legal way to steal your money.....they take it up and later cash in once your money is in and re-buy it again wen it has dropped ............one question u should ask is wat is transcorp offering apart from d transcorp hiton hotel wey i dey spend my money too on wen i go there....they have no investment ....dey tell u dey are into agriculture, real estate, oil and gas dat dey have lost d oil blocks wen yaradua became president..........so tell me wat are dey into other than to manipulate stocks.....when you understand the game u will see clear......wats the P.E ratio of the stock....let me let u knw dat P.E ration mins d debt:equity of a stock .......meaning how much do they owe d bank and how much asset do they have.....wateva it is if its above 2 it means it will take u 2yrs to double ur money......i am smarter in this game even if i have lost a fortune......i tell u cos i dont want any of u to go tru wat i went tru......

Taylor184: Nice one,but let him take the money with him when he dies....make e use am enta heaven na

U̶̲̥̅̊ D̶̲̥̅̊ε̲̣̣̣̥γ̲̣̣̥ beef am? Me wey 1st ask "so?" B4 sef don D̶̲̥̅̊ε̲̣̣̣̥γ̲̣̣̥ feel sorry. Abeg mr businessman, show me d way jare

From Standard trust to UBA to Transcorp