In the turmoil surrounding Transcorp shares, billionaire Otedola accused Elumelu of backstabbing.

Years later, in 2012, Otedola asserted that he had informed Elumelu of his interest in the Ughelli Power Plant, but that Elumelu had secretly outbid him for the plant. He said that Elumelu had repeatedly stabbed him in the back in the past.

Otedola claimed that despite this, he remained dedicated to the expansion and prosperity of Nigerian companies and will constantly seek out methods to add value for all stakeholders. He emphasized that healthy markets need open access and free exit, and that the rush for shares following his acquisition was evidence of the potential value that Transcorp might provide.

Some Nigerians on Twitter expressed their concerns in response to the news, with one user questioning the veracity of Otedola’s allegations. Another user commented that there was a clear divide between the two guys, while others expressed concern that things would get worse if they weren’t addressed appropriately.