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Nigeria’s business magnate and former UBA CEO, Tony Elumelu, made $123 million in three weeks between November 1 and November 21 2013, as shares of Transcorp Plc surged by 186 percent within that period. According to a report by Forbes Africa, the chairman of Heirs Holdings, who is the largest individual shareholder in Transnational Corporation of Nigeria, known as Transcorp, with over 5.7 billion shares of the company (5,745,890,693) which represents 22.26% stake, are now valued at N30.7 billion or $188 million. Transcorp made $123 million after its stock, valued at N1.87 ($0.01) on November 1, closed at a value of N5.35 ($0.03) by 21 November. The sudden rise of the corporation’s stock was due to Transcorp’s recent acquisition of the Ughelli Power plant, a strategic power generation company that the government recently sold in a privatization exercise. Elumelu who was appointed chairman of the company in September 2011, made his fortune by acquiring a small 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.  

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This article was first published on 23rd November 2013

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