Two of Nigeria’s richest men are battling for control of one of the country’s biggest conglomerates, with each raising their stakes dramatically over the past week.

Tony Elumelu, who has interests in banking, power, oil and hospitality, raised his share in Transnational Corporation of Nigeria Plc to 25.58% from 2.07%, according to a filing on the Lagos-based Nigerian Exchange on Thursday. A week earlier, business mogul Femi Otedola had acquired 5.52% of the company, commonly known as Transcorp.

Otedola did not previously own shares in Transcorp, and the acquisition would have made him the biggest individual shareholder in the firm, displacing Elumelu, who also serves as chairman of the company. Elumelu acquired the additional shares through his investment company Heirs Holdings Ltd.

Transcorp owns three power plants, which have a combined installed generating capacity of 2,000 megawatts. It also owns hotels in the capital, Abuja, the commercial hub Lagos and the southern city Calabar. Through a joint venture with Heirs Holdings, Transcorp bought a 45% interest in OML 17 for $800 million in 2021 from Royal Dutch Shell Plc.

On Wednesday, Transcorp announced earnings of 32 billion naira ($69 million) in the three months to March, with net income of 1.86 billion naira. The stock was up 4.75% as of 12.31 p.m. in Lagos. It is up 173% so far this year, according to data compiled by Bloomberg.

“I welcome Otedola’s investment in Transcorp,” Elumelu said in an interview with local broadcaster Arise TV on Wednesday. “Because the more people show interest in the company and invest in the company, the better for shareholders.”

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