He made a 250 billion Naira deal to purchase Transcorp, but it was declined.
Elumelu is charged by Otedola with previously stabbing him in the back.
The billionaire and businessman from Nigeria, Femi Otedola, has talked openly about his friendship with Tony Elumelu and his involvement with Transcorp. Otedola has officially clarified the matter after considerable conjecture in the Nigerian business sector surrounded his recent sale of Elumelu of his 6.3% interest in Transcorp.
Otedola claimed in a statement to Premium Times that he had made an offer to purchase Transcorp for N250 billion but that it had been turned down. He claimed that he was interested in the business because he wanted to see it reach its full potential and provide value for its owners. He respected the majority shareholder’s choice to buy him out, nevertheless.
Otedola also discussed his relationship with Elumelu, saying that in 2005, he had provided him $20 million so that he could buy stock in UBA. Elumelu gradually began secretly purchasing shares after he was elected chairman of Transcorp Hotel in 2007 with a 5% ownership. Elumelu had relocated his stakes in UBA and Africa Finance Corporation to the United States when Otedola went bankrupt in Nigeria in 2008.
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[…] In the turmoil surrounding Transcorp shares, billionaire Otedola accused Elumelu of backstabbing. […]