BILLIONAIRE businessman, Femi Otedola, has opened up on his long-time business relationship with Tony Elumelu, Transcorp Plc Chairman, alleging that the founder of Tony Elumelu Foundation betrayed him on different occasions.
Otedola made the revelation while speaking on his move to buy Transcorp, a conglomerate whose 5.5 per cent shares he recently acquired.
Days after Otedola’s acquisition, Elumelu increased his own shares in the same company from 2.07 to over 25 per cent.
Otedola said he had wanted to buy the company with a view to unlocking its full potential and creating value for the shareholders, but his offer was rejected.
“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected,” he said in a statement released to Premium Times.
In the statement, Otedola recalled how he “enthusiastically gave him (Mr Elumelu) $ 20 million, which was N2 billion at that time” to buy the necessary shares for the acquisition of UBA in 2005, alleging that Elumelu betrayed him in the end.
“It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.
“My message to Transcorp Plc and its shareholders is this: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders. Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet-set lifestyle, which is detrimental to the stakeholders. Thank you for the opportunity to engage in this exciting chapter of Transcorp’s history.”
