Tony Elumelu’s HH Capital buys more Transcorp Power shares

HH Capital Limited, an investment vehicle within Tony Elumelu’s Heirs Holdings group, has bought more than 1 million shares in Transcorp Power Plc in a fresh insider trade on the Nigerian Exchange, according to a regulatory filing.

In a notice dated Dec. 2, Transcorp Power said HH Capital, classified as a related party, purchased 1,038,146 ordinary shares of the company on Nov. 27. The trade was executed at N290.03 per share in Lagos, giving the deal a total value of roughly N301 million ($201,000).

The transaction was disclosed as a “notification of share dealing by an insider,” a routine filing required under Nigerian capital market rules when directors, major shareholders or their affiliates buy or sell stock in a listed company.

Transcorp Power, part of the wider Transcorp Group that spans hospitality and energy, did not provide additional commentary on the deal beyond the standard form. The notice was signed by Group Company Secretary Atinuke Kolade.

HH Capital has been one of Elumelu’s key vehicles for building influence across the Transcorp portfolio, steadily increasing its holdings in recent years as the group doubled down on power and energy assets. Previous disclosures show the company already holds a significant indirect stake in Transcorp through various Heirs Holdings entities.

For investors, insider purchases are often read as a vote of confidence in a company’s prospects. The latest buy comes as Nigeria’s power sector remains under pressure from weak grid infrastructure, foreign exchange shortages and rising operating costs — even as listed operators such as Transcorp Power position themselves as part of the solution to the country’s chronic electricity gaps.

Market reaction to the specific trade was not disclosed in the filing, and Transcorp Power’s latest share price was not included. But with HH Capital again adding to its position, the move underlines Elumelu’s long-term bet on power as a core pillar of his investment empire.