Femi Otedola Accuses Tony Elumelu of Betrayal Over Ughelli Power Plant Acquisition

Nigerian businessman Femi Otedola has stated that his interest in Transnational Corporation of Nigeria (Transcorp) was driven by the desire to unlock the company's potential and create value for shareholders. He confirmed that he had offered to purchase Transcorp for N250 billion, but his offer was rejected.

Otedola recently sold his 6.3% stake, comprising 2.6 billion shares, to Tony Elumelu, who increased his stake from 2.07% to 25.9% within days of acquiring Otedola's stake. According to sources, Otedola's move to take the top spot in the conglomerate's ownership upset the Transcorp chair, who eventually compensated Otedola with millions of dollars.

Otedola also claimed that Elumelu had betrayed him in the past by outbidding him in the acquisition of Ughelli Power Plant, despite him expressing interest.
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Source: Premium Times