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Otedola reveals how Elumelu backstabbed him during bankruptcy

by NaijNaira
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Otedola reveals how Elumelu backstabbed him during bankruptcy

Femi Otedola, a billionaire businessman, recently spoke out about his past relationship with Tony Elumelu and his failed attempt to acquire Transcorp Plc.

Otedola had offered to purchase the company for N250 billion and increase its market capitalization to N2 trillion, but his bid was rejected.

He later acquired a 5.52 percent stake in the company, only to sell it to Elumelu, the chairman of the group.

Otedola revealed that in 2005, he had given Elumelu $20 million to acquire shares in UBA, but Elumelu used Otedola’s shares to service his own interests.

Femi also disclosed that he had resigned as Chairman of Transcorp Hotel after discovering that Elumelu had secretly bought his shares.

In 2012, Otedola had expressed interest in acquiring Ughelli Power Plant, but Elumelu outbid him for the plant.

Otedola’s offer to purchase Transcorp Plc was made with the best intentions, but he respects the majority shareholder’s decision to buy him out.

He remains committed to the growth and success of Nigerian businesses and hopes that Transcorp Plc will continue to thrive under new leadership.

This article was updated 1 month ago

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