Billionaire Femi Otedola Accuses Fellow
Businessman, Tony Elumelu Of Backstabbing Him To Buy His Transcorp shares During Bankruptcy
Femi Otedola, billionaire businessman, on Tuesday morning, went down memory lane on his relationship with Tony Elumelu and his plans for Transcorp before he opted out because his bid was rejected.
Otedola noted that he offered to acquire Transcorp Pc for
N250 billion and take the company’s market capitalisation to
N2 trillion but his bid was rejected.
Recently, Otedola acquired a 5.52 percent stake in Transcorp Pc to become the second largest shareholder of the company, but then sold out his entire holding to Tony Elumelu, the chairman of the group.
Elumelu had previously stated that he welcomed Otedola’s investment and looked forward to working with him, adding,
“He’s my very good friend. In fact, I only follow two people on Instagram, my wife and Femi Otedola… that shows the level of friendship we have.”
