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.
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I just love this dude, he inspires me like big time.
Nice inspiration...great biz man